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The tungsten market size is estimated to grow at a CAGR of 7.11% between 2023 and 2028 with the market size forecast to increase by USD 1.95 billion.
This tungsten market report extensively covers market segmentation by product (hard metal, steel and alloys, mill products, and others), application (automotive, aerospace and defense, electrical and electronics, machine tools and equipment, and healthcare), and geography (APAC, Europe, North America, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018-2022.
The growth of the market depends on several factors such as the wide use of tungsten in integrated circuits, the increasing demand for tungsten carbide from the automotive industry, and the vast reserves of tungsten ores in China.
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Tungsten is one of the toughest metals found in nature and exhibits unique properties. Pure tungsten is silver-colored and has a high melting point. It offers high density and resists fracture and high temperatures. It is primarily extracted from wolframite and scheelite.
The hard metal segment is estimated to witness significant growth during the forecast period. Hard metal products made of tungsten are also known as cemented carbides, a composite engineering material. Cemented carbides are preferred to other hard materials such as hardened steel, hard ceramic materials (aluminum oxide or silicon carbide), high-strength titanium alloys, and fiber-reinforced composites due to their unique characteristics.
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The hard metal segment was the largest segment and was valued at USD 1.67 billion in 2018. Cemented carbides exhibit excellent strength, hardness, transverse rupture strength, and fracture toughness. They are used in applications such as machining cast irons, hardened steel, non-ferrous metals, nickel-based high-strength alloys, stainless steel, composites, and wear parts. Thus, such factors will drive the growth of the market segment during the forecast period.
APAC is estimated to contribute 69% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Major end-user industries of tungsten, including automotive, construction, aerospace, and defense, are flourishing in APAC due to significant economic growth. India, Indonesia, Thailand, and Vietnam exhibit a high demand for automobiles. Automotive manufacturers in APAC broadly use tungsten carbide and mill products. China, Japan, and India are the key contributors. Furthermore, the aviation industry in the region is exhibiting growth due to the rising number of transits. The region offers numerous opportunities to aerospace manufacturers and the general aviation industry. The use of tungsten in arms and ammunition is expected to increase during the forecast period.
The wide use of tungsten in integrated circuits is the key factor driving market growth. The use of ICs (integrated circuits) is anticipated to grow due to the rising number of end-user applications. Electronic equipment such as laptops, personal computers, cellular phones, and other digital home appliances use ICs because of their small size and low manufacturing cost.
Furthermore, tungsten is a crucial component in modern circuitry and is used in all advanced chips to connect the transistors and interconnecting layers. The rising demand for ICs fuels the demand for tungsten, which in turn will drive the growth of the global tungsten market in focus during the forecast period.
Miniaturization of electronic components is the primary trend shaping market growth. The advancements in semiconductors and a shift to ICs have led manufacturers to produce small electro-mechanical components in the last few years. Several industries, including aerospace, require miniaturized and lightweight electronic components as they are cost-effective and increase functionality. Cutting-edge materials, such as tungsten, are popularly used for manufacturing 3D (3 3-dimensional) ICs.
Moreover, in 3D circuit integration technology, ICs are vertically stacked via dense 3D electrical interconnections. These interconnections are made with tungsten plugs as they improve latency, power consumption, and memory bandwidth. Moreover, these tungsten plugs are used widely in complementary metal-oxide semiconductors (CMOS) to improve efficiency. Miniaturization is a prominent trend in consumer electronics, which will surge the demand for tungsten, which will boost the growth of the market during the forecast period.
Stringent environmental and safety regulations are challenges that affect market growth. Ingestion of tungsten metal or carbide through the air, water, or food causes lung diseases and carcinogenic health issues. The areas around tungsten mines, tungsten production industries, and natural deposits have high levels of tungsten in the air and water. The tungsten industry releases its waste into wastewater and poses serious health risks to humans.
Furthermore, the workers in the heavy metals industry exposed to this material are known to have been severely affected, despite consumer products containing tungsten not causing any adverse effects. The permissible levels of tungsten in the air, water, and food shall be established by federal government recommendations and regulations. The stringent regulation of tungsten production may have a negative impact on the growth of the global market during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Almonty Industries Inc.: The company offers tungsten which includes pure tungsten containing small amounts of carbon and oxygen, which give tungsten metal its considerable hardness and brittleness.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Almonty Industries Inc., Amalgamated Metal Corp. PLC, Buffalo Tungsten Inc., China Molybdenum Co. Ltd., China Tungsten Online Manu and Sales Corp., Dymet Alloys, Federal Carbide Co., Group 6 Metals Ltd., Masan High Tech Materials, Mitsubishi Materials Corp., MOLTUN, PicoParts, Plansee SE, SALORO SLU, Saxony Minerals and Exploration AG SME AG, Specialty Metals Resources Ltd., T and D Materials Manufacturing LLC, TaeguTec LTD., Tungco INC., and Tungsten Mining NL
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Tungsten Market Customer Landscape
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Tungsten Market Scope |
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Report Coverage |
Details |
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Page number |
165 |
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Base year |
2023 |
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Historic period |
2017-2021 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.11% |
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Market growth 2024-2028 |
USD 1.95 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
5.69 |
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Regional analysis |
APAC, Europe, North America, Middle East and Africa, and South America |
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Performing market contribution |
APAC at 69% |
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Key countries |
US, China, India, Japan, and Russia |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Almonty Industries Inc., Amalgamated Metal Corp. PLC, Buffalo Tungsten Inc., China Molybdenum Co. Ltd., China Tungsten Online Manu and Sales Corp., Dymet Alloys, Federal Carbide Co., Group 6 Metals Ltd., Masan High Tech Materials, Mitsubishi Materials Corp., MOLTUN, PicoParts, Plansee SE, SALORO SLU, Saxony Minerals and Exploration AG SME AG, Specialty Metals Resources Ltd., T and D Materials Manufacturing LLC, TaeguTec LTD., Tungco INC., and Tungsten Mining NL |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Product
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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