The tungsten global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Tungsten Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The tungsten market size has grown rapidly in recent years. It will grow from $5.11 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth in the historic period can be attributed to increased industrial applications, global economic growth, automotive industry demand, increased military and defense applications, mining and drilling operations..
The tungsten market size is expected to see strong growth in the next few years. It will grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to electrification of vehicles, biomedical applications, focus on critical minerals, infrastructure development, high-performance computing, recycling initiatives.. Major trends in the forecast period include technological innovations in tungsten processing, strategic stockpiling by end-users, advancements in tungsten carbid, international collaborations, green energy technologies..
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Scope Of Tungsten Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Tungsten Market Overview
Market Drivers –
The rapid growth of the automotive sector is expected to propel the growth of the tungsten market going forward. The automotive industry refers to a sector involving various companies and organizations engaged in designing, developing, manufacturing, marketing, selling, repairing, and modifying motor vehicles. Tungsten alloys reduce weight in automotive components, radiation shielding, and durability, improving overall vehicle performance, including better handling, reduced noise and vibration, and increased engine efficiency. For instance, in April 2022, according to the Bureau of Transportation Statistics (BTS), a US-based agency that publishes information on transportation systems, new vehicle sales increased to 11,741 in 2021 from 11,041 in 2020. Therefore, the rapid growth of the automotive sector drives the tungsten market.
Market Trends –
Major companies operating in the tungsten market are developing innovative tungsten powders, such as Starck2print powders, with 3D printing technology to drive revenues in the market. Starck2print powders are specialized materials designed to be used as feedstock materials in 3D printers that utilize powder bed fusion techniques, such as selective laser sintering (SLS) or selective laser melting (SLM). For instance, in March 2023, Masan High-Tech Materials, a Vietnam-based tungsten material manufacturing company, launched Starck2Print tungsten powders and accompanying innovation services for additive manufacturing, as popular as 3D printing. The Starck2Print powders are exceptionally well suited for additive manufacturing procedures such as powder bed-based laser beam melting (LPBF) or selective electron beam because of their high flowability and tailored particle size distribution.
The tungsten market covered in this report is segmented –
1) By Product: Carbides, Tungsten Alloys, Tungsten Mill Products, Tungsten Chemicals
2) By Form: Foils, Ribbons, Wires, Tubes
3) By End-User Industry: Automotive, Aerospace, Machine Tools And Equipment, Electrical And Electronics, Other End-User Industries
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Regional Insights –
Asia-Pacific was the largest region in the tungsten market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the tungsten market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Key Companies –
Major companies operating in the tungsten market report are CMOC Group Ltd., Sandvik AB, Xiamen Tungsten Co. Ltd., Umicore N.V., IMC International Metalworking Companies B.V., Plansee SE, Kennametal Inc., China Tungsten & Hightech Materials Co. Ltd., Masan High-Tech Materials Corporation, Chongyi Zhangyuan Tungsten Co. Ltd, Global Tungsten & Powders Corp., Betek GmbH & Co. KG, Guangdong XiangLu Tungsten Co. Ltd., Treibacher Industrie AG, H.C. Starck GmbH, Nippon Tungsten Co. Ltd., A.L.M.T. Corp., Elmet Technologies LLC, T&D Materials Manufacturing LLC, Almonty Industries Inc., Wolf Minerals Limited, Woltech Korea Co. Ltd., Buffalo Tungsten Inc., WOLFRAM Company JSC, Federal Carbide Company, QuesTek Innovations LLC, Tungco Inc., Tungsten Heavy Powder Inc., Midwest Tungsten Service Inc., Tungsten West PLC
Table of Contents
1. Executive Summary
2. Tungsten Market Report Structure
3. Tungsten Market Trends And Strategies
4. Tungsten Market – Macro Economic Scenario
5. Tungsten Market Size And Growth
…..
27. Tungsten Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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