Tungsten Market Growth with Worldwide Industry Analysis to 2025
Pure tungsten products are used in the electronic industry whereas salts, sulfides, or oxides obtained from the product finds usage in the chemical industry in manufacturing lubricants, catalysts, etc. Since most of the tungsten products finds usage in manufacturing and other related industries, the overall development of the world economy will have a direct effect on the product market.
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Electronics industry is one of the major end-user industries which has witnessed fast developments in the past few years. The global consumer electronics industry will grow in the future and would cross USD 1,500 billion by 2024.
This will drive the tungsten market in the coming years as the product is popularly used in the electronics industry in items such as cathode-ray tubes, vacuum tube filaments, and light bulbs due to its high melting point and low vapor pressure. Rising technological advancements have also contributed to the growth in this sector. Innovation in the electronics industry like miniaturization and enhanced PCB technology would further increase product demand in the future.
The tungsten market has been segmented according to application and end-use. Carbides and metal alloys are the key application segments which are poised to gain by approximately 8% CAGR till 2025. Proliferation of the Asia Pacific automotive and manufacturing sectors has been the chief factor driving both these application segments. Mill products application, which will be majorly driven by the electronics industry, will grow by a slightly lower growth rate in the forecast years.
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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Asia Pacific, Europe, and the U.S. are the major tungsten markets in the world. High product demand from China will be a major factor driving the Asia Pacific market. European tungsten market will be chiefly augmented by rising product demand in France, Germany, Russia, Italy and the UK, mostly from the aerospace and automotive industries.
W Resource, China Minmetals Corporation, Specialty Metals Resources, Wolfram Bergbau-und Hutten, H.C. Starck, Soloro, Japan New Metals Company, and Wolfram Company are some of the key tungsten market participants.
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