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Tungsten Market Analysis Based On Growth, New Trends And Current Industry Demand Forecast To 2023
Tungsten, also known as wolframis, is a naturally occurring chemical element. It exists on the Earth combination with other elements in the form of chemical compounds. Wolframite and Scheelite are the important ores of tungsten. Tungsten is primarily used in manufacturing hard metals based on tungsten carbide which is one of the hardest carbides. On account of its hardness it is widely used in manufacturing wear-resistant abrasives and cutting tools and equipment. This application accounts for more than 50% of the industrial consumption of the tungsten. Additionally, the ability of tungsten carbide to resist abrasion it is widely used in making jewelries.
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Based on metal, the global tungsten market has been segmented into foils, ribbons, wires, rods, tubes, and sheets & strips. Ribbons segment held the largest market share in 2017 on account of significant use in vast industrial applications and in vapor deposition processes. It is widely used in the electronic industry owing to high electrical resistance.
By product, the market is categorized into carbides, tungsten alloys, tungsten mill products, tungsten chemicals, and others. Among them, carbide accounted to the largest share of the market in 2017. This mainly due to vast use of the tungsten in manufacturing hard materials based on tungsten carbide. The product is primarily used in manufacturing the tungsten carbide which is one of the hardest carbides. Due to its hardness, tungsten is widely used in manufacturing wear-resistant abrasives and cutting tools and equipment. This application accounts for more than 50% of the industrial consumption of the tungsten.
The global Tungsten market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia-Pacific is anticipated to grow at a high CAGR owing to the rising product demand in the automotive and electronics and electrical industries. North America is expected to witness significant growth during the forest period. This is mainly due to the growing demand for the product in various industrial application such as aerospace and defense.
The global Tungsten market has been segmented on the basis of form, product, end-use, and region. Based on form, the global tungsten market has been segregated into foils, ribbons, wires, rods, tubes, and sheets & strips.
By product, the market has been categorized into carbides, tungsten alloys, tungsten mill products, tungsten chemicals, and others. Based on end-us, the market has been divided into automotive, aerospace & defense, machine tools & equipment, electrical & electronics, chemicals, and others.
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The leading players in the global tungsten market are Xiamen Tungsten Co., Ltd. (China), Buffalo Tungsten Inc. (US), Federal Carbide Company (US), China Minmetals Corporation (China), Global Tungsten & Powders Corporation (US), Wolfram Bergbau-und Hutten AG (Austria), Tungsten Mining NL (Australia), Tejing Tungsten (Vietnam), Japan New Metals Co., Ltd. (Japan), and Saloro (Spain), among others.
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