Tungsten Market Demand Forecasted to Increase, Projected to Reach USD 9.51 Billion by 2030

The 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 size was valued at USD 5.55 Bn. in 2023 and the total revenue is expected to grow at a CAGR of 8% through 2024 to 2030, reaching nearly USD 9.51 Bn.

𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:

The tungsten market is projected to expand significantly in the coming years due to its wide application across industries such as automotive, aerospace, and electronics. The metal's unique properties, including its high melting point, density, and durability, make it an essential material for various high-performance applications, including cutting tools, aerospace components, and electrical contacts. With rising demand for wear-resistant materials and the increasing use of tungsten in advanced technologies, the market is set for considerable growth. Global demand, particularly from regions like Asia Pacific, is fueling the expansion of the tungsten market, with countries like China leading the charge due to abundant reserves and strong industry support.

𝐖𝐚𝐧𝐭 𝐭𝐨 𝐒𝐞𝐞 𝐭𝐡𝐞 𝐓𝐫𝐞𝐧𝐝𝐬? 𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐚 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐓𝐨𝐝𝐚: https://www.maximizemarketresearch.com/request-sample/25066/

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭:

Several factors are driving the growth of the global tungsten market. Key among them are the increasing demand for tungsten in end-use industries such as automotive, aerospace, and electronics. The metal's widespread use in producing wear-resistant materials and cutting tools, combined with its crucial role in electronics, fuels the demand. Additionally, the growing need for high-performance materials in automotive parts, electronics, and drilling tools is propelling the expansion of the tungsten market.

𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐓𝐫𝐞𝐧𝐝𝐬:

A significant trend in the tungsten market is the growing adoption of tungsten carbide for high-strength applications like cutting tools and drill bits. Additionally, there is an increasing emphasis on the use of tungsten alloys in aerospace manufacturing, driven by the need for lightweight yet durable materials in aviation. Furthermore, the demand for tungsten mill products in various electrical and electronic applications is steadily rising. The evolving role of tungsten in high-tech industries is creating more opportunities for market growth.

𝐓𝐡𝐞 𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐒𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬 𝐜𝐚𝐧 𝐄𝐧𝐪𝐮𝐢𝐫𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐑𝐞𝐩𝐨𝐫: https://www.maximizemarketresearch.com/inquiry-before-buying/25066/

𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬:

The tungsten market offers numerous opportunities, especially in emerging economies where industrialization is driving demand for high-strength materials. As countries in Asia Pacific and North America continue to ramp up production in automotive, aerospace, and electronics, the market for tungsten is set to benefit from these developments. Furthermore, innovations in tungsten-based technologies and the increased adoption of tungsten carbide in the automotive and aerospace sectors present significant growth opportunities.

𝐊𝐞𝐲 𝐌𝐞𝐫𝐠𝐞𝐫𝐬 𝐚𝐧𝐝 𝐀𝐜𝐪𝐮𝐢𝐬𝐢𝐭𝐢𝐨𝐧𝐬 (𝐌&𝐀) 𝐍𝐞𝐰𝐬:

𝐕𝐢𝐞𝐭𝐧𝐚𝐦: Viet Tungsten, a leading producer of tungsten products in Vietnam, has acquired a local competitor to expand its market share and production capacity. This acquisition is set to enhance the company's ability to supply high-quality tungsten carbide to the rapidly growing automotive and aerospace industries in the region.

𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝: 𝐓𝐡𝐚𝐢𝐥𝐚𝐧𝐝 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐂𝐨. 𝐋𝐭𝐝. announced a strategic partnership with a major European manufacturer of aerospace parts. This partnership aims to enhance the production of tungsten-based alloys used in high-strength aerospace components, catering to the growing demands of the global aviation sector.

𝐒𝐢𝐧𝐠𝐚𝐩𝐨𝐫𝐞: 𝐎𝐫𝐢𝐱 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐢𝐨𝐧, based in Singapore, has entered into an agreement with 𝐍𝐞𝐰 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐢𝐞𝐬, a leading US-based tungsten producer. This acquisition focuses on enhancing the technological capabilities in tungsten refining and expanding the range of tungsten products offered.

𝐉𝐚𝐩𝐚𝐧: 𝐒𝐮𝐦𝐢𝐭𝐨𝐦𝐨 𝐄𝐥𝐞𝐜𝐭𝐫𝐢𝐜 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬 has signed an acquisition deal with a South Korean tungsten supplier, 𝐊𝐨𝐫𝐞𝐚𝐧 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐋𝐭𝐝., to expand its presence in the growing electric vehicle (EV) market. The deal emphasizes the increasing use of tungsten alloys in EV manufacturing due to their durability and high-performance capabilities.

𝐒𝐨𝐮𝐭𝐡 𝐊𝐨𝐫𝐞𝐚: 𝐒𝐚𝐦𝐬𝐮𝐧𝐠 𝐌𝐚𝐭𝐞𝐫𝐢𝐚𝐥𝐬, a subsidiary of 𝐒𝐚𝐦𝐬𝐮𝐧𝐠 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐧𝐢𝐜𝐬, has acquired 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐓𝐞𝐜𝐡 based in South Korea. This acquisition strengthens Samsung's position in the electronics industry by integrating tungsten-based materials for its semiconductor and mobile components.

𝐄𝐮𝐫𝐨𝐩𝐞𝐚𝐧 𝐂𝐨𝐮𝐧𝐭𝐫𝐢𝐞𝐬: In a recent development, 𝐌𝐨𝐥𝐲𝐛𝐝𝐞𝐧𝐮𝐦 𝐚𝐧𝐝 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐞𝐬, based in Germany, merged with 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐓𝐞𝐜𝐡 𝐋𝐭𝐝., a UK-based tungsten refining company. This strategic merger is expected to increase production capacities and optimize supply chains for European manufacturers of tungsten-based tools and alloys.

𝐔𝐒𝐀: 𝐆𝐥𝐨𝐛𝐚𝐥 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 & 𝐏𝐨𝐰𝐝𝐞𝐫𝐬 𝐂𝐨𝐫𝐩., a US-based leader in tungsten powder production, has entered into an acquisition agreement with 𝐂𝐚𝐫𝐛𝐢𝐝𝐞 𝐈𝐧𝐧𝐨𝐯𝐚𝐭𝐢𝐨𝐧𝐬. The acquisition will enable 𝐆𝐥𝐨𝐛𝐚𝐥 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 & 𝐏𝐨𝐰𝐝𝐞𝐫𝐬 𝐂𝐨𝐫𝐩. to expand its market reach and diversify its product offerings in the automotive and mining sectors.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐅𝐮𝐥𝐥 𝐏𝐃𝐅 𝐒𝐚𝐦𝐩𝐥𝐞 𝐂𝐨𝐩𝐲 𝐨𝐟 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.maximizemarketresearch.com/request-sample/25066/

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭:

𝐛𝐲 𝐓𝐲𝐩𝐞

Tungsten Carbide
Metal Alloys
Mill Products
Permanent Magnets
Nanowires

𝐛𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Automotive Parts
Aerospace Components
Drilling
Boring & Cutting Equipment
Logging Equipment
Electrical & Electronics Appliances
Metalworking, Mining, and Petroleum
Military
Others

𝐛𝐲 𝐅𝐨𝐫𝐦

Foils
Ribbons
Wires
Tubes
By Product

𝐅𝐨𝐫 𝐦𝐨𝐫𝐞 𝐢𝐧𝐟𝐨𝐫𝐦𝐚𝐭𝐢𝐨𝐧 𝐚𝐛𝐨𝐮𝐭 𝐭𝐡𝐢𝐬 𝐫𝐞𝐩𝐨𝐫𝐭 𝐯𝐢𝐬𝐢𝐭: https://www.maximizemarketresearch.com/market-report/global-tungsten-market/25066/

𝐖𝐡𝐨 𝐢𝐬 𝐭𝐡𝐞 𝐥𝐚𝐫𝐠𝐞𝐬𝐭 𝐦𝐚𝐧𝐮𝐟𝐚𝐜𝐭𝐮𝐫𝐞𝐫𝐬 𝐨𝐟 𝐓𝐮𝐧𝐠𝐬𝐭𝐞𝐧 𝐌𝐚𝐫𝐤𝐞𝐭 𝐰𝐨𝐫𝐥𝐝𝐰𝐢𝐝𝐞?

1. A.L.M.T. Corp.
2. Allegheny Technologies Incorporated
3. Almonty Industries Inc.
4. Betek GmbH & Co. KG
5. Buffalo Tungsten Inc.
6. China Minmetals Non-Ferrous Metals Co., Ltd.
7. China Molybdenum Co., Ltd.
8. Chongyi Zhangyuan Tungsten Co., Ltd
9. Guangdong XiangLu Tungsten Co. Ltd.
10.H.C. Starck GmbH
11.International Metalworking Companies
12.Jiangxi Tungsten Holding Group Co., Ltd.
13.Kennametal, Inc.
14.Nippon Tungsten Co., Ltd.
15.Ormonde Mining plc

𝐄𝐱𝐩𝐥𝐨𝐫𝐞 𝐑𝐞𝐥𝐚𝐭𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 :

♦ Meltblown Fabrics Market https://www.maximizemarketresearch.com/market-report/meltblown-fabrics-market/194148/

♦ Amphoteric Surfactants Market https://www.maximizemarketresearch.com/market-report/global-amphoteric-surfactants-market/12708/

♦ Global Brazed Plate Heat Exchangers Market https://www.maximizemarketresearch.com/market-report/global-brazed-plate-heat-exchangers-market/98517/

♦ Passenger Boarding Bridges Market https://www.maximizemarketresearch.com/market-report/passenger-boarding-bridges-market/123554/

♦ Global Fault Current Limiter Market https://www.maximizemarketresearch.com/market-report/global-fault-current-limiter-market/24834/

♦ Inertial Navigation System Market https://www.maximizemarketresearch.com/market-report/global-inertial-navigation-system-market/31605/

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

MAXIMIZE MARKET RESEARCH PVT. LTD.
⮝ 3rd Floor, Navale IT park Phase 2,
Pune Banglore Highway, Narhe
Pune, Maharashtra 411041, India.
✆ +91 9607365656
🖂 sales@maximizemarketresearch.com
🌐 www.maximizemarketresearch.com

𝐀𝐛𝐨𝐮𝐭 𝐌𝐚𝐱𝐢𝐦𝐢𝐳𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

Maximize Market Research is one of the fastest-growing market research and business consulting firms serving clients globally. Our revenue impact and focused growth-driven research initiatives make us a proud partner of majority of the Fortune 500 companies. We have a diversified portfolio and serve a variety of industries such as IT & telecom, chemical, food & beverage, aerospace & defense, healthcare and others.

This release was published on openPR.