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SAN FRANCISCO , March 4, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Tungsten - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE What's New for 2022?
Edition: 16; Released: February 2022 Executive Pool: 454 Companies: 110 - Players covered include 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. and Others. Coverage: All major geographies and key segments Segments: Application (Hardmetals/Cement Carbides; Steels, Superalloys, & Wear-Resistant Alloys; Mill Products; Other Applications); End-Use (Drilling, Boring & Cutting Equipment; Automotive Parts; Aerospace Components; Logging Equipment; Electrical & Electronics Appliances; Other End-Uses) Geographies: World; USA ; Canada ; Japan ; China ; Europe ; France ; Germany ; Italy ; UK; Russia ; Rest of Europe ; Asia-Pacific ; Latin America ; Rest of World.
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Global Tungsten Market to Reach 115 Thousand Metric Tons by 2026 Tungsten, also referred to as wolfram, is a specialty metal that incorporates some exceptional properties, which make it critical to certain applications with no reliable substitutes. Key applications for tungsten include Hardmetals or cemented carbides, Steels, Superalloys, Mill Products, Electrical & Electronic Materials, Chemicals and Defense Products among others. 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. Long-term prospects for tungsten remain optimistic given the established image of tungsten as the new and efficient manufacturing material with remarkable qualities.
Amid the COVID-19 crisis, the global market for Tungsten estimated at 96.8 Thousand Metric Tons in the year 2022, 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. 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. Tungsten in hardmetals is mainly used in the form of tungsten carbide, one of the hardest known materials, with a melting point as high as 2770°C. Tungsten carbide is widely used to make carbide cutting tools such as circular saws, drills, knives, turning tools and milling machines for use in metalworking, mining, construction, woodworking, and oil & gas applications. Because of their unique techno-functional features, tungsten alloys find preference in general-purpose applications in sectors including automotive, aerospace, defense, and marine among others, and also in special-purpose applications such as industrial catalysts, filaments in conventional incandescent bulbs, radiation shielding materials, electrodes in TIG welding and X-ray tubes etc. Tungsten alloys, mainly the heavy alloys made with nickel, iron or cobalt, are also used in manufacture of armaments such as cannon shells, grenades, and missiles etc.
The U.S. Market is Estimated at 10.2 Thousand Metric Tons in 2022, While China is Forecast to Reach 67.5 Thousand Metric Tons by 2026 The Tungsten market in the U.S. is estimated at 10.2 Thousand Metric Tons in the year 2022. The country currently accounts for a 10.73% share in the global market. China , the world's 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 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. More
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