Dublin, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The "Tungsten: Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
Global Tungsten Market to Reach 170.8 Thousand Metric Tons by 2030
The global tungsten market is on an upward trajectory, with impressive growth projections. In 2022, it reached an estimated 119.2 thousand metric tons and is poised to expand to 170.8 thousand metric tons by 2030, exhibiting a robust CAGR of 4.6% during the period from 2022 to 2030.
The market's promising outlook extends to various industries, including hardmetals/cement carbides, steels, superalloys, wear-resistant alloys, mill products, and more, offering substantial opportunities for stakeholders. Notably, the Hardmetals / Cement Carbides segment is set to achieve a 4.8% CAGR, reaching 103 thousand metric tons by the end of the analysis period.
The U.S. tungsten market stands at 12.6 thousand metric tons in 2022, while China, as the world's second-largest economy, is expected to reach an impressive 103.4 thousand metric tons by 2030, with a CAGR of 5.4% from 2022 to 2030. Other key markets to watch include Japan, Canada, and Germany, each displaying positive growth trends within the 2022-2030 period.
This comprehensive analysis provides valuable insights for businesses and stakeholders looking to navigate the dynamic landscape of the global tungsten market.
Key Topics Covered:
MARKET OVERVIEW
- Impact of COVID-19 and a Looming Global Recession
- Year 2021 in Review and Near-term Outlook
- Prolonged Pandemic, Ukraine-Russia Conflict and Ensuing Economic Disruptions Impact Growth Outlook
- World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2021, 2022 and 2023
- COVID-19 Crisis Induced Declining Trend in Core Application Markets
- Amidst the Disruptions, Few Factors Present Some Relief for the Tungsten Market
- Tungsten Market Confronts Uncertain Times Amidst Slower-than-Anticipated Recovery in Key Sectors
- Facing Persistent Uncertainty, Tungsten Suppliers to Focus on First-Use Sectors & New Markets
- Competitive Landscape
- Processed Tungsten Market: Chinese Vendors Maintain Edge
- Leading Processed Tungsten Companies Worldwide: Market Share Breakdown of Volume Sales for 2022 (E)
- Vertical Integration: A Key Trend in the Global Tungsten Marketplace
- World Renowned Recognized Mining & Metal Companies Foray into Tungsten Mining Despite Chinese Domination
- Supply Concerns Highlights Pressing Need for New Tungsten Production Sources
- Tungsten - Global Key Competitors Percentage Market Share in 2021 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2021 (E)
- Global Market Prospects & Outlook
- Established Image as a Rare Metal with Everyday Value to Sustain Long-Term Demand for Tungsten
- Tungsten Enjoys Spotlight as Crucial, Go-To Material for High-Tech Applications
- Analysis by Application Type
- Hardmetals/Cement Carbides: Largest Application Segment
- Global Cemented Carbides Market by Application: Percentage Volume Breakdown for Hardmetals/Cement Carbides; Steels, Superalloys, & Wear-Resistant Alloys; Mill Products; and Other Applications (2021 and 2027)
- Tungsten Remains Highly Relevant in Steels, Superalloys, & Wear-Resistant Alloys
- Mill Products Emerge as Fastest Growing Application Segment
- China, Demonstrating Undisputed Dominance in the World Tungsten Industry, to Remain the Core Regional Market
- World Tungsten Production Scenario
- Global Tungsten Production (in Metric Tons) by Country for 2020 and 2021
- World Tungsten Reserves (in Metric Tons) by Country (2021)
- Major Tungsten Producing Countries in the World
- Need for New Production to Push Global Supply
- As a Vital Raw Material for the Connected Economy, Tungsten Supply Remains a Key Concern for the World
- Vietnam Emerges as a Promising Country for Stable Tungsten Supply
- A Note on New & Upcoming Tungsten Mining Projects
- Select Development Stage Tungsten Mines
- Emphasis on Tungsten Scrap Recycling Elevates Overall Production Volumes
- Global Tungsten Market by Source: Percentage Breakdown of Volume Shipments for Mined Tungsten and Recycled Tungsten for 2012, 2018 & 2022 (E)
- World Brands
- Recent Market Activity
MARKET TRENDS & DRIVERS
- Unique Techno Functional Attributes to Maintain Tungsten's Relevance in a Gamut of Established & New Applications in Post COVID-19 Period
- Drilling, Boring & Cutting Equipment: Key End-Use Segment
- Robust Opportunities for Tungsten Drilling, Boring & Cutting Equipment in Industrial Machine Tools Vertical
- Mining Sector to Further Leverage Exceptional Drilling & Boring Features of Tungsten Mining Tools in Post COVID-19 Period
- Renewed Drilling Activity to Benefit Tungsten Demand in Post COVID-19 Oil & Gas Sector
- Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2022
- Global Brent Crude Oil Price Trends (in US$ per barrel) for Oct 2019-May 2021
- Global Brent Crude Oil Price Trends (in US$ per barrel) for 2019-2022
- Global Oil & Gas E&P Industry Spending (2015-2021)
- Recovery in Automotive Industry to Present Growth Opportunities for Tungsten Automotive Parts
- World Automobile Production in Million Units: 2008-2022
- Automobile Production % YoY Change Across Select Countries: 2020 Vs 2019
- Rising Focus on New & Efficient Aerospace Components to Fuel Future Demand for Tungsten
- Massive Negative Impact on Air Travel Leading to Weak Momentum in Aerospace Component Manufacturing: Global Airlines Performance by Region: 2020 Vs 2019
- US Navy Explores New Approaches to Make Thoriated Tungsten Wire for Microwave Vacuum Tubes
- Tungsten to Gain from Critical Importance of Electrical & Electronic Systems in Consumer & Commercial Markets
- Tungsten as a Replacement for the Heavy & Poisonous Lead in High-Density Applications Augurs Well for Future Growth
- Tungsten Demand Likely to Perk Up in the Post COVID-19 Chemical Industry
- Additive Manufacturing Makes Tungsten a Compelling Option to Create Prototypes
- 3D Printing Techniques for Tungsten & Tungsten Composites
- Advanced 3D Printing Technique to Improve Properties of High-Temperature Tungsten & Alloys
- Additive Manufacturing Steps In to Generate Novel Opportunities for Tungsten in Healthcare Sector
- Zirconiated Tungsten: Effective Option to Weld Metals with High Melting Point
- Tungsten Wire Market: Rising Demand from Downstream Market to Bolster Growth
- Global Tungsten Wire Market by Application (%) for 2022 (E)
- Tungsten Carbide Market Poised to Witness Strong Growth
- Tungsten Pricing Scenario
- Tungsten Prices in the US (in $/mtu WO3) for Years 2015 through 2021
- Tungsten: Product Overview
- Properties of Tungsten
- Ores/Minerals of Tungsten
- Mining, Refining and Processing of Tungsten
- Health & Environmental Aspects of Tungsten
- Substitutes to Tungsten
- Tungsten: A Historic Perspective
REGIONAL ANALYSIS
UNITED STATES
- Myriad Industrial Applications to Drive Long-term Tungsten Demand
- Wear Resistance Features Augment Tungsten Carbide Demand
CHINA
- Remaining at Helm of Global Supply, China Exercises Critical Control over Tungsten
- Global Leader in Tungsten Production and Consumption
- Production Scenario
- Mine Production: A Regional Perspective
- Tungsten Reserves in China by Province (2020): Percentage Breakdown of Reserves for Fujian, Henan, Hunan, Jiangxi, and Others
- Rising Prices and Cost of Production in Tungsten Market
- China's Export Policy Expected to Enhance Domestic Ore Production
- COVID-19 Impact: Tungsten Prices to Stabilize after Experiencing Downward Trend in Chinese Market
- Surging Demand for Cemented Carbide in Multiple Applications to Drive Market Growth
- Revolution in Tungsten Nanometer Powder Production
- Key Challenges Hampering Market Prospects in China
- Competition
EUROPE
- Favorable Demand from Automotive Parts Manufacturing to Drive Market Growth
- High Speed Spot Welding Made Easier with Copper Tungsten Electrodes
- Russia: A Prominent Producer of Tungsten
ASIA-PACIFIC
- Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2023 (E)
- Increasing Infrastructure Development Drive Strong Market Growth in Asia-Pacific
- Vietnam Emerges as a Major Tungsten Producer
- New Mining Projects to Accelerate Market Growth
- Select Development Stage Tungsten Mines in Asia-Pacific (Outside China)
FOCUS ON SELECT PLAYERS (Total 152 Featured)
- A.L.M.T. Corp.
- Allegheny Technologies Inc.
- Almonty Industries Inc.
- Betek GmbH & Co. KG
- Buffalo Tungsten Inc.
- China Molybdenum Co., Ltd.
- Chongyi Zhangyuan Tungsten Co., Ltd
- Guangdong XiangLu Tungsten Co. Ltd.
- H.C. Starck GmbH
- International Metalworking Companies (IMC)
- Kennametal, Inc.
- Nippon Tungsten Co., Ltd.
- Plansee Group
- QuesTek Innovations, LLC
- Sandvik Group
- Umicore N.V.
- Xiamen Tungsten Co., Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/k9rj55
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