Market Overview:
The global tungsten metal market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for tungsten alloy, tungsten steel and other applications from various end-use industries. Tungsten alloys are used in high-performance applications such as aerospace, defense, energy and medical devices owing to their properties such as high strength-to-weight ratio, stiffness and thermal stability. Tungsten steels are used in various industrial applications owing to their superior wear resistance and toughness properties as compared to other metals. Furthermore, the growing demand for tungsten chemicals from various end-use industries is also contributing towards the growth of the global tungsten metal market. Based on type, wolframite accounted for a major share of the global tungsten metal market in 2017. Wolframite is mainly used in manufacturing of heavy machining tools due its excellent wear resistance property. However, over time there has been an increase use of ferberite as it offers better color than wolframite and hence finds application in jewelry making industry .Scheelite is another major type which is widely used across various end use industries on account if its good electrical conductivity property .
Product Definition:
Tungsten metal is a dense, hard, corrosion-resistant metal. It has the highest melting point of all metals and is used in various applications including light bulb filaments, electrical contacts and non-sparking tools.
Wolframite:
Wolframite, also known as tungsten carbide or wulfenite is a mineral. It's chemical formula is (WO)2 and it occurs in solid form with a monoclinic habit. The color of the mineral ranges from pale yellow to deep orange-red depending upon the source of exposure and temperature.
Scheelite:
Tungsten metal is produced by the fusion of tungsten carbide with melted metal. It has a high melting point and low density, which makes it an ideal material for use in applications requiring high temperature and low weight. Tungsten metal is used as a replacement for pure gold or silver in various applications due to its properties such as corrosion resistance, higher thermal conductivity, and lower electrical conductivity.
Application Insights:
Tungsten metal is used in various applications including tungsten alloy, tungsten steel, and other such as cementite and wolframite. Tungsten alloys have a significant share of the global market owing to their high resistance against corrosion caused by oxygen and chloride ions. The segment is expected to dominate the market throughout the forecast period due to its wide application scope in different industries such as automotive, construction equipment manufacturing, aerospace & defense among others.
The product has several uses in electrical applications including filtration of magnetic tapes for recording studios and instrumentation cables for laboratories. It also finds application as an electrode material in electrochemical cells that are used across multiple end-use segments such as energy storage systems (ESS), consumer electronics production lines (PAL), medical devices assembly lines (MDA) among others.
Regional Analysis:
Asia Pacific was the dominant regional market in 2017 and accounted for a revenue share of over 57%. The region is expected to continue its dominance over the forecast period. This can be attributed to rising product demand from various end-use industries, including automotive, aerospace, energy & power. In addition, growing industrialization and increasing per capita income are likely to contribute significantly towards product demand in emerging economies such as India and China.
The Asia Pacific held a significant share owing to high production volume of tungsten metal in countries like China and Australia. However, after peaking around 2013-2014 there has been a decline in production volumes with only slight increases since 2016 on account of increased consumption by domestic manufacturers for manufacturing components instead of imports from foreign suppliers which have become expensive due to import tariffs etc.
Growth Factors:
- Increasing demand from the aerospace and defense sectors as a result of its high melting point and resistance to corrosion.
- Growing demand for tungsten metal in the automotive industry due to its properties such as hardness, strength, and thermal conductivity.
- Rising consumption of tungsten metal in the electrical & electronics sector due to its superior properties such as heat resistance and low electrical resistivity.
- Increasing use of tungsten metal in medical implants and surgical instruments owing to its biocompatibility characteristics.
Scope Of The Report
Report Attributes
Report Details
Report Title
Tungsten Metal Market Research Report
By Type
Wolframite, Scheelite, Ferberite
By Application
Tungsten Alloy, Tungsten Steel, Tungsten Chemicals, Other
By Companies
Henan Glod, RISING NONFERROUS METALS, Xiamen Tungsten, China Tungsten and Hightech, Tianjin Benefo Tejing Electric, Chongyi Zhangyuan Tungsten, North American Tungsten Corporation, Tungsten Corp, Kennametal
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
241
Number of Tables & Figures
169
Customization Available
Yes, the report can be customized as per your need.
Global Tungsten Metal Market Report Segments:
The global Tungsten Metal market is segmented on the basis of:
Types
Wolframite, Scheelite, Ferberite
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
Tungsten Alloy, Tungsten Steel, Tungsten Chemicals, Other
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:
- Henan Glod
- RISING NONFERROUS METALS
- Xiamen Tungsten
- China Tungsten and Hightech
- Tianjin Benefo Tejing Electric
- Chongyi Zhangyuan Tungsten
- North American Tungsten Corporation
- Tungsten Corp
- Kennametal
Highlights of The Tungsten Metal 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
- Ferberite
- By Application:
- Tungsten Alloy
- Tungsten Steel
- Tungsten Chemicals
- Other
- 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 Metal 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
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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 metal is a very rare and expensive type of metal that is used in many different types of products. It is often used in things like lightbulbs, weapons, and medical devices.
Some of the major companies in the tungsten metal market are Henan Glod, RISING NONFERROUS METALS, Xiamen Tungsten, China Tungsten and Hightech, Tianjin Benefo Tejing Electric, Chongyi Zhangyuan Tungsten, North American Tungsten Corporation, Tungsten Corp, Kennametal.
The tungsten metal market is expected to register a CAGR of 5.5%.
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Tungsten Metal 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 Metal Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Tungsten Metal Market - Supply Chain
4.5. Global Tungsten Metal Market Forecast
4.5.1. Tungsten Metal Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Tungsten Metal Market Size (000 Units) and Y-o-Y Growth
4.5.3. Tungsten Metal Market Absolute $ Opportunity
5. Global Tungsten Metal 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 Metal Market Size and Volume Forecast by Type
5.3.1. Wolframite
5.3.2. Scheelite
5.3.3. Ferberite
5.4. Absolute $ Opportunity Assessment by Type
5.5. Market Attractiveness/Growth Potential Analysis by Type
6. Global Tungsten Metal 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 Metal Market Size and Volume Forecast by Application
6.3.1. Tungsten Alloy
6.3.2. Tungsten Steel
6.3.3. Tungsten Chemicals
6.3.4. Other
6.4. Absolute $ Opportunity Assessment by Application
6.5. Market Attractiveness/Growth Potential Analysis by Application
7. Global Tungsten Metal 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 Metal 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 Metal 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 Metal 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 Metal Demand Share Forecast, 2019-2026
9. North America Tungsten Metal 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 Metal 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 Metal Market Size and Volume Forecast by Application
9.4.1. Tungsten Alloy
9.4.2. Tungsten Steel
9.4.3. Tungsten Chemicals
9.4.4. Other
9.5. Basis Point Share (BPS) Analysis by Application
9.6. Y-o-Y Growth Projections by Application
9.7. North America Tungsten Metal Market Size and Volume Forecast by Type
9.7.1. Wolframite
9.7.2. Scheelite
9.7.3. Ferberite
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 Metal Demand Share Forecast, 2019-2026
10. Latin America Tungsten Metal 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 Metal 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 Metal Market Size and Volume Forecast by Application
10.4.1. Tungsten Alloy
10.4.2. Tungsten Steel
10.4.3. Tungsten Chemicals
10.4.4. Other
10.5. Basis Point Share (BPS) Analysis by Application
10.6. Y-o-Y Growth Projections by Application
10.7. Latin America Tungsten Metal Market Size and Volume Forecast by Type
10.7.1. Wolframite
10.7.2. Scheelite
10.7.3. Ferberite
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 Metal Demand Share Forecast, 2019-2026
11. Europe Tungsten Metal 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 Metal 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 Metal Market Size and Volume Forecast by Application
11.4.1. Tungsten Alloy
11.4.2. Tungsten Steel
11.4.3. Tungsten Chemicals
11.4.4. Other
11.5. Basis Point Share (BPS) Analysis by Application
11.6. Y-o-Y Growth Projections by Application
11.7. Europe Tungsten Metal Market Size and Volume Forecast by Type
11.7.1. Wolframite
11.7.2. Scheelite
11.7.3. Ferberite
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 Metal Demand Share, 2019-2026
12. Asia Pacific Tungsten Metal 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 Metal 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 Metal Market Size and Volume Forecast by Application
12.4.1. Tungsten Alloy
12.4.2. Tungsten Steel
12.4.3. Tungsten Chemicals
12.4.4. Other
12.5. Basis Point Share (BPS) Analysis by Application
12.6. Y-o-Y Growth Projections by Application
12.7. Asia Pacific Tungsten Metal Market Size and Volume Forecast by Type
12.7.1. Wolframite
12.7.2. Scheelite
12.7.3. Ferberite
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 Metal Demand Share, 2019-2026
13. Middle East & Africa Tungsten Metal 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 Metal 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 Metal Market Size and Volume Forecast by Application
13.4.1. Tungsten Alloy
13.4.2. Tungsten Steel
13.4.3. Tungsten Chemicals
13.4.4. Other
13.5. Basis Point Share (BPS) Analysis by Application
13.6. Y-o-Y Growth Projections by Application
13.7. Middle East & Africa Tungsten Metal Market Size and Volume Forecast by Type
13.7.1. Wolframite
13.7.2. Scheelite
13.7.3. Ferberite
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 Metal Demand Share, 2019-2026
14. Competition Landscape
14.1. Global Tungsten Metal Market: Market Share Analysis
14.2. Tungsten Metal Distributors and Customers
14.3. Tungsten Metal Market: Competitive Dashboard
14.4. Company Profiles (Details Overview, Financials, Developments, Strategy)
14.4.1. Henan Glod
14.4.1.1. Overview
14.4.1.2. Financials
14.4.1.3. Developments
14.4.1.4. Strategic Outlook
14.4.2. RISING NONFERROUS METALS
14.4.2.1. Overview
14.4.2.2. Financials
14.4.2.3. Developments
14.4.2.4. Strategic Outlook
14.4.3. Xiamen Tungsten
14.4.3.1. Overview
14.4.3.2. Financials
14.4.3.3. Developments
14.4.3.4. Strategic Outlook
14.4.4. China Tungsten and Hightech
14.4.4.1. Overview
14.4.4.2. Financials
14.4.4.3. Developments
14.4.4.4. Strategic Outlook
14.4.5. Tianjin Benefo Tejing Electric
14.4.5.1. Overview
14.4.5.2. Financials
14.4.5.3. Developments
14.4.5.4. Strategic Outlook
14.4.6. Chongyi Zhangyuan Tungsten
14.4.6.1. Overview
14.4.6.2. Financials
14.4.6.3. Developments
14.4.6.4. Strategic Outlook
14.4.7. North American Tungsten Corporation
14.4.7.1. Overview
14.4.7.2. Financials
14.4.7.3. Developments
14.4.7.4. Strategic Outlook
14.4.8. Tungsten Corp
14.4.8.1. Overview
14.4.8.2. Financials
14.4.8.3. Developments
14.4.8.4. Strategic Outlook
14.4.9. Kennametal
14.4.9.1. Overview
14.4.9.2. Financials
14.4.9.3. Developments
14.4.9.4. Strategic Outlook
14.4.10. COMPANY 10
14.4.10.1. Overview
14.4.10.2. Financials
14.4.10.3. Developments
14.4.10.4. Strategic Outlook
14.4.11. COMPANY 11
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
