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Editing: 16; Published: February 2022
Executive Pool: 454
Companies: 110 – Players covered include ALMT Corp. ; Allegheny Technologies Inc.; Almanty Industries Inc.; Betek GmbH & Co. KG; Buffalo Tungsten Inc.; China Molybdenum Co., Ltd. ; Chongyi Zhangyuan Tungsten Co., Ltd. ; Guangdong XiangLu Tungsten Co. Ltd. ; HC Starck GmbH; BMI group; Kennametal, Inc.; Nippon Tungsten Co., Ltd. ; Plansee Group; QuesTek Innovations LLC; Sandvik Group; Umicore SA; WOLFRAM Company JSC; Xiamen Tungsten Co., Ltd. and others.
Blanket: All major geographies and key segments
segments: Application (hard metals/cement carbides; steels, superalloys and wear resistant alloys; machining products; other applications); End use (drilling, reaming and cutting equipment; automotive parts; aerospace components; logging equipment; electrical and electronic devices; other end uses)
Geographies: World; United States; Canada; Japan; China; Europe; France; Germany; Italy; UK; Russia; Rest of Europe; Asia Pacific; Latin America; Rest of the world.
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Global Tungsten Market to Reach 115,000 Metric Tons by 2026
Tungsten, also known as wolfram, is a specialty metal that incorporates exceptional properties, making it essential for certain applications without reliable substitutes. Major applications of tungsten include hard metals or cemented carbides, steels, superalloys, factory products, electrical and electronic materials, chemicals, and defense products, among others. Market growth is expected to be driven by the resurgence of various end-use industries in the post-COVID-19 environment. The likely post-crisis automotive production expansion and renewed activity in the aerospace and defence, metals and mining sectors are poised to increase demand for finished tungsten products, including hard metals, alloys and machined products. Likewise, the expected increase in demand for electrical and electronic products in residential, commercial and industrial settings is expected to improve tungsten consumption in electrical contacts, conductive wires, electron emitters and voltage regulators. At the same time, the potential growth of industrial engineering activity, particularly in China and other Asia Pacific countries, would drive the demand for machined tungsten products such as tungsten rod, tungsten sheet and tungsten wire. The long-term outlook for tungsten remains optimistic given the established image of tungsten as a new and efficient manufacturing material with remarkable qualities.
Amid COVID-19 crisis, the global tungsten market estimated at 96.8 thousand metric tons in 2022, is expected to reach a revised size of 115 thousand metric tons by 2026, growing at a CAGR of 3, 9% over the analysis period. Hard Metals/Cement Carbides, one of the segments analyzed in the report, is expected to grow at a CAGR of 4% to reach 71.4 thousand metric tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, the growth of the Steels, superalloys and wear resistant alloys segment is readjusted to a revised CAGR of 3.6% for the next 7-year period. This segment currently accounts for a 22.2% share of the global tungsten market. Tungsten in hard metals is mainly used in the form of tungsten carbide, one of the hardest materials known, with a melting point as high as 2770°C. Tungsten carbide is widely used to make carbide cutting tools such as circular saws, drills, knives, turning tools and milling machines for use in metalworking, mining, construction , woodworking and oil and gas applications. Due to their unique techno-functional characteristics, tungsten alloys find preference in general purpose applications in sectors such as automotive, aerospace, defense and marine, among others, as well as in applications for special purposes such as industrial catalysts, filaments in conventional incandescent bulbs, radiation shielding materials, TIG welding electrodes and X-ray tubes, etc. Tungsten alloys, mainly the heavy alloys based on nickel, iron or cobalt, are also used in the manufacture of armaments such as cannon shells, grenades and missiles, etc.
The US market is estimated at 10.2 thousand metric tons in 2022, while China is expected to reach 67.5 thousand metric tons by 2026
The tungsten market in the United States is estimated at 10.2 thousand metric tons in 2022. The country currently represents a share of 10.73% of the world market. China, the world’s second largest economy, is expected to reach an estimated market size of 67.5 thousand metric tons in 2026 growing at a CAGR of 4.7% over the analysis period. Other notable geographic markets include Japan and Canada, each predicting growth of 2.3% and 3.3% respectively over the analysis period. In Europe, Germany is expected to grow at a CAGR of approximately 2.4% while the rest of the European market (as defined in the study) will reach 70.8 thousand metric tons by the end of the analysis period. China represents a key market in Asia Pacific region and a major producer of primary tungsten. Growth in the region is expected to be driven by steady economic progress, rising public and private investment in industrial manufacturing, increased government focus on improving industrial production, and high business confidence indices.
Mill Products Segment Will Reach 14.6 Thousand Metric Tons By 2026
The tungsten market is growing fastest in the Mill Products application segment, which mainly includes electrical and electronic products, among others. Acclaimed characteristics such as the ability to withstand high temperatures and high resistance to corrosion and wear have established the use of tungsten in a multitude of electrical and electronic applications, particularly in light bulb filaments, voltage regulators and electrical contacts. In the global factory products segment, United States, Canada, Japan, China and Europe will drive the CAGR of 4.6% estimated for this segment. These regional markets representing a combined market size of 10.6 thousand metric tons will reach a projected size of 14.5 thousand metric tons by the end of the analysis period. China will remain among the most dynamic in this group of regional markets. Led by countries such as Australia, Indiaand South Koreathe market of Asia Pacific is expected to reach 372 metric tons by 2026. Continued
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