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Automotive Sector Drives Surge in Tungsten Market, Poised for $8.11 Billion Growth by 2028
Tungsten Market Report
As per the report, the tungsten market size has grown rapidly in recent years. It will grow from $5.11 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The tungsten market size is expected to see strong growth in the next few years. It will grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
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Booming Automotive Sector Fuels Growth In The Tungsten Market
The rapid growth of the automotive sector is expected to propel the growth of the tungsten market going forward. The automotive industry refers to a sector involving various companies and organizations engaged in designing, developing, manufacturing, marketing, selling, repairing, and modifying motor vehicles. Tungsten alloys reduce weight in automotive components, radiation shielding, and durability, improving overall vehicle performance, including better handling, reduced noise and vibration, and increased engine efficiency. For instance, in April 2022, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 in 2021 from 11,041 in 2020. Therefore, the rapid growth of the automotive sector drives the tungsten market.
Innovative Tungsten Powders Transform Tungsten Applications Through 3D Printing
Major companies operating in the tungsten market are developing innovative tungsten powders, such as Starck2print powders, with 3D printing technology to drive revenues in the market. Starck2print powders are specialized materials designed to be used as feedstock materials in 3D printers that utilize powder bed fusion techniques, such as selective laser sintering (SLS) or selective laser melting (SLM). For instance, in March 2023, Masan High-Tech Materials, a Vietnam-based tungsten material manufacturing company, launched Starck2Print tungsten powders and accompanying innovation services for additive manufacturing, as popular as 3D printing. The Starck2Print powders are exceptionally well suited for additive manufacturing procedures such as powder bed-based laser beam melting (LPBF) or selective electron beam because of their high flowability and tailored particle size distribution.
The tungsten market covered in this report is segmented -
1) By Product: Carbides, Tungsten Alloys, Tungsten Mill Products, Tungsten Chemicals
2) By Form: Foils, Ribbons, Wires, Tubes
3) By End-User Industry: Automotive, Aerospace, Machine Tools And Equipment, Electrical And Electronics, Other End-User Industries
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Major companies operating in the tungsten market report are CMOC Group Ltd., Sandvik AB, Xiamen Tungsten Co. Ltd., Umicore N.V., IMC International Metalworking Companies B.V., Plansee SE, Kennametal Inc., China Tungsten & Hightech Materials Co. Ltd., Masan High-Tech Materials Corporation, Chongyi Zhangyuan Tungsten Co. Ltd, Global Tungsten & Powders Corp., Betek GmbH & Co. KG, Guangdong XiangLu Tungsten Co. Ltd., Treibacher Industrie AG, H.C. Starck GmbH, Nippon Tungsten Co. Ltd., A.L.M.T. Corp., Elmet Technologies LLC, T&D Materials Manufacturing LLC, Almonty Industries Inc., Wolf Minerals Limited, Woltech Korea Co. Ltd., Buffalo Tungsten Inc., WOLFRAM Company JSC, Federal Carbide Company, QuesTek Innovations LLC, Tungco Inc., Tungsten Heavy Powder Inc., Midwest Tungsten Service Inc., Tungsten West PLC
Contents of the report:
1. Executive Summary
2. Tungsten Market Report Structure
3. Tungsten Market Trends And Strategies
4. Tungsten Market - Macro Economic Scenario
5. Tungsten Market Size And Growth
…..
27. Tungsten Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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