What Is The Current and Historic Market Size Analysis Of The Tungsten Market?
The tungsten market has seen considerable growth due to a variety of factors.
• The tungsten industry has been expanding rapidly in the past few years. Projected growth shows an increase from $5.66 billion in 2024 to $6.22 billion in 2025, registering a compound annual growth rate (CAGR) of 9.8%.
The expansion over the past years is primarily due to the rise in industrial uses, global economic expansion, demand from the automotive industry, growing military and defense applications, and mining and drilling operations.
What Are The Predictions for The Tungsten Market in the Coming Years?
The tungsten market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the tungsten market is anticipated to witness substantial growth, reaching a size of $8.92 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%.
The expected growth in the forecast period can be linked to factors such as vehicle electrification, biomedical applications, emphasis on crucial minerals, infrastructure progression, high-performance computing, and recycling initiatives. Further, anticipated trends during the forecast period incorporate advanced technological methods in tungsten processing, strategic hoarding by final consumers, developments in tungsten carbide, worldwide partnerships, and sustainable energy technologies.
Which Drivers Are Accelerating Growth In The Tungsten Market?
The anticipated upward trajectory of the automobile industry is set to boost the tungsten market's expansion. The automotive sector encompasses an array of firms and institutions involved in the conception, development, production, marketing, sale, repair, and customization of automobiles. Vehicle performance, including superior management, lower noise and vibration, and heightened engine efficiency, is enhanced by tungsten alloys due to their ability to decrease vehicular weight, provide radiation shielding, and increase durability. As reported by the National Association of Insurance Commissioners, a non-profit entity based in the US, the project estimates reveal about 3.5 million self-driving cars on American roads by 2025 and 4.5 million by 2030. Consequently, the fast-paced progression of the automotive industry propels the tungsten market.
Tungsten Market Driver: Tungsten Market Steered by Escalating Mining Endeavors
What Are The Core Segments Of The Global Tungsten Market?
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
Subsegments:
1) By Carbides: Tungsten Carbide Powder, Tungsten Carbide Tools
2) By Tungsten Alloys: Heavy Metal Alloys, Electrical Contacts Alloys
3) By Tungsten Mill Products: Tungsten Rods, Tungsten Sheets, Tungsten Wire
4) By Tungsten Chemicals: Tungsten Oxides, Tungsten Salts, Tungsten Trioxide
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How Are New Trends Impacting The Size Of The Tungsten Market?
Top players in the tungsten market are working towards developing innovative tungsten powders like Starck2print powders, leveraging 3D printing technology to increase market profits. These powders are personalized materials created for use as raw materials in 3D printers that employ powder bed fusion methods, including selective laser sintering (SLS) or selective laser melting (SLM). For example, Masan High-Tech Materials, a tungsten material production firm based in Vietnam, introduced Starck2Print tungsten powders in March 2023 alongside innovative services for additive manufacturing, commonly known as 3D printing. The unique properties of Starck2Print powders, including high flowability and custom particle size distribution, make them ideal for additive manufacturing techniques such as laser beam melting based on powder bed (LPBF) or selective electron beam.
Who Are the Key Players In The Tungsten Market?
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
What Are The Regional Insights Into The Tungsten Market?
Asia-Pacific was the largest region in the tungsten market in 2024. 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
