Superior Melting Point, Hardness, Density & Tensile Strength Drives Global Demand for Tungsten
The
global market for Tungsten is projected to exceed 125 thousand metric tons by
2024, driven by the growing prominence of Tungsten as the new and efficient
manufacturing material with remarkable qualities of hardness yet malleable,
highest melting point, superior tensile strength, and lowest coefficient of
thermal expansion.
Tungsten, also known as Wolfram, is an
important refractory metal and finds widespread applications on account of its
high melting point. Tungsten is used in TIG welding electrodes, X-ray tubes,
radiation shielding and super-alloys. Tungsten is also used in military
applications primarily for projectiles and in tungsten carbide based tools on
account of its high density and hardness. Compounds of tungsten are also
employed as industrial catalysts. Tungsten, the hardest metal with unique
property is used in a multitude of industries, from petroleum exploration to
circuit boards. Driven by the advent of advanced technologies, demand for
tungsten is gaining traction among an extensive global client base. 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.
Healthy growth is projected for the
market in the coming years driven by expanding application areas for tungsten. The
nano-grained WC product that exhibits both superior fracture toughness and
hardness is the latest development in the field of cemented carbides. Cast WC
grades and extremely coarse
grain tungsten carbide (WC) are being employed in advanced drilling tools
in mining, road construction and oil and gas exploration. Also, tungsten is
currently being used for manufacturing Ice fishing hooks, car brakes, as well
as golf clubs. Growing automotive production, steadily expanding aerospace
& defence sectors, and increasing metals & mining activity represent
other important factors 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. 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.
As stated by the new market research
report on Tungsten,
China represents the largest market worldwide. 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 5.5% over the analysis period. Marked increase in industrial
engineering activity in India and other South-East Asian countries represent an
important factor that is driving demand for milled tungsten products such as
tungsten rod, tungsten sheet, and tungsten wire in the region.
Key players in the market include A.L.M.T.
Corp., Allegheny Technologies Incorporated, Almonty Industries Inc., Betek GmbH
& Co. KG, Buffalo Tungsten Inc., China Minmetals Non-Ferrous Metals Co.,
Ltd., China Molybdenum Co., Ltd., Chongyi Zhangyuan Tungsten Co., Ltd.,
GuangDong XiangLu Tungsten Co., Ltd., H.C. Starck GmbH, International
Metalworking Companies (IMC), Jiangxi Tungsten 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 - Market Analysis, Trends, and Forecasts” 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.
Global
Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights
Reserved.
For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.
For cutting edge
analyst reviews on top industries
tungsten rod manufacturer
ReplyDelete