Global Tungsten Market Growing at a CAGR of 2.4% during 2016 to 2023
The global tungsten market is expected to expand at a moderate CAGR of around 2.4% over a forecast period of 2016-2023 as per the report “Global Tungsten Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast” available with DecisionDatabases.com. Tungsten, also known as wolfram, is a grey-white heavy high-melting ductile hard polyvalent metallic element that resembles chromium and molybdenum in many of its properties and is used especially in carbide materials and electrical components (such as lamp filaments) and in hardening alloys (such as steel).
The soaring demand for tungsten products in different end-user industries such as industrial engineering, energy, automotive and aviation are responsible for significant growth in tungsten market across the world. Added to above, the increasing end user industries and rise in the demand of wear resistant materials is expected to drive the cemented carbide market which ultimately will boost the global tungsten market. The growth of the tungsten market is propelled through the uncovering of the large number of applications in allied industries such as defence, medical, electric and electronic. The industrial application of tungsten in electrical and electronic components such as electron emitters, lead-in wires and electrical contacts are estimated to grow and thus increases the growth of the global tungsten market.
Based on end use, the report segments the global tungsten market into hard metals, chemicals, mill products, steels and others. The largest percentage share in the global tungsten market is expected to be occupied by hard metals at present. However the consumption of tungsten for mill products is estimated to show a rapid growth in the coming years due to the growing application in high growth construction and electronic industries.
Geographically, the global tungsten market can be divided into several regions such as Asia Pacific, Latin America, Europe, North America and Middle East and Africa. Of these, Asia Pacific region is anticipated to dominate the tungsten market globally in the coming years. The leader in the supply and consumption of tungsten is China in the global tungsten market due to its vast tungsten reserves and support of the Chinese government to the tungsten product industries. India is expected to witness a prudent growth rate in global tungsten market owing to its expanding manufacturing sectors. The growing global tungsten market is also supported by North America with the rising construction spending in the region. Latin America is expected to observe an above average growth rate in the tungsten market globally due to its increasing durable goods sector. Europe has emerged as a valuable market for tungsten due to expansion in the automobile industry. The Middle East and Africa is at a beginning stage in tungsten market, and are anticipated to have bright future prospects.
The key players operating in the global tungsten market are Toonney Alloy (Xiamen) Co., Ltd., Mahavir Metal Corporation, Buffalo Tungsten Inc., Sandvik AB, Federal Carbide Company, Kennametal Inc., H Cross Company., Nippon Tungsten Co., Ltd, T&D Material Manufacturing, Sumitomo Electric Industries, Ltd., Global Tungsten & Powders Corp., NAECO, LLC and Midwest Tungsten Service.
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