+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

Tungsten - Global Strategic Business Report

  • PDF Icon

    Report

  • 453 Pages
  • July 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.

Table of Contents

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.