The Global Market for Tungsten is Projected to Exceed 119 Thousand Metric Tons by 2022

Growing Demand from the Aerospace Industry Drives the Global Tungsten Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Tungsten market. The global market for Tungsten is projected to exceed 119 thousand metric tons by 2022, driven by the growing prominence of Tungsten as the new and efficient aerospace and defence manufacturing material, and growing use of tungsten mill products in electrical and electronic products.

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. Tungsten remains the most preferred material for making hardmetals, especially for parts and components used in cutting, milling and drilling equipment in industrial manufacturing, metal working, mining, and construction applications. Because of their unique techno-functional features, tungsten alloys find preference in general-purpose applications in sectors including automotive, aerospace, defence, and marine, among others, and also in special-purpose applications such as industrial catalysts, radiation shielding materials, electrodes in TIG welding and X-ray tubes, among others. Superior attributes of Tungsten that is driving its increasing popularity in myriad industrial applications include best-in-class hardness, tensile strength, yield strength, high melting temperature, low vapor pressure,  modulus of elasticity, and coefficient of thermal expansion features. Further, tungsten alloys demonstrate high rigidity, high thermal conductivity, low vibration, high damping behaviour and good machinability features, to extend highly suitable materials for specialist applications such as wear-resistant parts, wear-resistant coatings and turbine blades, among others.

Future growth in the market will be driven by growing automotive production, steadily expanding aerospace & defence sectors, and metals & mining activity that are poised to augment demand for finished tungsten products. Aerospace is emerging as one of the most promising markets for Tungsten due to the metal being highly durable, non-radioactive, non-toxic, and posing very low risk to human health as well as the environment in comparison to other materials used in aerospace such as depleted uranium and lead. Other macro factors infusing strength into the tungsten market include relatively stable economy, positive GDP forecasts and stable improvements in industrial and manufacturing activity. Growing demand for electrical and electronic products in residential, commercial and industrial environments is also expected to enhance the demand for tungsten electrical contacts, lead-in wires, electron emitters and voltage regulators. Further, the rising crude oil & natural gas exploration and drilling activities globally are extending new opportunities for tungsten products such as drilling equipment. Marked increase in industrial engineering activity, especially in China and other Asia-Pacific countries represent another important factor that is driving demand for milled tungsten products such as tungsten rod, tungsten sheet, and tungsten wire.

As stated by the new market research report on Tungsten, China represents the largest market worldwide. Since the industrial manufacturing sector constitutes the primary consumer of tungsten, northbound trajectory in the domestic industrial sector has generated parallel market opportunities and fuelled consumption volumes over the years. Along with economic factors and high industrial activity, the tungsten sector in China is also driven by the vast presence of tungsten resources and intense mining activity in the country. Asia-Pacific (excluding Japan and China) ranks as the fastest growing market with a CAGR of 6.0% over the analysis period driven by the expansion of the aviation sector, along with the increasing use of high durability metals by the electrical & electronics industry.

Key players covered in the report include A.L.M.T. Corp., Allegheny Technologies Incorporated, Betek GmbH & Co. KG, Buffalo Tungsten Inc., China Minmetals Non-Ferrous Metals Co., Ltd., Jiangxi Tungsten Industry Group Co. Ltd., China Molybdenum Co., Ltd., Chongyi Zhangyuan Tungsten Co., Ltd., Eurotungstene Metal Powders, GuangDong XiangLu Tungsten Co., Ltd., H.C. Starck GmbH, International Metalworking Companies (IMC), Jiangxi Rare Metals Tungsten Industry Holding Group Co., Ltd., Kennametal, Inc., Nippon Tungsten Co., Ltd., Plansee Group, QuesTek Innovations, LLC, Sandvik Group, WOLFRAM Company CJSC, and Xiamen Tungsten Co., Ltd., among others.

The research report titled “Tungsten: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, growth drivers, issues, mergers, acquisitions, and other strategic industry activities of major players worldwide. The report provides market estimates and projections in metric tons for all major geographic markets including the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Russia and Rest of Europe), China, Asia-Pacific (excluding Japan and China), Latin America and Rest of World. End-use segments analyzed in the report include Hardmetals/Cement Carbides; Steels, Superalloys & Wear-Resistant Alloys; Mill Products; and Others.

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