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Tungsten Market Size is projected to reach USD 9.32 billion by 2031, growing at a CAGR of 7.8%: Straits Research

05 Mar.,2024

New York, United States, June 15, 2023 (GLOBE NEWSWIRE) -- Tungsten, also known as wolfram, is widely used in a variety of end-use industries due to its inherent properties, such as a high melting point, low vapor pressure, and high tensile strength. Furthermore, tungsten has high corrosion resistance and is thus resistant to acid attacks. Increasing investments in mining and construction activities, driven by technological innovation in machine equipment and the growth of the urban middle class, are expected to drive significant growth in global tungsten demand during the forecast period. On the other hand, tungsten carbide decomposes at higher temperatures, reverting to its original form as carbide and tungsten, which may limit the market growth.

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Growing Mining Industry Drives the Market

Tungsten carbide is extremely resistant to wear and impact due to its strength, hardness, and toughness. Steel is being replaced by tungsten carbide in the mining industry because it increases tool life, cost-effectiveness, and productivity. Tungsten is predominantly used in blast hole drilling, haul road maintenance, bulk handling, mineral processing, longwall extraction, roof bolting, and room and pillar extraction. Tungsten carbide is one of the most long-lasting and cost-effective chemical compounds available for use in manufacturing. The material, which is made up of equal parts tungsten and carbon, is found in powder form and is then shaped using the sintering process. Tungsten Carbide has been used in machines with critical functionality for years due to its high tolerance for heat and pressure, and it is slowly making its way into the mining industry. Tungsten Carbides are used as tip attachments to reduce wear on the machine's metallic body when compared to simply using a metallic body. A down-the-hole drilling unit is more difficult to replace than a tip. Tungsten Carbides are used in the mining industry as small button inserts or large attachments.

Increasing Applications in Various Industries give an Opportunity for Exponential Growth

Tungsten has the highest melting point of any metal element, a density that is close to that of gold, a hardness that is very high, and a tungsten carbide hardness that is almost as hard as diamond. In addition, tungsten is frequently used in alloys, electronics, and the chemical industry and has an excellent electrical and thermal conductivity in addition to having a low coefficient. Since tungsten has a very high hardness that is comparable to that of gold, it can increase the strength, hardness, and wear resistance of steel. It is a key alloying component and is used extensively in the production of all kinds of steel. High-speed steel, tungsten steel, and tungsten cobalt magnetic steel are common types of tungsten steel, and these steels are primarily used to create a variety of tools like drills, milling cutters, wire drawing dies, die and molds, etc. Wrought compounds, such as tungsten sulfide, which is used as a lubricant and catalyst in the synthesis of gasoline. Tungsten oxide, which is used in painting, and calcium or magnesium tungsten, which is used in fluorescent powder, are used as inorganic colors and catalysts. Because of its similar thermal expansion to borosilicate glass, it is used to create glass or metal seals. Tungsten is used to create high-purity tungsten jewelry because of its low sensitivity. In addition, some instruments will use tungsten wire, which was previously used in radioactive medicine.

Report Scope

Report MetricDetailsMarket Size by 2031USD 9320.3 millionMarket Size in 2022USD 4411.6 millionCAGR7.8%Historical Data2020-2021Base Year2022Forecast Period2023-2031Forecast UnitsValue (USD Million)Report CoverageRevenue Forecast, Competitive Landscape, Growth Factors, and TrendsSegments CoveredEnd-User, ApplicationGeographies CoveredNorth America, Europe, Asia-Pacific, LAME and Rest of the WorldKey Companies Profiled/VendorsXiamen Tungsten Company, China Minmetals Corporation, Japan New Metals Company, Wolfram Company JSC, Specialty Metals Resources SA, H.C. Starck, and Guangdong Xianglu Tungsten Company. Key Market OpportunitiesWider Application of TungstenKey Market DriversRising Demand for Tungsten in Mining Industry
Rising Adoption of Tungsten in Electrical Applications

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Regional Analysis

North American region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. North American market growth is anticipated to be fueled by economic stability in the United States and Canada. The United States was one of the largest mining countries, contributing about 11.5% of all mining activity worldwide, according to World Mining Data. Additionally, according to Select USA, the aerospace industry in the United States is one of the most competitive in the world and generated about USD 151 billion in revenue in 2018. The US Geological Survey estimates that mines in the US produced mineral commodities worth about $90.4 billion in 2021, an increase of $9.7 billion over the revised total of $80.7 billion in 2020. Other industrial mineral resources, natural aggregates, nonferrous and ferrous metals, and other non-fuel mineral commodities totaling $90.4 billion were produced by US mines in 2021. In 2021, the US was expected to produce industrial minerals worth $56.6 billion, or 63% of the total value of US mine production. With 21% of the value of all mine production, crushed stone was the first non-fuel mineral product produced in the United States in 2021. The USA's expanding mining sector will therefore fuel the global tungsten market over the course of the forecast period.

During the anticipated period, the Tungsten market is anticipated to expand rapidly in Europe. In logging equipment, as well as in the production of automotive parts, tooling, and die casting, tungsten is used as a counterweight. Being one of the most significant globally, the European automobile industry is anticipated to significantly contribute to the growth momentum, along with the rising demand for automobiles. According to figures provided by the European Automobile Manufacturers Association, over 9.9 million passenger cars will be produced in the EU in 2021. This demonstrates the enormous potential of materials like tungsten, which are used in the production of automobiles and their components.

The tungsten market is anticipated to expand significantly in Asia-Pacific over the course of the forecast period. Growth is fueled in the area by a wealth of natural resources, cheap labor, and open trade laws. One of the biggest producers of tungsten on the international market, China produced about 66000 metric tons of tungsten in 2021. Another area where tungsten is used is the consumer durables industry, which is being driven by growing purchasing power, social media influence, and marketing blitz. According to the COMTRADE database of international trade maintained by the United Nations, India's import of electronic goods was estimated to be worth approximately USD 56.73 billion in 2021.

The global tungsten market is anticipated to grow moderately in the LAMEA region over the forecast period. One of the main growth engines in Latin America is anticipated to be the manufacturing sector in Brazil and Argentina. Tungsten is a component of dyes and coatings used in the automotive industry. With 2.25 million vehicles produced in 2021, Brazil's automobile production increased by approximately 11.6%, demonstrating the range of uses for tungsten in the area. South Africa and Dubai have gained popularity as desirable travel destinations in the Middle East and Africa. The MEA's booming tourism industry is boosting the construction industry, which in turn is boosting market growth because tungsten is heavily used in drilling equipment and light bulb purchases.

Key Highlights

The global tungsten market size is projected to reach USD 9320.3 million by 2031, growing at a CAGR of 7.8% during the forecast period (2023-2031).
Based on application, the global tungsten market is bifurcated into metal alloys, tungsten carbide, and mill products. The tungsten carbide segment is the highest contributor to the market and is expected to grow during the forecast period.
Based on the end-user, the global tungsten market is bifurcated into automotive parts, logging equipment, aerospace components, boring & cutting equipment, and electronics appliances. The boring & cutting equipment segment is the highest contributor to the market and is expected to grow during the forecast period.
North America is the highest contributor to the global tungsten market and is expected to grow during the forecast period.

Competitors in Tungsten Market

Xiamen Tungsten Company
China Minmetals Corporation
Japan New Metals Company
Wolfram Company JSC
Specialty Metals Resources SA
H.C. Starck
Guangdong Xianglu Tungsten Company

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Segmentation of Tungsten Market

By Application

Metal Alloys
Tungsten Carbide
Mill Products

By End-User

Automotive Parts
Logging Equipment
Aerospace Components
Boring & Cutting Equipment
Electronics Appliances

By Regions

North America
Europe
Asia-Pacific
LAMEA

TABLE OF CONTENT

Executive Summary
Research Scope & Segmentation
1. Research Objectives
2. Market Definition
3. Limitations & Assumptions
4. Market Scope & Segmentation
5. Currency & Pricing Considered
Market Opportunity Assessment
1. Emerging Regions / Countries
2. Emerging Companies
3. Emerging Applications / End Use
4. Investment Landscape
5. New Business Models / Revenue Streams
6. TAM
Market Trends
1. Drivers
2. Market Warning Factors
3. Latest Macro Economic Indicators
4. Geopolitical Impact
5. Human Factors
6. Technology Factors
Market Assessment
1. Porters Five Forces Analysis
2. Value Chain Analysis
3. Raw Material Analysis
4. Sales And Distribution Channel Analysis
5. Trade Analysis
6. M & A Agreements & Collabration Analysis
7. Export Import Analysis
8. Cost Structure Analysis
ESG TRENDS
Global Tungsten Market Size Analysis
1. Global Tungsten Market Introduction
2. By Application
  1. Introduction
    1. Application By Value
  2. Metal Alloys
    1. By Value
  3. Tungsten Carbide
    1. By Value
  4. Mill Products
    1. By Value
3. By End-User
  1. Introduction
    1. End-User By Value
  2. Automotive Parts
    1. By Value
  3. Logging Equipment
    1. By Value
  4. Aerospace Components
    1. By Value
  5. Boring & Cutting Equipment
    1. By Value
  6. Electronics Appliances
    1. By Value
North America Market Analysis
1. Introduction
2. By Application
  1. Introduction
    1. Application By Value
  2. Metal Alloys
    1. By Value
  3. Tungsten Carbide
    1. By Value
  4. Mill Products
    1. By Value
3. By End-User
  1. Introduction
    1. End-User By Value
  2. Automotive Parts
    1. By Value
  3. Logging Equipment
    1. By Value
  4. Aerospace Components
    1. By Value
  5. Boring & Cutting Equipment
    1. By Value
  6. Electronics Appliances
    1. By Value
4. U.S.
5. Canada
Europe Market Analysis
1. Introduction
2. By Application
  1. Introduction
    1. Application By Value
  2. Metal Alloys
    1. By Value
  3. Tungsten Carbide
    1. By Value
  4. Mill Products
    1. By Value
3. By End-User
  1. Introduction
    1. End-User By Value
  2. Automotive Parts
    1. By Value
  3. Logging Equipment
    1. By Value
  4. Aerospace Components
    1. By Value
  5. Boring & Cutting Equipment
    1. By Value
  6. Electronics Appliances
    1. By Value
4. U.K.
5. Germany
6. France
7. Spain
8. Italy
9. Russia
10. Nordic
11. Benelux
12. Rest Of Europe
APAC Market Analysis
1. Introduction
2. By Application
  1. Introduction
    1. Application By Value
  2. Metal Alloys
    1. By Value
  3. Tungsten Carbide
    1. By Value
  4. Mill Products
    1. By Value
3. By End-User
  1. Introduction
    1. End-User By Value
  2. Automotive Parts
    1. By Value
  3. Logging Equipment
    1. By Value
  4. Aerospace Components
    1. By Value
  5. Boring & Cutting Equipment
    1. By Value
  6. Electronics Appliances
    1. By Value
4. China
5. Korea
6. Japan
7. India
8. Australia
9. Taiwan
10. South East Asia
11. Rest Of Asia-Pacific
Middle East And Africa Market Analysis
1. Introduction
2. By Application
  1. Introduction
    1. Application By Value
  2. Metal Alloys
    1. By Value
  3. Tungsten Carbide
    1. By Value
  4. Mill Products
    1. By Value
3. By End-User
  1. Introduction
    1. End-User By Value
  2. Automotive Parts
    1. By Value
  3. Logging Equipment
    1. By Value
  4. Aerospace Components
    1. By Value
  5. Boring & Cutting Equipment
    1. By Value
  6. Electronics Appliances
    1. By Value
4. UAE
5. Turkey
6. Saudi Arabia
7. South Africa
8. Egypt
9. Nigeria
10. Rest Of MEA
LATAM Market Analysis
1. Introduction
2. By Application
  1. Introduction
    1. Application By Value
  2. Metal Alloys
    1. By Value
  3. Tungsten Carbide
    1. By Value
  4. Mill Products
    1. By Value
3. By End-User
  1. Introduction
    1. End-User By Value
  2. Automotive Parts
    1. By Value
  3. Logging Equipment
    1. By Value
  4. Aerospace Components
    1. By Value
  5. Boring & Cutting Equipment
    1. By Value
  6. Electronics Appliances
    1. By Value
4. Brazil
5. Mexico
6. Argentina
7. Chile
8. Colombia
9. Rest Of LATAM
Competitive Assessment
1. Adoption Matrix
2. Tungsten Market Share By Manufacturers
3. Tungsten Market Ranking By Revenue For Manufacturers
4. Average Price By Manufacturers
5. Vendor Footprint Analysis
Market Players Assessment
1. Xiamen Tungsten Company
  1. Overview
  2. Business Information
  3. Revenue
  4. ASP
  5. Gross Margin
  6. Swot Analysis
  7. Recent Developmments
2. China Minmetals Corporation
3. Japan New Metals Company
4. Wolfram Company JSC
5. Specialty Metals Resources S.A.
6. H.C. Starck
7. Guangdong Xianglu Tungsten Company
Research Methodology
1. Research Data
  1. Secondary Data
    1. Major Secondary Sources
    2. Key Data From Secondary Sources
  2. Primary Data
    1. Key Data From Primary Sources
    2. Breakdown Of Primaries
  3. Secondary And Primary Research
    1. Key Industry Insights
2. Market Size Estimation
  1. Bottom-Up Approach
  2. Top-Down Approach
  3. Market Projection
3. Research Assumptions
  1. Assumptions
4. Limitations
5. Risk Assessment
APPENDIX
1. Discussion Guide
2. Customization Options
3. Related Reports
DISCLAIMER

Table of Content and Figure @ https://straitsresearch.com/report/tungsten-market/toc

Recent Development

In July 2022, H.C Starck signed agreements with Nyobolt to invest around USD 52 million, which is known for its tungsten-intensive battery business.
In September 2022, Xiamen Tungsten and Chifeng Jilong Gold Mining announced a partnership to develop rare earth materials in Laos.

News Media

Burgeoning Global Mining and Construction Activities Drives the Tungsten Carbide Market

Advanced Electrical Steel and Their Applications in Emerging Technologies will propel the Growth of the Global Electrical Steel Market

Large-Scale Residential Construction and Infrastructure Projects Account for the Lion’s Share of Consumption in the Steel Market

Have a Look at the Related Research Report

Tungsten Carbide Market : Information by Grade (General Purpose, Metal Forming and Wear, Submicron, Corrosion Resistant), Application, End-Use Industry, and Region — Forecast till 2030

Electrical Steel Market: Information by Type (Grain Oriented, Non-Grain Oriented, and Others), Application (Inductors, Transformers), and Regions-Forecast till 2031

Microalloyed Steel Market: Information by Category (Weathering Steel, Micro-Alloyed Ferrite Pearlite Steel), Process (Hot Rolled), Application (Construction), and Region — Forecast till 2029

Metal Casting Market: Information by Process (Gravity, Sand Casting), Application (Body Assembly, Engine Parts), Material Type (Aluminium, Cast Iron), End-User, and Regions—Forecast Till 2031

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