Global market for Tungsten estimated at 91.5 Thousand Metric Tons in the year 2020, is projected to reach a revised size of 115 Thousand Metric Tons by 2026, growing at a CAGR of 3.9% over the analysis period.
Growth in the market is set to be driven by resurgence in various end-use industries in the post COVID-19 environment. The likely post-crisis expansion in automotive production, and renewed activity in aerospace & defense, and metals & mining sectors are poised to augment the demand for finished tungsten products including hardmetals, alloys and milled products.
Likewise, anticipated increase in demand for electrical and electronic products in residential, commercial and industrial environments is expected to improve tungsten consumption in electrical contacts, lead-in wires, electron emitters and voltage regulators. At the same time, potential growth in industrial engineering activity, especially in China and other Asia-Pacific countries, would drive demand for milled tungsten products such as tungsten rod, tungsten sheet, and tungsten wire.
Hardmetals/Cement Carbides, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach 71.4 Thousand Metric Tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Steels, Superalloys, & Wear-resistant Alloys segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 22.2% share of the global Tungsten market.
The U.S. Market is Estimated at 9.9 Thousand Metric Tons in 2021, While China is Forecast to Reach 67.5 Thousand Metric Tons by 2026
The Tungsten market in the U.S. is estimated at 9.9 Thousand Metric Tons in the year 2021. The country currently accounts for a 10.73% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 67.5 Thousand Metric Tons in the year 2026 trailing a CAGR of 4.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.3% respectively over the analysis period.
Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach 70.8 Thousand Metric Tons by end of the analysis period. China represents a key market in Asia-Pacific region, and a major producer of primary tungsten. Growth in the region is set to be driven by stable economic progress, rising public and private investments in industrial manufacturing, increased focus of government on enhancing the industrial output, and high business confidence indices.
Mill Products Segment to Reach 14.6 Thousand Metric Tons by 2026
Tungsten market is witnessing faster growth in the Mill Products application segment, which mainly comprises electrical and electronic products among others. Acclaimed features such as ability to endure high temperature and high resistance to corrosion and wear have established the use of tungsten in a multitude of electrical and electronic applications, especially in bulb filaments, voltage regulators and electrical contacts.
In the global Mill Products segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of 10.6 Thousand Metric Tons in the year 2020 will reach a projected size of 14.5 Thousand Metric Tons by the close of the analysis period.
China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 372 Metric Tons by the year 2026.
Key Topics Covered:
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
COVID-19 Crisis Induced Declining Trend in Core Application Markets
Tungsten Market to Face Turbulence over Long Term, with Few Breathers Offering Some Respite
Persistent Uncertainty Requires Tungsten Suppliers to Focus on First-Use Sectors & New Markets
Despite Observing Declining Trend in the Short-Term, World Tungsten Market to Exhibit Progressive Growth in the Post COVID-19 Industrial Environment
Established Image as a Rare Metal that has Everyday Value to Sustain the Long-Term Demand for Tungsten
Major Applications of Tungsten by End-Use Segment
Tungsten Enjoys Spotlight as Crucial, Go-To Material for High-Tech Applications
Analysis by Application Type
Hardmetals/Cement Carbides: Largest Application Segment
Tungsten Remains Highly Relevant in Steels, Superalloys, & Wear-Resistant Alloys
Mill Products Emerge as Fastest Growing Application Segment
China, Demonstrating Undisputed Dominance in the World Tungsten Industry, to Remain the Core Regional Market
World Tungsten Production Scenario
Mine Production Remains Positive in 2020
Major Tungsten Producing Countries in the World
Need for New Production to Push Global Supply
A Note on New & Upcoming Tungsten Mining Projects
Select Development Stage Tungsten Mines
Emphasis on Tungsten Scrap Recycling Elevates Overall Production Volumes
Processed Tungsten Market: Chinese Vendors Maintain Edge
Vertical Integration: A Key Trend in the Global Tungsten Marketplace
Globally Recognized Mining & Metal Companies Foray into Tungsten Mining Despite Chinese Domination
Litany of Supply Concerns Highlights Pressing Need for New Tungsten Production Sources
2. FOCUS ON SELECT PLAYERS (Total 110 Featured)
Allegheny Technologies Inc.
Almonty Industries Inc.
Betek GmbH & Co. KG
Buffalo Tungsten Inc.
China Molybdenum Co., Ltd.
Chongyi Zhangyuan Tungsten Co., Ltd.
Guangdong XiangLu Tungsten Co. Ltd.
H.C. Starck GmbH
Nippon Tungsten Co., Ltd.
QuesTek Innovations LLC
WOLFRAM Company JSC
Xiamen Tungsten Co., Ltd.
3. MARKET TRENDS & DRIVERS
Unique Techno Functional Attributes to Maintain Tungsten's Relevance in a Gamut of Established & New Applications in Post COVID-19 Period
Drilling, Boring & Cutting Equipment: Key End-Use Segment
Robust Future Opportunities for Tungsten Drilling, Boring & Cutting Equipment in Industrial Machine Tools Vertical
Mining Sector to Further Leverage Exceptional Drilling & Boring Features of Tungsten Mining Tools in Post COVID-19 Period
Renewed Drilling Activity to Benefit Tungsten Demand in Post COVID-19 Oil & Gas Sector
Anticipated Recovery in Automotive Industry in Post COVID-19 Period to Instigate Fresh Growth Opportunities for Tungsten Automotive Parts
Rising Focus on New & Efficient Aerospace Components to Fuel Demand in Post COVID-19 Period
US Navy Explores New Approaches to Make Thoriated Tungsten Wire for Microwave Vacuum Tubes
Tungsten to Gain from Critical Importance of Electrical & Electronic Systems in Consumer & Commercial Markets
Tungsten as a Replacement for the Heavy & Poisonous Lead in High-Density Applications Augurs Well for Future Growth
Tungsten Demand Likely to Perk Up in the Post COVID-19 Chemical Industry
Additive Manufacturing Steps In to Generate Novel Opportunities for Tungsten in Healthcare Sector
Additive Manufacturing Makes Tungsten a Compelling Option to Create Prototypes
3D Printing Techniques for Tungsten & Tungsten Composites
Advanced 3D Printing Technique to Improve Properties of High-Temperature Tungsten & Alloys
Zirconiated Tungsten: Effective Option to Weld Metals with High Melting Point
Tungsten Pricing Scenario
Tungsten: Product Overview
Properties of Tungsten
Ores/Minerals of Tungsten
Mining, Refining and Processing of Tungsten
Health & Environmental Aspects of Tungsten
Substitutes to Tungsten
Tungsten: A Historic Perspective
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
For more information about this report visit https://www.researchandmarkets.com/r/egg7jw
View source version on businesswire.com: https://www.businesswire.com/news/home/20211130005845/en/
Laura Wood, Senior Press Manager
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