Tungsten Market, Regional Outlook, Competitive Market Share & Forecast, 2016 – 2024

Tungsten Market size is estimated to grow at a moderate rate of around 4% CAGR in the forecasted period and demand for processed tungsten forecasted to be more than 120,000 metric tons by 2024.

Improved economic conditions in countries and increasing purchasing power of people will be a major driver for the tungsten market during the forecast years because of extensive use of the product in automobile manufacturing.

Passenger car demand is likely to rise above 1600 million units and heavy and medium weight vehicle demand above 150 million units by 2020. Demand for replacement parts for automobile will also increase in the coming years.

Global air traffic will grow by more than 4% annually over the next 20 years requiring more than 30,000 new passenger aircrafts at a value of almost USD 4.5 trillion. Increasing air passenger movement worldwide and use of aircrafts for transporting high value cargo in a short time will be a major driver for the tungsten market. Also, global expenditure in the defense sector was roughly around USD 1.5 trillion which will increase to around USD 3 trillion by 2025. Increased spending in defense aircraft manufacturing and missile technology by countries like China, Russia and India will augment the tungsten market.

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By application, the tungsten market is segmented into four major categories viz. cemented carbides, alloys, mill products and chemicals. Cemented carbides will account for significant share in the market in coming years because of its extensive use as cutting tools and inserts whereas tungsten alloys will witness the fastest growth among all major products owing to its use in aerospace industry. Mill products category will also witness steady growth due to its many electrical and electronic applications such as lead-in wires, electrical contacts and electron emitters.

The global tungsten market is divided into five regions – north America, Asia pacific, Europe, Middle east and Africa and Latin America. Asia pacific will dominate the tungsten market in the forecast period with China leading both in terms of consumption and supply owing to its vast reserves and government policies which favors the production of high value tungsten products.

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Due to increased construction spending in North America, the region will contribute positively to the tungsten market. Europe will also continue to be a significant contributor to the market because of its expanding automobiles industry. Latin America will witness a more than average growth because of its rising durable goods sector. Although middle east and Africa has a minimal contribution to the tungsten market, it will have better prospects in the coming years owing to its improving economic condition and growing manufacturing capacities.

Major players in the tungsten market are - Buffalo Tungsten, Nippon Tungsten, Federal Carbide, NAECO, Kennametal, Sumitomo Electric Industries, Toonney Alloy. Hemerdon project in the UK by Wolfminerals, Ormonde's Barruecopardo project in Spain and Molyhil project in Australia by Thor Mining are some of the non-Chinese projects that could enter production in the forecast period.

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