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Global Tungsten Finished Products Market: Overview

Tungsten is a rare material found naturally, particularly in chemical compounds, on Earth. It is commonly found in wolframite and scheelite ores. It is known for its distinctive properties such as high density, high melting point, and excellent blending abilities. Tungsten is also one of the highest melting point metal found on Earth. Many alloys of tungsten such as light bulb filaments, electrodes, X-ray tubes, radiation shielding, and super alloys are used in various applications in different sectors. Tungsten is employed in military applications such as projectiles and insulation shielding due to its hard physical form and high density. Tungsten finished products are also used as catalysts in numerous industrial processes.

Based on type, the market for tungsten finished products can be segregated into wires and sheets.  In terms of application, the market for tungsten finished products can be broadly segmented into electrical & electronics, aerospace, and industrial. Under the type segment, wires held significant share of the tungsten finished products market in 2016. It is anticipated to maintain its position during the forecast period. Tungsten wires is largely used in lamps, heaters, electrodes, and printers. This is one of the factors boosting the wire segment. Filaments made from tungsten are used as ultrahigh temperature halogen lamps and as thermionic emitters. The wire segment was followed by the sheet segment, which accounted for minimal share in 2016. Tungsten sheets & plates are used in heaters, heat spreaders, sintering boats, spacers, weights, and various kinds of jigs and tools. Tungsten sheets are primarily employed during the production of sintering boats due to its excellent cutting, blending, and sputtering abilities.

The market for tungsten finished products is anticipated to expand at a moderate pace during the forecast period. Tungsten finished products such as filaments are being replaced with advanced alternatives such as compact fluorescent lamps and light emitting diodes owing to technological advancements. Demand for tungsten finished products is estimated to continue to be high during the forecast period due to their application in heaters and corona wires.

Geographically, Asia Pacific held significant share of the tungsten finished products market in 2016. According to the data released by the United States Geological Survey, global tungsten reserves stood at around 3.5 million tons in 2014; China alone accounted for 1,900,000 metric tons of tungsten in the year. Consumption of tungsten in Asia Pacific is comparatively higher than that in any other region owing to the strong manufacturing industry in Asia Pacific. Tungsten finished products are used in the production of printers, lamps, heaters, furnaces, etc. in the electrical & electronics industry. China is the hub for electrical & electronics products. The market in Asia Pacific was followed by that in North America and Europe in 2016. Production of tungsten stood at 430000 metric tons in 2014 in North America. Demand for tungsten finished products is likely to be high in the region, led by the presence of strong electrical & electronics and aerospace industries. Tungsten sheets are used as insulation shields in the production of aerospace shuttles, planes, etc. Russia was the major producer of tungsten (250,000 metric tons) in Europe in 2014. It was followed by Austria (10,000 metric tons). Presence of robust manufacturing industries in Europe is projected to augment the demand for tungsten and tungsten finished products in the region during the forecast period.

Major players operating in the market for tungsten finished products are Saxony Minerals and Exploration AG, T&D Materials Manufacturing, A.L.M.T. Corp., and SMT Limited.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Tungsten Finished Products Market

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