Tungsten Market

Global Tungsten Market: An Overview 

The global tungsten market is growing at a robust CAGR. It is expected to continue its growth during the 2018-2026 period. 

Tungsten’s unique nature allows manufacturers to use it in a wide variety of industrial applications. These applications include X-ray tubes, bulb filaments, radiation shielding, super alloys, penetrating projectiles, gas tungsten arc welding,  andas an industrial catalyst. 

The global tungsten market is expected to grow as its applications continue to expand. Industries such as aerospace, automotive, oil & gas, electronics, and mining are using more hardened forms of metals. This is especially true for manufacturing, which is cemented carbides along with harder metals. Tungsten fits easily into the mix after going through a process known as sintering. Due its hardness (9 on Mohs scale), it is also increasingly being used in metal- related applications and construction as well. 

An upcoming Transparency Market Research report sheds light on the current and future trends of the global Tungsten market. It provides details on the market’s overview, current trends and challenges, opportunities in the coming years, and growth forecasts for 2018-2026. These insights are crucial for both prevailing and upcoming players in the global tungsten market. 

Global Tungsten Market: Key Trends

 Mining industry requires carbide based tungsten, which is a major boost for the global tungsten market. Increasing use of carbide ungsten and increasing demand for mining products is expected to drive the global tungsten market during the forecast period. 

Growing applications in automotive and increased use of tungsten in wear resistant materials is also expected to boost the global tungsten market. Tungsten is increasingly used in electron emitters, electrical contacts, and lead-in wires. Additionally, tungsten’s unique brittleness allows it to cope with high levels of corrosion. Hence, it is also being used in voltage regulators. The increasing demand from these sectors is predicted to drive the global tungsten market. 

However, the global tungsten market also faces uncertain challenges during the forecast period. Recently, the global tungsten market suffered as there was a notable gap between demand and supply, forcing the price upwards. This led to a backlash as revenues dipped for manufacturers globally. However, The long run of the price stability is expected to boost the confidence of manufacturers during the forecast period. 

Global Tungsten Market: Regional Outlook

The global tungsten market is divided in five regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is expected to witness the highest demand during the forecast period. The Asia Pacific tungsten market is expected to account for nearly half the global demand during the forecast period. The primary driver for its growth is the established position of China as the leading manufacturing hub.  China continues to manufacture automotive, mining, electronic, and aerospace goods, consequently driving demand in the tungsten market growth.

The tungsten market in North America is also predicted to witness healthy expansion. The increasing demand from automotive, oil & gas, defense industry is expected to drive the North American tungsten market.  

Global Tungsten Market: Competitive Dynamics

Key players in the market are focusing on tungsten related end-to-end products to appeal to global manufacturers. Major players in the ungsten market include China Minmetals Corporation, Xiamen Tungsten Company, Global Tungsten & Powders Corporation, Chongyi ZhangYuan Tungsten Company, and Wolfram Bergbau-und Hutten AG.