Tungsten Market Current Scenario 2019 | Big Data Analysis, Growth Factors, Emerging Trends, Industry Expansion Strategies By 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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