Tungsten Market 2028 by Types, Application, Technology, Opportunities, End Users and Regions | The Insight Partners

MARKET OVERVIEW

Tungsten is a heavy metal which has the highest melting point amongst all the heavy metals and is commonly used in metal alloys to increase the strength of the metals. It is commonly used as a filament in bulbs and is used as an electrode and heating element in high-temperature furnaces such as blast furnace. Tungsten carbide is very hard and is used in cutting and boring tools and equipment. It is widely used across various end user industries such as automotive, aerospace & defense, electrical & electronic appliances, and others.

MARKET SCOPE

The "Global Tungsten Market Analysis to 2028" is a specialized and in-depth study of the chemicals & materials industry with a special focus on the global market trend analysis. The report aims to provide an overview of the tungsten market with detailed market segmentation by application, end-use, and geography. The report provides key statistics on the market status of the leading tungsten market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION

• On the basis of application, the market is segmented into tungsten carbide, metal alloys, mill products, chemicals, and others.
• On the basis of end-use, the market is segmented into automotive parts, aerospace components, drilling, boring & cutting equipment, logging equipment, electrical & electronics appliances, and others.

MARKET DYNAMICS

• Drivers

                
  • High demand for tungsten in mining industry owing to its properties such as high melting point and hardness is the key factor driving the market growth.
  • Moreover, increasing usage of tungsten carbide in cutting tools and precision equipment is also boosting the product demand
  • Additionally, growing usage of tungsten in metal alloys is also projected to propel the market growth over the forecast period.

• Restraints

  • Rising demand and supply gap would act as a restrain for the growth of tungsten market over the coming years.  

REGIONAL FRAMEWORK

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2019 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South America. The tungsten market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the tungsten market in these regions.

IMPACT OF COVID-19 ON TUNGSTEN MARKET

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in global market. Few companies have already announced possible delays in product deliveries and slump in future sales of their products.

MARKET PLAYERS

The report covers key developments in the tungsten market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the marketwere acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from tungsten market are anticipated to lucrative growth opportunities in the future with the rising demand for tungsten in the global market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the tungsten market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

• 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
• Tungsten Mining NL

The Insight Partner’s dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.