Tungsten Market Outlook 2024-2033: Trends and Projections

Overview and Scope

Tungsten is a rare, hard, steel-grey metal found naturally on Earth almost exclusively as compounds with other elements, often brittle and hard to work in its raw form. Tungsten is used in making light bulbs, intense types of steel, and electrical components.

Sizing and Forecast

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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Segmentation & Regional Insights

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

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

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Major Driver Impacting Market Growth

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.

Key Industry Players

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

The tungsten market report table of contents includes:
1. Executive Summary
2. Tungsten Market Characteristics
3. Tungsten Market Trends And Strategies
4. Tungsten Market – Macro Economic Scenario
5. Global Tungsten Market Size and Growth
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32. Global Tungsten Market Competitive Benchmarking
33. Global Tungsten Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Tungsten Market
35. Tungsten Market Future Outlook and Potential Analysis
36. Appendix