Tungsten Market: Key Insights
Tungsten is a dense, hard, and corrosion-resistant metallic element widely used in various industrial applications such as steel and alloys, electronics, aerospace, and defense. The tungsten market is expected to grow in the coming years due to the increasing demand for its properties in various industries.
The market's growth is driven by the increasing demand for tungsten in the steel and alloys industry. Tungsten is widely used as an alloying element in steel to improve its strength and wear resistance. It is also used in the aerospace and defense industry for its high melting point, density, and corrosion resistance. Additionally, tungsten is widely used in the electronics industry for its electrical and thermal conductivity properties in producing electronic devices. The growing demand for tungsten in various end-use industries is expected to drive market growth in the forecast period.
Growing Usage of Tungsten in Metal Alloys to Drive the Market
The growing usage of tungsten in metal alloys is one of the major factors accentuating the growth of the tungsten market. Tungsten is widely used as an alloying element in steel and other metal alloys to improve their strength, wear resistance, and toughness. Tungsten-alloyed steels are highly resistant to wear and abrasion, making them suitable for use in a wide range of applications, such as in cutting tools, mining equipment, and construction machinery. Tungsten carbide is one of the most well-known tungsten alloys, which is used in the production of cutting tools, mining equipment, and construction machinery, which are expected to drive market growth.
Furthermore, the use of tungsten in alloys with other metals, such as nickel and cobalt, is also expected to drive market growth. These alloys are widely used in aerospace and defense, as well as in the medical and nuclear industries, due to their high strength and corrosion resistance. Tungsten alloys are also used in the production of heavy metal materials that are used in the aerospace and defense industries, which is further driving the market growth.
Tungsten Market: Segmental Overview
The global tungsten market is segmented by application and end-use. Based on application, the global tungsten market is segmented into tungsten carbide, metal alloys, mill products, and others. Based on end-use, the global tungsten market is segmented into automotive parts, aerospace components, drilling, boring & cutting equipment, logging equipment, electrical & electronics appliances, and others.
Based on application, the tungsten carbide segment held a substantial share of the global tungsten market. Tungsten carbide is a hard, wear-resistant, and corrosion-resistant material made by mixing tungsten powder and a binder, such as cobalt or nickel. It is widely used in several industrial applications, such as cutting tools, mining equipment, and construction machinery.
Furthermore, Tungsten Carbides are also considered an environmentally friendly material. It is a sustainable option as it can be recycled and reused, which reduces the need for mining raw materials. Moreover, Tungsten Carbides do not release any harmful chemicals or fumes and do not pose any health hazards. This is the main reason why many governments around the world are promoting the use of Tungsten Carbides. Overall, the Tungsten Carbides segment is expected to continue growing in the tungsten market due to its cost-effectiveness, durability, and eco-friendliness.
Tungsten Market: Competitive Landscape and Key Developments
Plansee Group, ATTL Advanced Materials Co.,Ltd., Zigong Xingyu Cemented Carbide Dies&Tools Co.,Ltd., Edgetech Industries LLC, Metal Cutting Corporation, Ed Fagan Inc, WOLFMET, Xiamen Tungsten Company, China Minmetals Corporation, Chongyi ZhangYuan Tungsten Company, Global Tungsten & Powders Corporation, Wolfram Bergbau-und Hutten AG, H.C. Starck, Guangdong Xianglu Tungsten Company, Japan New Metals Company, Soloro, Specialty Metals Resources SA, Wolfram Company JSC, W Resource, and Tungsten Mining NL are among the key players operating in the tungsten market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve many customers and expand the market
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