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Tungsten: A Leading Driver Behind Booming Automotive Sector Fuels Growth In The Tungsten Market Market Expansion in 2025
Tungsten Market
What Will the Tungsten Industry Market Size Be by 2025?
The past few years have seen a robust expansion in the tungsten market. Projected to escalate from $5.66 billion in 2024 to $6.22 billion in 2025, its compound annual growth rate (CAGR) stands at 9.8%. The previous growth period's expansion is credited to a surge in industrial applications, worldwide economic development, demand from the automotive sector, augmented military and defense utilization, alongside mining and drilling operations.
What's the Long-Term Growth Forecast for the Tungsten Market Size Through 2029?
The size of the tungsten market is predicted to witness considerable growth in the upcoming years. The market is anticipated to escalate to $8.92 billion by 2029, at a compound annual growth rate (CAGR) of 9.4%. The growth during this forecast period can be ascribed to factors such as the electrification of vehicles, biomedical applications, focus on important minerals, infrastructure development, advanced computing, and recycling initiatives. Trends foreseen during this forecast period encompass technological innovations in tungsten processing, end-users strategically stockpiling, progression in tungsten carbide, international collaborations, and green energy technologies.
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What Are the Key Growth Drivers Fueling the Tungsten Market Expansion?
The anticipated expansion of the automotive sector is predicted to fuel the tungsten market's growth due to the industry's extensive involvement in everything from designing and manufacturing to selling and repairing motor vehicles. Tungsten alloys are utilized in the automotive industry to reduce component weight, enhance radiation shielding, and boost vehicle durability. This results in improved vehicle performance - including better handling, decreased noise and vibration, as well as enhanced engine efficiency. For example, as per the National Association of Insurance Commissioners, a non-profit organization based in the US, it is projected that by 2025, there will be 3.5 million autonomous vehicles on US roads, and by 2030, this number will rise to 4.5 million. Hence, the swift expansion of the automotive sector is catalyzing the progress of the tungsten market. Tungsten Market Driver: Rising Mining Activities Fuels The Tungsten Market
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What Are the Key Trends Driving Tungsten Market Growth?
Leading firms in the tungsten market have been formulating innovative tungsten powders, such as Starck2print powders, using advancements in 3D printing technology to bolster market profits. Starck2print powders are unique elements created for use as input materials in 3D printing devices that employ powder bed fusion techniques like selective laser sintering (SLS) or selective laser melting (SLM). For example, in March 2023, Masan High-Tech Materials, a tungsten material production company located in Vietnam, introduced Starck2print tungsten powders along with related innovative services for additive manufacturing, known widely as 3D printing. Due to their high flowability and custom particle size distribution, the Starck2Print powders are exemplary additives for manufacturing processes such as laser power bed fusion (LPBF) or selective electron beam.
How Is the Tungsten Market Segmented?
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
Subsegments:
1) By Carbides: Tungsten Carbide Powder, Tungsten Carbide Tools
2) By Tungsten Alloys: Heavy Metal Alloys, Electrical Contacts Alloys
3) By Tungsten Mill Products: Tungsten Rods, Tungsten Sheets, Tungsten Wire
4) By Tungsten Chemicals: Tungsten Oxides, Tungsten Salts, Tungsten Trioxide
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Which Companies Are Leading the Charge in Tungsten Market Innovation?
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
Which Regions Are Leading the Global Tungsten Market in Revenue?
Asia-Pacific was the largest region in the tungsten market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the tungsten market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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