Market Overview:
The global tungsten market is expected to grow at a CAGR of 5.5% from 2018 to 2030. The market growth is attributed to the increasing demand for tungsten in various applications, such as automotive, mining, construction, oil & gas, aerospace and defense, and medical. Wolframite is the most commonly used type of tungsten in the global market. Asia Pacific dominates the global tungsten market with a share of more than 50%. North America and Europe are other major markets for tungsten.
Product Definition:
Tungsten is a rare, hard, heavy metal that is used to make filaments in incandescent light bulbs and in certain types of welding electrodes. It has the highest melting point of any element and is used as a component in high-temperature alloys.
Wolframite:
Wolframite is a mineral, which contains tungsten and molybdenum. It has the appearance of a dark-green gemstone and occurs in large crystals that are typically found in metalliferous sedimentary rocks. The chemical composition of the mineral includes potassium (KWO4), sodium (Na2WO4), magnesium (Mg3WO4) & calcium (Ca2WO4).
Scheelite:
Scheelite, also known as tungsten trioxide, is a chemical compound of tungsten and oxygen. It is produced on a commercial scale primarily by the reduction of hexachloroplatinate (WO3) with calcium or sodium carbonate or by hydrolysis of tungsten carbide. The most common application involves its use in incandescent light bulbs as it helps to increase the filament temperature which thereby increases the efficiency level.
Application Insights:
The automotive application segment led the global tungsten market in 2017 and is projected to witness significant growth over the forecast period. The increasing use of tungsten in manufacturing electric motors, batteries, and lighting components is expected to drive demand for the metal over the coming years.
Tungsten has a high melting point (3,000°C) which makes it an ideal material for use in filtration applications including oil and gas production equipment filters. It is also used as a replacement element for carbon in cement pastes used across several industry verticals owing to its superior properties including high corrosion resistance and strength against alkali hydroxide attacks.
Regional Analysis:
Asia Pacific was the dominant regional market in 2017 and accounted for a share of over 60% of the global volume. The region is expected to witness significant growth in terms of consumption as well as production owing to high demand from various end-use industries, including automotive, construction, oil & gas and aerospace.
The growing manufacturing sector coupled with increasing foreign investments is likely to have a positive impact on tungsten market growth over the forecast period. In addition, rising government initiatives such as “Make in India†initiative by Indian Government are expected to boost automobile sales which will further propel product demand over the coming years.
Europe was estimated at USD X billion in 2017 and is projected to grow at an estimated CAGR of XX% from 2018 to 2030 due primarily mining products such as scheelite (ferrochrome) that are used for steelmaking along with iron ore pellets imported mainly from Russia followed by South Africa.
Growth Factors:
- Increasing demand from the electronics and electrical industry for tungsten filaments and electrodes due to its properties of high melting point, good thermal conductivity and low vapor pressure.
- Rising demand for tungsten in the aerospace industry due to its use in missile components, aircraft engines and other high-performance applications.
- Growing consumption of tungsten in the automotive sector as a result of increasing production of automobiles worldwide.
- Robust growth prospects for the chemical processing industry owing to rising demand from developing countries for various products manufactured using this process step.
Scope Of The Report
Report Attributes
Report Details
Report Title
Tungsten Market Research Report
By Type
Wolframite, Scheelite
By Application
Automotive, Mining, Construction, Oil & Gas, Aerospace and Defense, Medical
By Companies
A.L.M.T, Allegheny Technologies, Betek, Buffalo Tungsten, China Minmetals Non-Ferrous Metals, Jiangxi Tungsten Industry Group, China Molybdenum, Chongyi Zhangyuan Tungsten, Eurotungstene Metal Powders, GuangDong XiangLu Tungsten, H.C. Starck
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
240
Number of Tables & Figures
168
Customization Available
Yes, the report can be customized as per your need.
Global Tungsten Market Report Segments:
The global Tungsten market is segmented on the basis of:
Types
Wolframite, Scheelite
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Automotive, Mining, Construction, Oil & Gas, Aerospace and Defense, Medical
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- A.L.M.T
- Allegheny Technologies
- Betek
- Buffalo Tungsten
- China Minmetals Non-Ferrous Metals
- Jiangxi Tungsten Industry Group
- China Molybdenum
- Chongyi Zhangyuan Tungsten
- Eurotungstene Metal Powders
- GuangDong XiangLu Tungsten
- H.C. Starck
Highlights of The Tungsten Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Wolframite
- Scheelite
- By Application:
- Automotive
- Mining
- Construction
- Oil & Gas
- Aerospace and Defense
- Medical
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Tungsten Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Tungsten is a metal that is often used in the manufacturing of weapons and other tools. It can also be found in jewelry, watches, and other small objects.
Some of the major players in the tungsten market are A.L.M.T, Allegheny Technologies, Betek, Buffalo Tungsten, China Minmetals Non-Ferrous Metals, Jiangxi Tungsten Industry Group, China Molybdenum, Chongyi Zhangyuan Tungsten, Eurotungstene Metal Powders, GuangDong XiangLu Tungsten, H.C. Starck.
The tungsten market is expected to grow at a compound annual growth rate of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Tungsten Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Tungsten Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Tungsten Market - Supply Chain
4.5. Global Tungsten Market Forecast
4.5.1. Tungsten Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Tungsten Market Size (000 Units) and Y-o-Y Growth
4.5.3. Tungsten Market Absolute $ Opportunity
5. Global Tungsten Market Analysis and Forecast by Type
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Type
5.2.2. Y-o-Y Growth Projections by Type
5.3. Tungsten Market Size and Volume Forecast by Type
5.3.1. Wolframite
5.3.2. Scheelite
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Tungsten Market Analysis and Forecast by Application
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Application
6.2.2. Y-o-Y Growth Projections by Application
6.3. Tungsten Market Size and Volume Forecast by Application
6.3.1. Automotive
6.3.2. Mining
6.3.3. Construction
6.3.4. Oil & Gas
6.3.5. Aerospace and Defense
6.3.6. Medical
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Tungsten Market Analysis and Forecast by Sales Channel
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Sales Channel
7.2.2. Y-o-Y Growth Projections by Sales Channel
7.3. Tungsten Market Size and Volume Forecast by Sales Channel
7.3.1. Manufacturer/Distributor/Service Provider
7.3.2. Aftermarket
7.4. Absolute $ Opportunity Assessment by Sales Channel
7.5. Market Attractiveness/Growth Potential Analysis by Sales Channel
8. Global Tungsten Market Analysis and Forecast by Region
8.1. Market Trends
8.2. Introduction
8.2.1. Basis Point Share (BPS) Analysis by Region
8.2.2. Y-o-Y Growth Projections by Region
8.3. Tungsten Market Size and Volume Forecast by Region
8.3.1. North America
8.3.2. Latin America
8.3.3. Europe
8.3.4. Asia Pacific
8.3.5. Middle East and Africa (MEA)
8.4. Absolute $ Opportunity Assessment by Region
8.5. Market Attractiveness/Growth Potential Analysis by Region
8.6. Global Tungsten Demand Share Forecast, 2019-2029
9. North America Tungsten Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.2. North America Tungsten Market Size and Volume Forecast by Country
9.2.1. U.S.
9.2.2. Canada
9.3. Absolute $ Opportunity Assessment by Country
9.4. North America Tungsten Market Size and Volume Forecast by Application
9.4.1. Automotive
9.4.2. Mining
9.4.3. Construction
9.4.4. Oil & Gas
9.4.5. Aerospace and Defense
9.4.6. Medical
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Tungsten Market Size and Volume Forecast by Type
9.7.1. Wolframite
9.7.2. Scheelite
9.8. Basis Point Share (BPS) Analysis by Type
9.9. Y-o-Y Growth Projections by Type
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.10.4. By Sales Channel
9.11. North America Tungsten Demand Share Forecast, 2019-2029
10. Latin America Tungsten Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Latin America Average Pricing Analysis
10.2. Latin America Tungsten Market Size and Volume Forecast by Country
10.2.1. Brazil
10.2.2. Mexico
10.2.3. Rest of Latin America
10.3. Absolute $ Opportunity Assessment by Country
10.4. Latin America Tungsten Market Size and Volume Forecast by Application
10.4.1. Automotive
10.4.2. Mining
10.4.3. Construction
10.4.4. Oil & Gas
10.4.5. Aerospace and Defense
10.4.6. Medical
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Tungsten Market Size and Volume Forecast by Type
10.7.1. Wolframite
10.7.2. Scheelite
10.8. Basis Point Share (BPS) Analysis by Type
10.9. Y-o-Y Growth Projections by Type
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.10.4. By Sales Channel
10.11. Latin America Tungsten Demand Share Forecast, 2019-2029
11. Europe Tungsten Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Europe Average Pricing Analysis
11.2. Europe Tungsten Market Size and Volume Forecast by Country
11.2.1. Germany
11.2.2. France
11.2.3. Italy
11.2.4. U.K.
11.2.5. Spain
11.2.6. Russia
11.2.7. Rest of Europe
11.3. Absolute $ Opportunity Assessment by Country
11.4. Europe Tungsten Market Size and Volume Forecast by Application
11.4.1. Automotive
11.4.2. Mining
11.4.3. Construction
11.4.4. Oil & Gas
11.4.5. Aerospace and Defense
11.4.6. Medical
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Tungsten Market Size and Volume Forecast by Type
11.7.1. Wolframite
11.7.2. Scheelite
11.8. Basis Point Share (BPS) Analysis by Type
11.9. Y-o-Y Growth Projections by Type
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.10.4. By Sales Channel
11.11. Europe Tungsten Demand Share, 2019-2029
12. Asia Pacific Tungsten Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Asia Pacific Average Pricing Analysis
12.2. Asia Pacific Tungsten Market Size and Volume Forecast by Country
12.2.1. China
12.2.2. Japan
12.2.3. South Korea
12.2.4. India
12.2.5. Australia
12.2.6. Rest of Asia Pacific (APAC)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Asia Pacific Tungsten Market Size and Volume Forecast by Application
12.4.1. Automotive
12.4.2. Mining
12.4.3. Construction
12.4.4. Oil & Gas
12.4.5. Aerospace and Defense
12.4.6. Medical
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Tungsten Market Size and Volume Forecast by Type
12.7.1. Wolframite
12.7.2. Scheelite
12.8. Basis Point Share (BPS) Analysis by Type
12.9. Y-o-Y Growth Projections by Type
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.10.4. By Sales Channel
12.11. Asia Pacific Tungsten Demand Share, 2019-2029
13. Middle East & Africa Tungsten Market Analysis and Forecast
13.1. Introduction
13.1.1. Basis Point Share (BPS) Analysis by Country
13.1.2. Y-o-Y Growth Projections by Country
13.1.3. Asia Pacific Average Pricing Analysis
13.2. Middle East & Africa Tungsten Market Size and Volume Forecast by Country
13.2.1. Saudi Arabia
13.2.2. South Africa
13.2.3. UAE
13.2.4. Rest of Middle East & Africa (MEA)
13.3. Absolute $ Opportunity Assessment by Country
13.4. Middle East & Africa Tungsten Market Size and Volume Forecast by Application
13.4.1. Automotive
13.4.2. Mining
13.4.3. Construction
13.4.4. Oil & Gas
13.4.5. Aerospace and Defense
13.4.6. Medical
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Tungsten Market Size and Volume Forecast by Type
13.7.1. Wolframite
13.7.2. Scheelite
13.8. Basis Point Share (BPS) Analysis by Type
13.9. Y-o-Y Growth Projections by Type
13.10. Market Attractiveness/Growth Potential Analysis
13.10.1. By Country
13.10.2. By Product Type
13.10.3. By Application
13.10.4. By Sales Channel
13.11. Middle East & Africa Tungsten Demand Share, 2019-2029
14. Competition Landscape
14.1. Global Tungsten Market: Market Share Analysis
14.2. Tungsten Distributors and Customers
14.3. Tungsten Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. A.L.M.T
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. Allegheny Technologies
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Betek
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. Buffalo Tungsten
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. China Minmetals Non-Ferrous Metals
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Jiangxi Tungsten Industry Group
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. China Molybdenum
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Chongyi Zhangyuan Tungsten
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Eurotungstene Metal Powders
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. GuangDong XiangLu Tungsten
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. H.C. Starck
14.4.11.1. Overview
14.4.11.2. Financials
14.4.11.3. Developments
14.4.11.4. Strategic Outlook
14.4.12. COMPANY 12
14.4.12.1. Overview
14.4.12.2. Financials
14.4.12.3. Developments
14.4.12.4. Strategic Outlook
14.4.13. COMPANY 13
14.4.13.1. Overview
14.4.13.2. Financials
14.4.13.3. Developments
14.4.13.4. Strategic Outlook
14.4.14. COMPANY 14
14.4.14.1. Overview
14.4.14.2. Financials
14.4.14.3. Developments
14.4.14.4. Strategic Outlook
14.4.15. COMPANY 15
14.4.15.1. Overview
14.4.15.2. Financials
14.4.15.3. Developments
14.4.15.4. Strategic Outlook
14.4.16. COMPANY 16
14.4.16.1. Overview
14.4.16.2. Financials
14.4.16.3. Developments
14.4.16.4. Strategic Outlook
14.4.17. COMPANY 17
14.4.17.1. Overview
14.4.17.2. Financials
14.4.17.3. Developments
14.4.17.4. Strategic Outlook
14.4.18. COMPANY 18
14.4.18.1. Overview
14.4.18.2. Financials
14.4.18.3. Developments
14.4.18.4. Strategic Outlook
14.4.19. COMPANY 19
14.4.19.1. Overview
14.4.19.2. Financials
14.4.19.3. Developments
14.4.19.4. Strategic Outlook
14.4.20. COMPANY 20
14.4.20.1. Overview
14.4.20.2. Financials
14.4.20.3. Developments
14.4.20.4. Strategic Outlook
