What's Driving The Tungsten Market Size? | Top key players Tungsten Mining NL, H.C. Starck, King Island Scheelite Limited, W Resources Plc, Specialty Metals Resources, Global Tungsten & Powders Corporation, Chongyi Zha
Aerospace is a key end-use sector in the tungsten market which is likely to gain with a compounded annual growth rate exceeding 7%. Aircraft manufacturing industries in the U.S., Germany, France, and other such developed countries will propel this end-use sector's growth. Electrical & electronics appliances end-use will grow by a CAGR above 8%. Tungsten products finds usage in manufacturing electrical contacts, filaments, X-ray tubes, heat sinks, bulbs, and many other such components in the electronics industry.
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Owing to continuous demand from users across a wide application spectrum, the global tungsten market has proliferated from the critical properties of the metal, like resistance to corrosion and wear as well as flexibility. The metal is quite important in the production of stellites, superalloys and heavy metal alloys which are used to make components of automobiles, aircrafts, gamma and X-ray machines, golf clubs, darts and many others. Rising consumer spending on vehicles, travel and leisure activities along with healthcare services will inadvertently bolster demand for the tungsten industry. Factors like globally increasing consumption of steel and augmented production of aircrafts will drive the expansion of the tungsten market.
• Increasing demand for hard metals
• Increasing use of tungsten in various alloys
• Proliferation in electronic industry
Technically, several key areas in an aircraft require the placement of additional weight precisely for providing vibration dampening in various forms, such as static and dynamic balancing of propellers and rotor blades, and also as ballast. The tungsten industry has been a major benefactor of the exponential development in aerospace segment, with tungsten heavy alloys ideally suited for applications in all kinds of aircraft, from small planes and larger jets to helicopters. Though the quality of tungsten metal and its alloys being supplied to the aviation companies is concern, suppliers have put more focus to ensure that manufacturers receive the top quality material, notably evolving the global tungsten market.
Components used in the aviation sector are commonly subjected to considerable wear and friction, high temperatures ant must be durable for lowering the time and money spent in aircraft maintenance. As such, tungsten used in manufacturing parts offer the necessary reliability to a plane and enhance control abilities for a pilot, propagating the critical nature of the tungsten market. Indicating a significantly positive outlook for the aviation sector, Airbus had revealed in a forecast report that over the next 20 years, there would be requirement of over 37,400 new freight and passenger aircrafts.
Valued at nearly US$5.8 trillion, these aircrafts represent a worldwide growth of the travel and tourism industry, as well as lucrative prospects for the tungsten market and other ancillary segments. The same report has informed that despite any external factors affecting the aerospace segment, air traffic has grown over the last two decades and is expected to almost double over the next 15 or so years. Global GDP is considered to be a prominent indicator expanding the growth of aviation and it is predicted that 50% of the air traffic increase will instigate in Asia-Pacific, while U.S. and Europe will together account for 30% of the increase.
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Elaborating on the opportunities for the tungsten market, there will be accelerated efforts to replace older planes to improve the efficiency of fleets and comply with the stringent passenger safety standards. It is noted that out of the total new aircrafts required by 2037, almost 30% would be for the replacement of aging fleet. With aircraft needed to be upgraded in both commercial and defense segments, the need for new and recycled tungsten alloys will propel the overall industry revenues in the next few years. For instance, major airplane manufacturer Boeing had recently secured a US$9.2 contract from the U.S. Air Force to deliver its next fleet of combat training aircrafts.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Tejing (Vietnam) Tungsten Co., Ltd.
2. Tungsten Mining NL
3. King Island Scheelite Limited
4. W Resources Plc
5. Wolfram Company JSC
6. Specialty Metals Resources
7. Soloro S.L.U.
8. Japan New Metals Co., Ltd.
9. Guangdong Xianglu Tungsten Co., Ltd.
10. H.C. Starck
11. Wolfram Bergbau-und Hutten AG
12. Global Tungsten & Powders Corporation
13. Chongyi Zhangyuan Tungsten Co., Ltd.
14. China Minmetals Rare Earth Co., Ltd.
15. Xiamen Tungsten Co., Ltd.
Speaking further to demonstrate the rising demand for aircrafts, in November 2018 Boeing had entered into an agreement to sell around 300 planes to China, which would be worth US$37 billion, with a large number of these aimed at fleet growth. Similar contracts being inked between aviation companies and aircraft manufacturers across the globe will yield tremendous returns for the tungsten market. Tightening international standards, in addition to increased scrutiny of aircraft performance and quality of components will influence the development of the tungsten industry.
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All in all, the augmenting demand for aircrafts, along with the continuous application of tungsten alloys in the automotive segment will boost the valuation of the tungsten market, anticipated to surpass US$8.5 billion by 2025. The competitive hierarchy of the industry is comprised of key suppliers like China Minmetals Corporation, H.C. Starck, Japan New Metals Company, Wolfram Company JSC, Wolfram Bergbau-und Hutten and Specialty Metals Resources SA.
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