The Global Tungsten Market Size Was Valued At USD 4.41 Billion In 2022, Projected To Grow At A CAGR Of 8.0% During The Forecast Period.

Tungsten Market Overview:

Tungsten is a rare metal that occurs naturally in the earth's crust only as a compound with various other elements. According to the publisher, global tungsten demand is expected to witness significant growth over the forecast period. Factors such as growing demand for tungsten for manufacturing bulb filaments, X-ray tubes, electrodes, gas tungsten arc welding, and radiation shielding are driving the growth of the tungsten market. Surging demand for alloys from various end-user industries such as mining, petroleum, and the military is expected to increase the demand for tungsten, as tungsten is one of the main raw materials for alloy tools used in these industries. Tungsten's high melting point, high boiling point, and ductility make it useful in the electronics and aerospace industries as well. Moreover, the increasing use of tungsten in jewelry as a substitute for gold and platinum will drive the demand for tungsten over the forecast years. In addition, tungsten, alloyed with nickel, iron or cobalt, can replace uranium in kinetic energy armor-piercing projectiles, thereby avoiding the harmful radiation of uranium. However, factors such as volatile raw material prices and rising supply-demand imbalance are likely to dampen the global tungsten market.

Tungsten market size, estimates, and forecasts are provided in terms of sales volume (K Units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Tungsten market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we considered the impact of COVID-19 and the Russian-Ukraine war.

Major Segments Covered in the Global Tungsten Market:

Market Key Players:
A.L.M.T. Corp., Allegheny Technologies Incorporated, Almonty Industries Inc., Betek GmbH & Co. KG, Buffalo Tungsten Inc., China Minmetals Non-Ferrous Metals Co., Ltd., China Molybdenum Co., Ltd., Chongyi Zhangyuan Tungsten Co., Ltd, Guangdong XiangLu Tungsten Co. Ltd., H.C. Starck GmbH, International Metalworking Companies, Jiangxi Tungsten Holding Group Co., Ltd., Kennametal, Inc., Nippon Tungsten Co., Ltd., Ormonde Mining plc, Plansee Group, QuesTek Innovations, LLC, Sandvik Group, Umicore N.V., Wolf Minerals Limited, WOLFRAM Company JSC, Xiamen Tungsten Co., Ltd.

Tungsten Market By Types:

• Carbides
• Tungsten alloys
• Tungsten mill products
• Tungsten chemicals
• Others

• Ribbons
• Wires
• Sheets
• Foils
• Rods
• Tubes
• Strip

Tungsten Market by Applications:

• Automotive
• Aerospace and Defense
• Mining
• Oil And Gas
• Electronics
• Medical
• Construction

Tungsten Market by Regions:

The report estimates revenue growth at the worldwide, regional, and country levels and delivers an analysis of the recent industry trends in each sub-segment from 2017 to 2030.

Asia Pacific dominates the global tungsten market during the forecast period. Asia Pacific is expected to hold the largest market share in 2027. With its abundant tungsten reserves and the Chinese government's support for the tungsten products industry, China continues to be the leader in tungsten supply and consumption in the global tungsten market. These are the key factors driving the growth of Asia Pacific in the global market during the forecast period.

North America is expected to grow rapidly at a CAGR of xx% during the forecast period. North America is contributing to the growing global tungsten market along with increasing construction spending in the region. This is the major factor driving the growth of the North America region in the global market during the forecast period.

• North America
• US
• Canada
• Mexico
• Rest of North America
• Europe
• Germany
• France
• Italy
• Spain
• UK
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia-Pacific
• Japan
• China
• India
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia-Pacific
• The Middle East & Africa
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of the Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

Significant Market Dynamics:

Growth in end-use industries such as automotive, aerospace, electrical & electronics, and increasing demand for wear-resistant materials are expected to drive the global tungsten market. Tungsten is used in electronic and electrical components such as electron emitters, leads, and electrical contacts, leading to the growth of the global tungsten market. Tungsten is also used to make carbides, which are widely used in cutting tools, drill bits, and other such high-strength and high-temperature applications. Pure tungsten is used in the electronics industry, while the salts, sulfides or oxides obtained from the product are used in the chemical industry to make lubricants, catalysts, etc. These are the major factors driving the growth of the global market during the forecast period.

Report Scope of Global Tungsten Market:

Points Covered in the Report

• The points that are discussed within the report are the major market players that are involved in the Market such as Market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
• The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analyzed 12 years of data history and forecast.
• The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
• Data and information by market player, region, type, application and etc., and custom research can be added according to specific requirements.
• The report contains a SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Frequently Asked Questions-

What is the CAGR of the Tungsten market?

The Tungsten Market is growing at a CAGR of 8% During the Forecast Period.

 What are the key types and applications of the Tungsten market?

- Carbides, Tungsten alloys, Tungsten mill products, Tungsten chemicals, Others

- Automotive, Aerospace and Defense, Mining, Oil And Gas, Electronics, Medical, Construction

Who are the key players in the Tungsten market?

A.L.M.T. Corp., Allegheny Technologies Incorporated, Almonty Industries Inc., Betek GmbH & Co. KG, Buffalo Tungsten Inc., China Minmetals Non-Ferrous Metals Co., Ltd., China Molybdenum Co., Ltd., Chongyi Zhangyuan Tungsten Co., Ltd, Guangdong XiangLu Tungsten Co. Ltd., H.C. Starck GmbH, International Metalworking Companies, Jiangxi Tungsten Holding Group Co., Ltd., Kennametal, Inc., Nippon Tungsten Co., Ltd., Ormonde Mining plc, Plansee Group, QuesTek Innovations, LLC, Sandvik Group, Umicore N.V., Wolf Minerals Limited, WOLFRAM Company JSC, Xiamen Tungsten Co., Ltd., and Others

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Note – In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19 and the Russia-Ukraine war.