Tungsten Market trends forecast Analysis trends Business Prospects, Growth Opportunities, Regional Analysis ,Statistics and Forecast to 2027
Market Overview:
Tungsten,
also known as wolframis, is a naturally occurring chemical element. It exists
on the Earth combination with other elements in the form of chemical compounds.
Wolframite and Scheelite are the important ores of tungsten. Tungsten is
primarily used in manufacturing hard metals based on tungsten carbide which is
one of the hardest carbides. On account of its hardness it is widely used in
manufacturing wear-resistant abrasives and cutting tools and equipment. This
application accounts for more than 50% of the industrial consumption of the
tungsten. Additionally, the ability of tungsten carbide to resist abrasion it
is widely used in making jewelries.
Based
on metal, the Global Tungsten Market has been segmented into foils, ribbons,
wires, rods, tubes, and sheets & strips. Ribbons segment held the largest
market share in 2017 on account of significant use in vast industrial
applications and in vapor deposition processes. It is widely used in the
electronic industry owing to high electrical resistance.
By
product, the market is categorized into carbides, tungsten alloys, tungsten
mill products, tungsten chemicals, and others. Among them, carbide accounted to
the largest share of the market in 2017. This mainly due to vast use of the
tungsten in manufacturing hard materials based on tungsten carbide. The product
is primarily used in manufacturing the tungsten carbide which is one of the
hardest carbides. Due to its hardness, tungsten is widely used in manufacturing
wear-resistant abrasives and cutting tools and equipment. This application
accounts for more than 50% of the industrial consumption of the tungsten.
On
the basis of end-use, the Global Tungsten Market has been categorized into
automotive, aerospace & defense, machine tools & equipment, electrical
& electronics, chemicals, and others. The automotive sector held the major
market share in 2017, which mainly attributed to the surging automotive
production on the backdrop of increasing demand for the passenger cars and
commercial vehicles in the emerging economies.
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Competitive Analysis:
The
leading players in the Global Tungsten Market are Xiamen Tungsten Co., Ltd.
(China), Buffalo Tungsten Inc. (US), Federal Carbide Company (US), China
Minmetals Corporation (China), Global Tungsten & Powders Corporation (US),
Wolfram Bergbau-und Hutten AG (Austria), Tungsten Mining NL (Australia), Tejing
Tungsten (Vietnam), Japan New Metals Co., Ltd. (Japan), and Saloro (Spain),
among others.
Market Segmentation:
The
Global Tungsten Market has been segmented on the basis of form, product,
end-use, and region.
Based
on form, the Global Tungsten Market has been segregated into foils, ribbons,
wires, rods, tubes, and sheets & strips.
By
product, the market has been categorized into carbides, tungsten alloys,
tungsten mill products, tungsten chemicals, and others.
On
the basis of end-us, the market has been divided into automotive, aerospace
& defense, machine tools & equipment, electrical & electronics, chemicals,
and others.
The
Global Tungsten Market has been studied with respect to five
regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East
& Africa.
Regional Analysis:
The
Global Tungsten Market has been studied with respect to five
regions—Asia-Pacific, North America, Europe, Latin America, and the Middle East
& Africa. The market in Asia-Pacific is anticipated to grow at a high CAGR
owing to the rising product demand in the automotive and electronics and
electrical industries. North America is expected to witness significant growth
during the forest period. This is mainly due to the growing demand for the
product in various industrial application such as aerospace and defense.
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