Booming Automotive Sector Fuels Growth In The Tungsten Market: Strengthening the Growth Trajectory of the Tungsten Market

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What Is the Expected CAGR for the Tungsten Market Through 2025?
The market size of tungsten has robustly expanded in the past few years. It is projected to escalate from $5.66 billion in 2024 to an estimated $6.12 billion in 2025, corresponding to a compound annual growth rate (CAGR) of 8.1%. The surge in growth during the historic epoch can be credited to factors such as expanded industrial usages, worldwide economic growth, demands from the automotive industry, augmented military and defense applications, and mining and drilling activities.

What's the Projected Size of the Global Tungsten Market by 2029?
In the coming years, the tungsten market is predicted to experience robust growth, escalating to $8.7 billion in 2029 with a compound annual growth rate (CAGR) of 9.2%. This growth within the forecast period can be linked to elements like the rising trend of vehicle electrification, biomedical applications, the prioritization of critical minerals, advancements in infrastructure, high-capacity computing, and recycling initiatives. Further trends for the forecast period encompass advancements in tungsten processing technologies, strategic reserves built by end-users, progress in tungsten carbide technology, collaborations on an international level, and environmentally-friendly energy technologies.

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Top Growth Drivers in the Tungsten Industry: What's Accelerating the Market?
The expected surge in the tungsten market is majorly attributed to the accelerating advancement of the automobile sector. This industry encompasses a range of corporations and associations that focus on the engineering, manufacturing, marketing, sale, repair, and enhancements of motor vehicles. Using tungsten alloys in crafting automobile parts leads to significant weight reduction, increased radiation shielding, and enhanced durability, ultimately boosting the overall performance of the car. This enhancement includes improved maneuverability, noise and vibration reduction, and an uptick in engine efficiency. As per the National Association of Insurance Commissioners, a non-profit organization based in the US, there's an anticipation of 3.5 million self-operating vehicles navigating the American roads by 2025, and a projected number of 4.5 million by 2030. Consequently, such robust expansion of the automotive industry fuels the growth of the tungsten market.

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What Trends Will Shape the Tungsten Market Through 2029 and Beyond?
Key players in the tungsten industry are innovating new tungsten powders, like Starck2print powders, utilizing 3D printing technology to amp up their revenues. Created precisely for use as feedstock materials in 3D printers, Starck2print powders work perfectly with powder bed fusion methodologies, including selective laser sintering (SLS) and selective laser melting (SLM). For example, in March 2023, Masan High-Tech Materials, a tungsten material manufacturing firm located in Vietnam, introduced Starck2Print tungsten powders alongside innovative solutions for additive manufacturing, also known as 3D printing. The Starck2Print powders are uniquely suitable for additive manufacturing techniques such as powder bed-based laser beam melting (LPBF) or selective electron beam, thanks to their impressive flowability and customized particle size distribution.

What Are the Main Segments in the Tungsten Market?
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 Top Companies are Driving Growth in the Tungsten Market?
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 Will Dominate the Tungsten Market Through 2029?
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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