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.
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
- 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.