-- Market Synopsis:
Tungsten, also known as wolframis, is a naturally occurring chemical element. It exists on the Earth combination with other elements in the form of chemical compounds. Wolframite and Scheelite are the important ores of tungsten. The significant physical and chemicals of the product includes highest melting point and boiling point of all the elements discovered, high density, greater hardness, and it has the lowest coefficient of thermal expansion among all the pure metals. Tungsten exists in two major crystalline forms namely α and β. Among them, α has one third of electrical resistivity and lower superconducting transition temperature. The tungsten carbide formed by heating powdered tungsten with carbon, is highly chemical resistant. The product finds applications in almost all the major end-use industries, mainly in automotive, electrical, and aerospace & defense. Tungsten is primarily used in manufacturing hard metals based on tungsten carbide which is one of the hardest carbides. On account of its hardness it is widely used in manufacturing wear-resistant abrasives and cutting tools and equipment. This application accounts for more than 50% of the industrial consumption of the tungsten. Additionally, the ability of tungsten carbide to resist abrasion it is widely used in making jewelries.
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The primary factors favoring growth of the Global Tungsten Market are the increasing demand for the product in the rapidly growing end-use industries such as automotive, electrical and electronics, and aerospace and defense. The small amount of tungsten in alloying can greatly increase the toughness. This is likely to fuel demand for the product in almost all the industrial applications. The rapid growth of the automotive sector on account of various dynamics of this industry such as e-vehicles, fuel efficiency, automotive light weighting, and emission regulations. This is expected to favor the market growth during the forecast period. The global trade has revived after the global demand slump in 2014. This is likely to boost
growth of the transportation sector, wherein tungsten carbide finds wide range of applications. However, higher cost associated with environmental compliance may hamper growth of the market in coming years.
Regional Analysis:
Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa are the five regions studied for the Global Tungsten Market. Asia-Pacific is projected to be the largest and fastest growing region in the Global Tungsten Market during the forecast period. Advancements in the industrial sector on part of the government initiative and technology and rapid growth of the electrical and automotive industry are expected to be the key factors driving the regional market growth in the coming years. Growing demand for the tungsten in manufacturing carbide, which is mainly used in machine tools and other industrial applications may favour growth of the market in this region.
North America and Europe are the other substantial markets for Tungsten. The increasing demand for tungsten in the well-established automotive and electronics industry in this region is expected to drive the regional market growth during the review period.
Lastly, the market in the Middle East and Africa are projected to witness a healthy growth during the forecast period on account of revival industries after the political and economic downfall in 2014 and 2015.
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Market Segmentation:
The Global Tungsten Market has been segmented on the basis of form, product, end-use, and region.
Based on Form, the Global Tungsten Market has been segregated into foils, ribbons, wires, rods, tubes, and sheets & strips.
By Product, the market has been categorized into carbides, tungsten alloys, tungsten mill products, tungsten chemicals, and others.
On the basis of End-use, the market has been divided into automotive, aerospace & defense, machine tools & equipment, electrical & electronics, chemicals, and others.
The Global Tungsten Market has been studied with respect to five regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key Players:
Some of the key players in the Global Tungsten Market are Xiamen Tungsten Co., Ltd. (China), Buffalo Tungsten Inc. (US), Federal Carbide Company (US), China Minmetals Corporation (China), Global Tungsten & Powders Corporation (US), Wolfram Bergbau-und Hutten AG (Austria), Tungsten Mining NL (Australia), Tejing Tungsten (Vietnam), Japan New Metals Co., Ltd. (Japan), and Saloro (Spain), among others
Intended Audience:
Tungsten Manufacturers
Traders and Distributors of Tungsten
Research and Development Institutes
Potential Investors
Raw Material Suppliers
Nationalized Laboratories
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