Global Tungsten Market Trajectory & Analytics to 2026 - ResearchAndMarkets.com

The "Tungsten - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

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:

I. METHODOLOGY

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
• Competitive Landscape
• 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)

• A.L.M.T. Corp.
• 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
• IMC Group
• Kennametal, Inc.
• Nippon Tungsten Co., Ltd.
• Plansee Group
• QuesTek Innovations LLC
• Sandvik Group
• Umicore N.V.
• 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

IV. COMPETITION

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/