Tungsten Market Size, Share, Growth, and Industry Growth, By Type (Tungsten Carbides, Metal Alloys, Mill products, and Others), By Application (Automotive Parts, Aerospace Components, Drilling, Boring & Cutting Equipment, Logging Equipment, Electrical & Electronics Appliances, and Others), Regional Forecast To 2031

Updated On: 17 June 2024

TUNGSTEN MARKET REPORT OVERVIEW

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global tungsten market size was USD 1087.94 million in 2021 and market is projected to touch USD 2508 Million By 2031, exhibiting a CAGR of 8.71% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with tungsten experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Tungsten is also called wolfram, a lustrous, grayish-white metal with a good corrosion resistance feature. Because pure material is expensive and even challenging to employ in machines, tungsten wires are frequently used in their alloy form. In pure form, nickel, iron, or copper are added to tungsten wires. Tungsten wires are employed as cathode ray tube filaments, electrodes, heating components, field emitters, and field emitters. The wires are also frequently employed in heavy metal alloys to provide wear-resistant coatings.

Carbon and tungsten atoms are distributed equally throughout tungsten carbide. Exceptional strength, toughness, and hardness make the carbide perfect material for industrial applications. Since cobalt binds the cement in cemented tungsten carbides, it efficiently wets the tungsten carbide grains during liquid phase sintering. Tungsten carbide is available as cemented it in several industries. In turn, cobalt decreases residual porosity, enhancing the strength and hardness of a sintered product. Additionally, it is utilized to create several alloys with high melting and boiling temperatures, flexibility, and strength after alloying with other metals to create super alloys for missile parts, nuclear reactors, tanks, jet engines, and vessels. It is used to create carbide tools for metalworking equipment.

COVID-19 Impact: Disrupted Production Hindered Market Growth

Due to the present pandemic crisis's advent, the tungsten carbide market is experiencing negative growth. Industries have ceased to function. Numerous industries have experienced a drop in growth due to the nationwide lockdown implemented to stop the spread of the highly infectious virus. Both demand and production have significantly decreased. Due to this, there is a gap between supply and demand in the automotive sector, negatively affecting the tungsten market. 

LATEST TRENDS

"Expansion of the Drilling and Mining Industry to Augment Market Growth"

The main user of tungsten on a global scale is the mining and drilling industry, which is predicted to dominate the market in the future. Since tungsten carbide (WC) is one of the hardest carbides, it is most frequently utilized to create rigid products. The production of wear-resistant abrasives and carbide-cutting tools, including circular saws, downhole hammers, knives, drill bits, roller-cutters, long wall shearer picks, and tunnel boring machines, uses tungsten carbide because it is a good electrical conductor. The petroleum, woodworking, mining, and construction industries use this equipment extensively, which are the main drivers of the global tungsten market. Cobalt is a binding agent to hold the tungsten carbide particles in place in carbide tooling, which is essentially a metal/ceramic composite. Most of the industry's use of tungsten carbide (WC) is of this sort. These factors are expected to cater to the tungsten market growth.

TUNGSTEN MARKET SEGMENTATION

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• By Type Analysis

By type, the market is segmented into tungsten carbides, metal alloys, mill products, and others.

• By Application Analysis

Based on application, the market is classified into automotive parts, aerospace components, drilling, boring & cutting equipment, logging equipment, electrical & electronics appliances, and others. 

DRIVING FACTORS

"Use of Product in Various Industries to Boost the Product Demand"

Tungsten is used in the production of various products such as knives, rocket nozzles, circular saws, drills, milling tools, jewelry, permanent magnets, super alloys, lubricants, gold substitution, catalysts, nanowires, water-resistant abrasives, and others. It is also used to make electrodes, gas tungsten arc welding, super alloys, X-ray tubes, radiation shielding, penetrating military projectiles, and industrial catalysts. The need for high pure tungsten is increasing due to the widespread use of tungsten wires in thermionic emitters, vacuum heating components, LEEP and LEED electrodes, corona generation, medical devices, and filaments. The global market for products made of pure tungsten metal, including electrodes, electrical and electronic connections, sheets, wires, rods, lighting filaments, and other things, will keep growing. Due to its broad use in electronic and electrical applications, demand for tungsten mill products is consistently high.

"Increasing Adoption of Tungsten in Medical Applications to Foster Market Expansion"

The market for fine tungsten wire is expanding due to its use in medical procedures such as electro surgery, Proton beam therapy, stents, and surgical procedures. Other factors that are projected to enhance the market include the expansion of the semiconductor and ICs markets, expanding end-use sectors like the automotive sector, and a rise in demand for wear-resistant materials. These factors are forecasted to fuel the tungsten market growth.

RESTRAINING FACTORS

"Side Effects Associated with The Use of the Metal to Affect Market Growth"

The main health risks associated with tungsten carbide include dust inhalation and lung fibrosis similar to silicosis. According to the American National Toxicology Program, cobalt-cemented tungsten carbide is a human carcinogen. They can cause severe respiratory issues, as well as vision issues, and skin sensitivities when inhaled.

TUNGSTEN MARKET REGIONAL INSIGHTS

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"Asia Pacific to Dominate the Market Due to Expanding End-Use Industries"

Asia Pacific is forecasted to lead the tungsten market share owing to the expanding automotive industry. Tungsten is used in mining, cutting, and abrasive tools. Tungsten carbide is also used in printing 3D, which is estimated to propel growth in the region. 

North America is expected to show significant growth due to the growing demand from oil & gas, automotive, and defense industries. 

KEY INDUSTRY PLAYERS

"Key Players Focusing On Innovative Technology Development to Grow in the Market"

Businesses are developing new technology to offer easier ways to increase product portfolios. Companies also use innovative practices and techniques to create new technologies. Companies are focused on acquisitions and investments to increase sales. The marketplace is competitive as a result of the existence of numerous huge firms. An extensive worldwide consumer base and the execution of operations through specialized distribution networks are other characteristics. The key companies strive to gain a higher market share by launching new products. 

List of Market Players Profiled

• Chongyi ZhangYuan Tungsten Company (China)
• Specialty Metals Resources SA (China)
• Wolfram Company JSC (Russia)
• Plansee Group (Austria)
• Edgetech Industries LLC. (U.S.)
• ATTL Advanced Materials Co., Ltd. (China)
• China Minmetals Corporation (China)
• Metal Cutting Corporation (U.S.)
• Zigong Xingyu Cemented Carbide Dies & Tools Co., Ltd. (China)
• Xiamen Tungsten Company (China)
• Tungsten Mining NL (Australia)
• WOLFMET (U.K.)
• Ed Fagan Inc. (U.S.)
• Guangdong Xianglu Tungsten Company (China)
• Japan New Metals Company (Japan)
• Soloro (India)
• Global Tungsten & Powders Corporation (U.S.)
• H.C. Starck (Germany)
• W Resource (U.S.)

REPORT COVERAGE

The market research study offers thorough information on numerous market aspects. The growth drivers, restraints, geographical analysis, competitive environment, and challenges are a few of them. Additionally, it provides an analytical analysis of market trends and projections for stem cells to show potential investment areas. From 2023 through 2031, the market is objectively assessed to determine its financial viability. The report's data was compiled using a variety of primary and secondary sources.