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Tungsten - Global Market Trajectory & Analytics

  • ID: 4721456
  • Report
  • February 2022
  • Region: Global
  • 371 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • A.L.M.T. Corp.
  • Betek GmbH & Co. KG
  • H.C. Starck GmbH
  • Kennametal, Inc.
  • Plansee Group
  • Sandvik Group

Global Tungsten Market to Reach 115 Thousand Metric Tons by 2026


Tungsten, also referred to as wolfram, is a specialty metal that incorporates some exceptional properties, which make it critical to certain applications with no reliable substitutes. Key applications for tungsten include Hardmetals or cemented carbides, Steels, Superalloys, Mill Products, Electrical & Electronic Materials, Chemicals and Defense Products among others. Growth in the market is set to be driven by resurgence in various end-use industries in the post COVID-19 environment. The likely post-crisis expansion in automotive production, and renewed activity in aerospace & defense, and metals & mining sectors are poised to augment the demand for finished tungsten products including hardmetals, alloys and milled products. Likewise, anticipated increase in demand for electrical and electronic products in residential, commercial and industrial environments is expected to improve tungsten consumption in electrical contacts, lead-in wires, electron emitters and voltage regulators. At the same time, potential growth in industrial engineering activity, especially in China and other Asia-Pacific countries, would drive demand for milled tungsten products such as tungsten rod, tungsten sheet, and tungsten wire.

Amid the COVID-19 crisis, the global market for Tungsten estimated at 91.5 Thousand Metric Tons in the year 2020, is projected to reach a revised size of 115 Thousand Metric Tons by 2026, growing at a CAGR of 3.9% over the analysis period. Hardmetals/Cement Carbides, one of the segments analyzed in the report, is projected to grow at a 4% CAGR to reach 71.4 Thousand Metric Tons by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Steels, Superalloys, & Wear-resistant Alloys segment is readjusted to a revised 3.6% CAGR for the next 7-year period. This segment currently accounts for a 22.2% share of the global Tungsten market. Tungsten in hardmetals is mainly used in the form of tungsten carbide, one of the hardest known materials, with a melting point as high as 2770°C. Tungsten carbide is widely used to make carbide cutting tools such as circular saws, drills, knives, turning tools and milling machines for use in metalworking, mining, construction, woodworking, and oil & gas applications. Because of their unique techno-functional features, tungsten alloys find preference in general-purpose applications in sectors including automotive, aerospace, defense, and marine among others, and also in special-purpose applications such as industrial catalysts, filaments in conventional incandescent bulbs, radiation shielding materials, electrodes in TIG welding and X-ray tubes etc. Tungsten alloys, mainly the heavy alloys made with nickel, iron or cobalt, are also used in manufacture of armaments such as cannon shells, grenades, and missiles etc.

The U.S. Market is Estimated at 9.9 Thousand Metric Tons in 2021, While China is Forecast to Reach 67.5 Thousand Metric Tons by 2026


The Tungsten market in the U.S. is estimated at 9.9 Thousand Metric Tons in the year 2021. The country currently accounts for a 10.73% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of 67.5 Thousand Metric Tons in the year 2026 trailing a CAGR of 4.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.3% and 3.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 2.4% CAGR while Rest of European market (as defined in the study) will reach 70.8 Thousand Metric Tons by end of the analysis period. China represents a key market in Asia-Pacific region, and a major producer of primary tungsten. Growth in the region is set to be driven by stable economic progress, rising public and private investments in industrial manufacturing, increased focus of government on enhancing the industrial output, and high business confidence indices.

Mill Products Segment to Reach 14.6 Thousand Metric Tons by 2026


Tungsten market is witnessing faster growth in the Mill Products application segment, which mainly comprises electrical and electronic products among others. Acclaimed features such as ability to endure high temperature and high resistance to corrosion and wear have established the use of tungsten in a multitude of electrical and electronic applications, especially in bulb filaments, voltage regulators and electrical contacts. In the global Mill Products segment, USA, Canada, Japan, China and Europe will drive the 4.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of 10.6 Thousand Metric Tons in the year 2020 will reach a projected size of 14.5 Thousand Metric Tons by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach 372 Metric Tons by the year 2026.

Select Competitors (Total 110 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.
  • Guangdong XiangLu Tungsten Co. Ltd.
  • H.C. Starck GmbH
  • IMC Group
  • Kennametal, Inc.
  • Nippon Tungsten Co., Ltd.
  • Plansee Group
  • QuesTek Innovations LLC
  • Sandvik Group
  • Umicore N.V.
  • WOLFRAM Company JSC
  • Xiamen Tungsten Co., Ltd.
The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • A.L.M.T. Corp.
  • Betek GmbH & Co. KG
  • H.C. Starck GmbH
  • Kennametal, Inc.
  • Plansee Group
  • Sandvik Group

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • Influencer Market Insights
  • World Market Trajectories
  • Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
  • World Economic Growth Projections (Real GDP, Annual % Change) for 2020 through 2022
  • COVID-19 Crisis Induced Declining Trend in Core Application Markets
  • Tungsten Market to Face Turbulence over Long Term, with Few Breathers Offering Some Respite
  • Persistent Uncertainty Requires Tungsten Suppliers to Focus on First-Use Sectors & New Markets
  • Despite Observing Declining Trend in the Short-Term, World Tungsten Market to Exhibit Progressive Growth in the Post COVID-19 Industrial Environment
  • Established Image as a Rare Metal that has Everyday Value to Sustain the Long-Term Demand for Tungsten
  • Major Applications of Tungsten by End-Use Segment
  • Tungsten Enjoys Spotlight as Crucial, Go-To Material for High-Tech Applications
  • Analysis by Application Type
  • Hardmetals/Cement Carbides: Largest Application Segment
  • Global Cemented Carbides Market by Application (2021 and 2027): Percentage Volume Breakdown for Hardmetals/Cement Carbides; Steels, Superalloys, & Wear-Resistant Alloys; Mill Products; and Other Applications
  • 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
  • Mine Production Remains Positive in 2020
  • Global Tungsten Production (in Metric Tons) by Country (2020E): Breakdown of Mine Production for Austria, Bolivia, China, North Korea, Mongolia, Portugal, Russia, Rwanda, Spain, Vietnam, and Other Countries
  • Global Tungsten Reserves (in Metric Tons) by Country (2020E): Breakdown of Reserves for Austria, China, North Korea, Portugal, Russia, Spain, United Kingdom, Vietnam, and Other Countries
  • Major Tungsten Producing Countries in the World
  • Need for New Production to Push Global Supply
  • A Note on New & Upcoming Tungsten Mining Projects
  • Select Development Stage Tungsten Mines
  • Emphasis on Tungsten Scrap Recycling Elevates Overall Production Volumes
  • Global Tungsten Market by Source (2012, 2018, & 2022E): Percentage Breakdown of Volume Shipments for Mined Tungsten and Recycled Tungsten
  • Competitive Landscape
  • Processed Tungsten Market: Chinese Vendors Maintain Edge
  • Leading Processed Tungsten Companies Worldwide (2020E): Percentage Share Breakdown of Volume Sales for China Minmetals Non-Ferrous, Jiangxi Rare Metals, Kennametal, Plansee Group, Sandvik, Xiamen Tungsten and Others
  • Vertical Integration: A Key Trend in the Global Tungsten Marketplace
  • Globally Recognized Mining & Metal Companies Foray into Tungsten Mining Despite Chinese Domination
  • Litany of Supply Concerns Highlights Pressing Need for New Tungsten Production Sources
  • Recent Market Activity
  • Tungsten - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2022 (E)

2. FOCUS ON SELECT PLAYERS

  • GLOBAL BRANDS

3. MARKET TRENDS & DRIVERS

  • Unique Techno Functional Attributes to Maintain Tungsten’s Relevance in a Gamut of Established & New Applications in Post COVID-19 Period
  • Drilling, Boring & Cutting Equipment: Key End-Use Segment
  • Robust Future 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 in Post COVID-19 Period
  • Renewed Drilling Activity to Benefit Tungsten Demand in Post COVID-19 Oil & Gas Sector
  • Global Brent Crude Oil Price Trends in US$/barrel: Jan 2020-Apr2021
  • Global Daily Crude Oil Demand in Million Barrels for the Years 2015 through 2020
  • Global Oil & Gas E&P Industry Spending (2015-2021E)
  • Anticipated Recovery in Automotive Industry in Post COVID-19 Period to Instigate Fresh Growth Opportunities for Tungsten Automotive Parts
  • World Automobile Production in Million Units: 2008-2022
  • Automobile Production % YoY Change Across Select Countries: 2020 Vs 2019
  • Rising Focus on New & Efficient Aerospace Components to Fuel Demand in Post COVID-19 Period
  • Massive Negative Impact on Air Travel Leading to Weak Momentum in Aerospace Component Manufacturing: Global Airlines Performance by Region: 2020 Vs 2019
  • 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 the Post COVID-19 Chemical Industry
  • Additive Manufacturing Steps In to Generate Novel Opportunities for Tungsten in Healthcare Sector
  • 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
  • Zirconiated Tungsten: Effective Option to Weld Metals with High Melting Point
  • Tungsten Pricing Scenario
  • Tungsten Prices in the US (in $/mtu WO3) for Years 2015 through 2020
  • 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

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Myriad Industrial Applications to Drive Tungsten Consumption in Long Term
  • Wear Resistance Features Augment Tungsten Carbide Demand
  • Utah Mine: The Sole Producer of Tungsten in North America

CANADA

JAPAN

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

CHINA

  • Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2022 (E)
  • 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 (2020E): Percentage Breakdown of Reserves for Fujian, Henan, Hunan, Jiangxi, and Others
  • China’s Export Policy Expected to Enhance Domestic Ore Production
  • COVID-19 Impact: Tungsten Prices to Stabilize after Experiencing Downward Trend in Chinese Market
  • Surging Demand for Cemented Carbide in Multiple Applications to Drive Market Growth
  • Revolution in Tungsten Nanometer Powder Production
  • Key Challenges Hampering Market Prospects in China
  • Brief Competitive Landscape

EUROPE

  • Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (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

FRANCE

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

GERMANY

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

ITALY

UNITED KINGDOM

  • Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United Kingdom for 2022 (E)

RUSSIA


REST OF EUROPE

ASIA-PACIFIC

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

REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 110
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • 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.
  • Guangdong XiangLu Tungsten Co. Ltd.
  • H.C. Starck GmbH
  • IMC Group
  • Kennametal, Inc.
  • Nippon Tungsten Co., Ltd.
  • Plansee Group
  • QuesTek Innovations LLC
  • Sandvik Group
  • Umicore N.V.
  • WOLFRAM Company JSC
  • Xiamen Tungsten Co., Ltd.
Note: Product cover images may vary from those shown