Tungsten Market Analysis, Development, and Forecast by 2031

MARKET OVERVIEW  

Tungsten, commonly called wolfram is a heavy, durable, and robust metal that can withstand high temperatures and wear. Tungsten is widely used in manufacturing steel alloys, electrical equipment, and cutting tools. Tungsten offers a range of benefits such as high density, strength, heat and wear resistance, high melting point, and excellent conductivity of electricity and heat. The tungsten market is experiencing growth due to the rising demand for tungsten-based products in various sectors, such as aerospace, automotive, construction, and manufacturing.    

MARKET SCOPE

The "Global Tungsten Market Analysis to 2031" 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 tungsten market.

MARKET SEGMENTATION

• Based on application, the tungsten market is segmented into tungsten carbide, metal alloys, mill products, chemicals, and others.
• Based on end-use, the tungsten 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 the mining industry owing to its properties such as high melting point and hardness is the key factor driving the tungsten market growth.
• Moreover, increasing usage of tungsten carbide in cutting tools and precision equipment is also boosting the product demand
• Additionally, the growing usage of tungsten in metal alloys is also projected to propel the tungsten market growth over the forecast period.    

Restraints

• Rising demand and supply gap would act as a restrain for the growth of the 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 2021 to 2031 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 the demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides an 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 THE TUNGSTEN MARKET

COVID-19 first began in Wuhan (China) in 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 of confirmed cases and reported deaths. COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. A shutdown of various plants and factories has affected the global supply chains and negatively impacted the manufacturing, delivery schedules, and sales of products in the global market. A 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 market were acquisitions, and partnerships & collaborations. These activities have paved way for the expansion of business and the customer base of market players. The market payers from the tungsten market are anticipated to have 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 for the last 3 years, and 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

Tungsten Report Scope