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Tungsten Market 2024 - Share, Ongoing Trends, Size, Growth Rate And Key Players
Tungsten Market
According to The Business Research Company's, 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 growth in the historic period can be attributed to increased industrial applications, global economic growth, automotive industry demand, increased military and defense applications, mining and drilling operations..
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%. The growth in the forecast period can be attributed to electrification of vehicles, biomedical applications, focus on critical minerals, infrastructure development, high-performance computing, recycling initiatives.. Major trends in the forecast period include technological innovations in tungsten processing, strategic stockpiling by end-users, advancements in tungsten carbid, international collaborations, green energy technologies..
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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Tungsten Market 2024 Key Insights:
• The tungsten market is expected to grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%.
• Booming Automotive Sector Fuels Growth In The Tungsten Market
• Innovative Tungsten Powders Transform Tungsten Applications Through 3D Printing
• Asia-Pacific was the largest region in the tungsten market in 2023. Europe is expected to be the fastest-growing region in the forecast period.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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