Tungsten Market anticipated to witness significant growth by 2024
Date: 2018-10-01   Author: Ronak Bora  Category: #industry

Tungsten Market anticipated to witness significant growth by 2024

Global Tungsten Market segmentation by products is as – ribbons, wires, sheets, foils, rods, tubes, strips. Ribbons are used as lamp components and wires for electrical conductivity and as precision wires. Sheets and rods are used as high temperature furnace components and as radiation shielding. Rods are also used as part of medical devices and welding electrodes. Strips are used for metal cutting and as electrical contacts.  

By application, the tungsten market is segmented into four major categories viz. cemented carbides, alloys, mill products and chemicals. Cemented carbides will account for significant share in the market in coming years because of its extensive use as cutting tools and inserts whereas tungsten alloys will witness the fastest growth among all major products owing to its use in aerospace industry. Mill products category will also witness steady growth due to its many electrical and electronic applications such as lead-in wires, electrical contacts and electron emitters.

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 End user industries in tungsten market are automotive, aerospace and defense, mining, oil and gas, electronics, medical and construction. Automotive industry will be the most significant end user which will contribute to the tungsten market. Improved standard of living for people in developing and less developed countries will have a positive impact on the tungsten market in these countries. As spending on aerospace and defense sectors by nations and companies increase, tungsten market will also flourish. Space exploration provides a plethora of opportunities for the product as it is irreplaceable in terms of its hardness and high density. Use of the product as wear resistant abrasives and carbide cutting tools in mining and oil and gas industries will increase as these industries are likely to witness favorable growth in the forecast period.

Tungsten Market size is estimated to grow at a moderate rate of around 4% CAGR in the forecasted period and demand for processed tungsten forecasted to be more than 120,000 metric tons by 2024.

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 Improved economic conditions in countries and increasing purchasing power of people will be a major driver for the tungsten market during the forecast years because of extensive use of the product in automobile manufacturing. Passenger car demand is likely to rise above 1600 million units and heavy and medium weight vehicle demand above 150 million units by 2020. Demand for replacement parts for automobile will also increase in the coming years.

 Tungsten market may be hampered due to economic slowdown in China, its most significant producer. Introduction of fluorescent and LED bulbs may also impact the market negatively although greater requirement of refractory tungsten alloys in these products is likely to offset this impact. Increasing oversupply due to new mine projects around the globe may also hamper the market as prices will decrease.

Major players in the tungsten market are - Buffalo Tungsten, Nippon Tungsten, Federal Carbide, NAECO, Kennametal, Sumitomo Electric Industries, Toonney Alloy. Hemerdon project in the UK by Wolfminerals, Ormonde's Barruecopardo project in Spain and Molyhil project in Australia by Thor Mining are some of the non-Chinese projects that could enter production in the forecast period.



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Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for AlgosOnline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.

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