Tungsten - Global Strategic Business Report

Report
453 Pages
March 2024
Region: Global
Global Industry Analysts, Inc
ID: 4721456

The global market for Tungsten is estimated at 126.2 Thousand Metric Tons in 2023 and is projected to reach 175.1 Thousand Metric Tons by 2030, growing at a CAGR of 4.2% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Key Insights:

Market Growth: Understand the significant growth trajectory of the Hard Metals / Cement Carbides segment, which is expected to reach 98.9 Thousand Metric Tons by 2030 with a CAGR of 4.3%. The Steels, Superalloys, & Wear-resistant Alloys segment is also set to grow at 4% CAGR over the next 8 years.
Regional Analysis: Gain insights into the U.S. market, estimated at 13.4 Thousand Metric Tons in 2023, and China, forecasted to grow at an impressive 4.8% CAGR to reach 105.8 Thousand Metric Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

Detailed Market Analysis: Access a thorough analysis of the Global Tungsten Market, covering all major geographic regions and market segments.
Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Tungsten Market.
Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

How is the Global Tungsten Market expected to evolve by 2030?
What are the main drivers and restraints affecting the market?
Which market segments will grow the most over the forecast period?
How will market shares for different regions and segments change by 2030?
Who are the leading players in the market, and what are their prospects?

Report Features:

Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Company Profiles: Coverage of major players such as A.L.M.T. Corp., Allegheny Technologies Inc., Almonty Industries Inc., and more.
Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 119 Featured):

A.L.M.T. Corp.
Allegheny Technologies Inc.
Almonty Industries Inc.
Betek GmbH & Co. KG
Buffalo Tungsten Inc.
China Molybdenum Co., Ltd.
Chongyi Zhangyuan Tungsten Co., Ltd
H.C. Starck GmbH
International Metalworking Companies (IMC)
Kennametal, Inc.
Nippon Tungsten Co., Ltd.
Plansee Group
Sandvik AB
Umicore N.V.
Xiamen Tungsten Co., Ltd.

MarketGlass Platform

Our reports are enhanced by the MarketGlass platform, which brings together industry experts and influencers to provide high-quality, accurate insights. This unique platform allows us to gather comprehensive data and market perspectives, ensuring you receive the most reliable and detailed analysis available.

I. METHODOLOGYII. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Global Market Prospects & Outlook
Established Image as a Rare Metal with Everyday Value to Sustain Long-Term Demand for Tungsten
Tungsten Enjoys Spotlight as Crucial, Go-To Material for High-Tech Applications
Global Economic Update
Competitive Landscape
Tungsten - Global Key Competitors Percentage Market Share in 2023 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)
Processed Tungsten Market: Chinese Vendors Maintain Edge
Vertical Integration: A Key Trend in the Global Tungsten Marketplace
World Renowned Recognized Mining & Metal Companies Foray into Tungsten Mining Despite Chinese Domination
Supply Concerns Highlights Pressing Need for New Tungsten Production Sources
Tungsten: Product Overview
Properties of Tungsten
Ores/Minerals of Tungsten
Mining, Refining and Processing of Tungsten
Health & Environmental Aspects of Tungsten
Substitutes to Tungsten
Tungsten: A Historic Perspective
Tungsten Pricing Scenario
Ammonium Paratungstate (APT) Price Trends in $/MTU: 2019-2023E
Analysis by Application Type
Hardmetals/Cement Carbides: Largest Application Segment
Tungsten Remains Highly Relevant in Steels, Superalloys, & Wear-Resistant Alloys
Mill Products Emerge as Fastest Growing Application Segment
China, Demonstrating Undisputed Dominance in the World Tungsten Industry, to Remain the Core Regional Market
World Tungsten Production Scenario
Global Tungsten Production (in Metric Tons) by Country for 2021 and 2022
World Tungsten Reserves (in Metric Tons) by Country (2022)
Major Tungsten Producing Countries Worldwide
As a Vital Raw Material for the Connected Economy, Tungsten Supply Remains a Key Concern
Vietnam Emerges as a Promising Country for STable Tungsten Supply
A Note on New & Upcoming Tungsten Mining Projects
Select Development Stage Tungsten Mines
Reopening of Sangdong Mines in South Korea Offers Hope of Reducing Over-Dependence on China for Supply of the Critical Mineral
Emphasis on Tungsten Scrap Recycling Elevates Overall Production Volumes
Global Tungsten Market by Source: Percentage Breakdown of Volume Shipments for Mined Tungsten and Recycled Tungsten for 2012, 2018 & 2022 (E)
World Brands
Recent Market Activity
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2023 (E)

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Unique Techno Functional Attributes to Maintain Tungsten’s Relevance in a Gamut of Established & New Applications
Tungsten Offers Significant Benefits in Developing Robotic Arms and Surgical Robots
Drilling, Boring & Cutting Equipment: Key End-Use Segment
Robust Opportunities for Tungsten Drilling, Boring & Cutting Equipment in Industrial Machine Tools Vertical
Mining Sector to Further Leverage Exceptional Drilling & Boring Features of Tungsten Mining Tools
Rise in Drilling Activity to Benefit Tungsten Demand
World Average Rig Count: 2015 - 2023E
Global Daily Crude Oil Demand in Million Barrels for the Years 2018 through 2023
Global Upstream CAPEX by Oil Producers (In US$ Billion) for Years 2023, 2025, 2027, 2029 and 2031
Recovery in Automotive Industry to Present Growth Opportunities for Tungsten Automotive Parts
EXHIBIT : Global Light Vehicle Production (In Million Units) for Years 2019 through 2025
Recent Surge in EV Sales to Bolster Tungsten Demand Globally
World EVs Sales by Region in Units for Years 2020, 2022, 2024, and 2026
Why New Tungsten Production Sources are Critical to Meet Surging EV Demand
Encouraging Recovery of the Aerospace Industry to Spur Opportunities and Rising Focus on New & Efficient Aerospace Components to Fuel Future Demand for Tungsten
Global Commercial Airline Revenues (in US$ Billion) for the Years 2010. 2015, 2020, and 2025
Increased Military Tensions and Rise in Defense Spending to Boost Demand for Tungsten
US Navy Explores New Approaches to Make Thoriated Tungsten Wire for Microwave Vacuum Tubes
Tungsten to Gain from Critical Importance of Electrical & Electronic Systems in Consumer & Commercial Markets
Tungsten as a Replacement for the Heavy & Poisonous Lead in High-Density Applications Augurs Well for Future Growth
Tungsten Demand Likely to Perk Up in Chemical Industry
Additive Manufacturing Makes Tungsten a Compelling Option to Create Prototypes
3D Printing Techniques for Tungsten & Tungsten Composites
Advanced 3D Printing Technique to Improve Properties of High-Temperature Tungsten & Alloys
Additive Manufacturing Steps In to Generate Novel Opportunities for Tungsten in Healthcare Sector
Zirconiated Tungsten: Effective Option to Weld Metals with High Melting Point
Tungsten Wire Market: Rising Demand from Downstream Market to Bolster Growth
Global Tungsten Wire Market by Application (%) for 2022 (E)
Cemented Tungsten Carbide Market Poised to Witness Strong Growth

4. GLOBAL MARKET PERSPECTIVE

Table 1: World Tungsten Market Analysis of Annual Sales in Metric Tons for Years 2014 through 2030
Table 2: World Recent Past, Current & Future Analysis for Tungsten by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 3: World Historic Review for Tungsten by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 4: World 16-Year Perspective for Tungsten by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets for Years 2014, 2024 & 2030
Table 5: World Recent Past, Current & Future Analysis for Hard Metals / Cement Carbides by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 6: World Historic Review for Hard Metals / Cement Carbides by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 7: World 16-Year Perspective for Hard Metals / Cement Carbides by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 8: World Recent Past, Current & Future Analysis for Steels, Superalloys, & Wear-Resistant Alloys by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 9: World Historic Review for Steels, Superalloys, & Wear-Resistant Alloys by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 10: World 16-Year Perspective for Steels, Superalloys, & Wear-Resistant Alloys by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 11: World Recent Past, Current & Future Analysis for Mill Products by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 12: World Historic Review for Mill Products by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 13: World 16-Year Perspective for Mill Products by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 14: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 15: World Historic Review for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 16: World 16-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 17: World Recent Past, Current & Future Analysis for Drilling, Boring & Cutting Equipment by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 18: World Historic Review for Drilling, Boring & Cutting Equipment by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 19: World 16-Year Perspective for Drilling, Boring & Cutting Equipment by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 20: World Recent Past, Current & Future Analysis for Automotive Parts by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 21: World Historic Review for Automotive Parts by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 22: World 16-Year Perspective for Automotive Parts by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 23: World Recent Past, Current & Future Analysis for Aerospace Components by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 24: World Historic Review for Aerospace Components by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 25: World 16-Year Perspective for Aerospace Components by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 26: World Recent Past, Current & Future Analysis for Logging Equipment by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 27: World Historic Review for Logging Equipment by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 28: World 16-Year Perspective for Logging Equipment by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 29: World Recent Past, Current & Future Analysis for Electrical & Electronics Appliances by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 30: World Historic Review for Electrical & Electronics Appliances by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 31: World 16-Year Perspective for Electrical & Electronics Appliances by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 32: World Recent Past, Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 33: World Historic Review for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 34: World 16-Year Perspective for Other End-Uses by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030

III. MARKET ANALYSIS

UNITED STATES

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
Myriad Industrial Applications to Drive Long-term Tungsten Demand
Wear Resistance Features Augment Tungsten Carbide Demand

CANADA

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2022 (E)

JAPAN

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)

CHINA

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
Chinese Tungsten Market: An Overview
Remaining at Helm of Global Supply, China Exercises Critical Control over Tungsten
Global Leader in Tungsten Production and Consumption
Production Scenario
Mine Production: A Regional Perspective
Tungsten Reserves in China by Province (2020): Percentage Breakdown of Reserves for Fujian, Henan, Hunan, Jiangxi, and Others
Rising Prices and Cost of Production in Tungsten Market
Surging Demand for Cemented Carbide in Multiple Applications to Drive Market Growth
Key Challenges Hampering Market Prospects in China
Competition

EUROPE

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
Favorable Demand from Automotive Parts Manufacturing to Drive Market Growth
High Speed Spot Welding Made Easier with Copper Tungsten Electrodes
Russia: A Prominent Producer of Tungsten

FRANCEGERMANYITALYUNITED KINGDOMRUSSIAREST OF EUROPE

ASIA-PACIFIC

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
Increasing Infrastructure Development Drive Strong Market Growth in Asia-Pacific
Vietnam Emerges as a Major Tungsten Producer
New Mining Projects to Accelerate Market Growth
Select Development Stage Tungsten Mines in Asia-Pacific (Outside China)

LATIN AMERICA

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)

REST OF WORLDIV. COMPETITION

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

A.L.M.T. Corp.
Allegheny Technologies Inc.
Almonty Industries Inc.
Betek GmbH & Co. KG
Buffalo Tungsten Inc.
China Molybdenum Co., Ltd.
Chongyi Zhangyuan Tungsten Co., Ltd
H.C. Starck GmbH
International Metalworking Companies (IMC)
Kennametal, Inc.
Nippon Tungsten Co., Ltd.
Plansee Group
Sandvik AB
Umicore N.V.
Xiamen Tungsten Co., Ltd.

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Key Insights:

Why You Should Buy This Report:

Key Questions Answered:

Report Features:

Select Competitors (Total 119 Featured):

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Companies Mentioned (Partial List)

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