Tungsten Products Market - Forecast(2022 - 2027)

Report Code: CMR 13945 Report Format: PDF + Excel

Tungsten Products Market Overview

Tungsten products market size is forecast to reach US$8.1 billion by 2027, after growing at a CAGR of 6.1% from 2022 to 2027. Rapidly rising demand for tungsten products such as tungsten wires, tungsten rods, tungsten sheets/plates, and others, for application in industries such as automotive, aerospace, electronics, oil and gas, and mining is estimated to drive the tungsten products market growth. Globally, the increasing usage of cemented carbides based on tungsten carbide with cobalt binder phase (WC–Co) due to its hardness and strength, in a variety of metal cutting tools, such as milling cutters, drills, and lathes, is driving the market growth. The addition of tungsten to steel for usage in steam turbine blades to improve vibration and corrosion resistance is expanding the market further. Furthermorein the aerospace and defence industry, the inclining demand for tungsten products in aircraft ballast applications is further anticipated to lead the growth of the tungsten products industry over the forecast period.

COVID – 19 Impact:

The Covid-19 pandemic negatively impacted the growth of the tungsten product industry in the year 2020. Tungsten consumption is highly associated with world GDP, particularly in China, which uses half of all tungsten produced. Logistical bottlenecks hampered the delivery as well as exports of tungsten APT and other associated products. According to Argus a media organization, Chinese domestic APT prices increased by 1.5% to Yn137,000-139,000/t ($19,635-$19,922) on 12 February 2020, while European APT prices increased by more than 5% week on week to $240-245/mtu. Thus, the unstability in tungsten prices declined the tungsten products market growth in the year 2020.

Report Coverage

The " Tungsten Products Market Report – Forecast (2022-2027)" by IndustryARC covers an in-depth analysis of the following segments of the tungsten products industry.

By Type: Tungsten Wires, Tungsten Rods, Tungsten Sheets/ plates (General Material, High-Purity Material, and Ultrahigh-Purity Material) and Others
By Application: Filaments, Heaters, Electrodes, Sputtering Targets, Cutting Tools, and Others
By End-Use Industry: Aerospace (Commercial, Military, and Others), Automotive (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs)), Electrical & Electronics (Semiconductor, Circuits, and Others), Construction, Mining, Medical & Healthcare, and Others
By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Spain, Netherlands, Russia, Belgium, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia and New Zealand, Taiwan, Indonesia, Malaysia, and Rest of Asia Pacific), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), and RoW (Middle East and Africa)

Key Takeaways

  • The APAC region dominates the tungsten products market due to the rising growth of the end-use sectors such as aerospace, automotive, and other industries, in the emerging economies such as China, Japan, South Korea, and Others.
  • Rapidly rising growth of the electrical and electronics sector and an increase in demand for tungsten wires in the semiconductor industry is one the primary factor driving the growth of the market.
  • In the foreseable future, the demand for tungsten products is also estimated to rise with the growing demand for commercial aircrafts. According to the Boeing's forecast, single-aisle aircraft such as the Airbus A320 and Boeing 737 will continue to dominate the market, accounting for nearly three-quarters of total sales. Through 2036, the plane maker estimates a need for 29,530 narrow-body planes worth US$ 3.18 trillion.

Figure: Asia-Pacific Tungsten Products Market Revenue, 2021-2027 (US$ Billion)

Tungsten Products Market Revenue

For More Details on This Report - Request for Sample

Tungsten Products Market Segment Analysis – By Application

Electrodes held the largest share in the tungsten products market and is expected to continue its dominance over the period 2022-2027. Tungsten is used as an electrode because it can endure extremely high temperatures with little melting or erosion. Tungsten is employed as an electrode due to its high melting point (3,4100 degrees Celsius), conductivity, and chemical inertness. There are several varieties of tungsten electrodes that are often employed, including cerium tungsten, pure tungsten, and thoriated tungsten. In recent years, the launch of new tungsten electrodes products has driven the market growth. For instance, in November 2019, AMI, an ESAB brand, partnered with Wolfram Industrie, a vertically integrated manufacturer of premium tungsten and molybdenum materials, to create an exclusive line of orbital TIG welding tungsten electrodes. The AMI-Wolfram Industries ORBISTAR® range of pre-ground tungsten electrodes outlast other tungstens by more than two times and prevent arc fault failures by up to 80%. Thus, the increasing usage of tungsten in electrode has further inclined the market growth.

Tungsten Products Market Segment Analysis – By End-Use Industry

The aerospace sector dominated the tungsten products market with 22.3% in 2021 and is projected to grow at a CAGR of 6.7% during 2022-2027. Tungsten is the metal with the highest heat resistance and has a high density, high strength, a high modulus of elasticity, a low coefficient of expansion, and a low vapour pressure. The physical, chemical, and mechanical properties of the materials used are closely related to the mechanism design and safety performance of aerospace equipment, and tungsten metal has a series of excellent physical and chemical properties that can meet the requirements of material properties for aerospace and has been widely used in satellite, aircraft, aircraft engines, and other equipments. Increasing growth of the aerospace sector is estimated to drive the demand for tungsten products. For instance, according to the press release published in April 2020 Boeing anticipates robust aviation growth in India as a result of the country's developing economy and expanding middle class, generating demand for more than 2,200 new jets worth approximately US$320 billion over the next 20 years.

Tungsten Products Market Segment Analysis – By Geography

The Asia-Pacific region dominated the tungsten products market with a share of 38.5% in terms of value in the year 2021. The market in the region is witnessing expansion with the increasing consumption of tungsten in several end-use sectors. According to USGS mineral commodity summaries 2021 publication, the Chinese government's enhanced regulations and limits on tungsten ore exports, along with growing domestic demand from the manufacture of value-added tungsten goods, which resulted in China being a net importer of tungsten concentrate. These elements, together with China's rapid growth in the automobile, aerospace, mining, and electronics sectors, are important contributors to the country's leading market position in the tungsten market. According to the Ministry of Industry and Information Technology, over 25 million vehicles were sold in 2020, including 19.99 million passenger vehicles in China. Also, in 2021, the commercial vehicle sales further increased by 20% year on year to 5.23 million units from 2019.

Tungsten Products Market Drivers

Increasing demand for tungsten products in the healthcare sector

Tungsten wire has been used in medical devices for several years and is still in demand in the medical applications that require electric current and precision. The great tensile strength of tungsten wire makes it valuable in medical equipment. Even specialized stainless steel with its outstanding mechanical qualities is limited when producing a steerable guide wire for minimally invasive surgery. Whereas, tungsten wire and its tensile strength provide with the spectrum of possibilities beyond stainless steel. Tungsten wire, for instance, is an excellent material for the medical procedure of cauterization, which is used to stop bleeding, remove an unwanted growth, and other similar procedures. Currently rising usage of surgical robots in the medical industry is estimated to drive the tungsten products market growth. Since, tungsten cables have a higher tensile strength, they can be bundled in smaller and smaller robotic components. With the increasing launch of new surgical robotic-assisted platforms the demand for tungsten product is also estimated to rise. For instance, in September 2021, Medtronic demonstrated its revolutionary robotic-assisted surgery platform, Hugo RAS system at its state-of-the-art Surgical Robotics Experience Center (SREC) in Gurugram. In the forecasted timeframe, increasing usage of tungsten wire and rising need for surgical robots in the healthcare sector is anticipated to boost the tungsten products market growth.

Surging Growth of the Electronics Industry

Tungsten product is widely utilized for the production of various electronic devices. In modern integrated circuits, tungsten is one of the most significant components. Tungsten contacts (vias, plugs) are used to connect the transistors and interconnecting layers in all advanced chips. Also, in optoelectronics and microwave applications, heat sinks are also employed as foundation plates for IC packages. The semiconductor industry's expansion has fueled the demand for ICs, which has eventually increased the demand for tungsten products. For instance, according to the International Trade Administration, with growing digitalization and networking, the semiconductor business is a growing market. In 2020, global semiconductor sales reached US$ 440.4 billion, up 6.8% from the previous year. Also, as per the World Semiconductor Trade Statistics organization, sales further increased to US$469 billion in 2021, representing an annual growth rate of 8.4%.

Tungsten Products Market Challenges

Fluctuating Price of Tungsten

One of the major challenges that the tungsten product market faces is the fluctuating price of tungsten. Most tungsten concentrates and downstream tungsten materials prices fell in March and April 2020 due to lower demand; prices then stabilized or progressively trended upward as the year progressed. According to USGS mineral commodity summaries 2021 publication, in response to the increasing demand, tight spot supplies of ammonium paratungstate and concentrates, reduced scrap availability, and low inventory levels, most prices of tungsten concentrates, scrap, and downstream tungsten products trended upward in 2021. Supply restrictions and price rises were exacerbated by transportation delays and higher freight expenses. Thus, due to the volatility in tungsten price the market for tungsten product is estimated to get hindered over the projected period.

Tungsten Products Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the tungsten product market. Global tungsten product top 10 companies include:

1. Plansee Group
2. A.L.M.T. Corporation 
3. Buffalo Tungsten Inc.
4. Global Tungsten and Powders
5. Wolfram Company
6. Aero Industries Inc.
7. Novotec
8. Elmet
9. Midwest Tungsten Service
10. Masan Resources Corporation

Recent Developments:

  • In December 2021, The Plansee Group, headquartered in Reutte, Austria, has signed a definitive deal to acquire the Indianapolis-based Mi-Tech Tungsten Metals. Mi-Tech is regarded as one of the leading suppliers of tungsten-based products in the United States, and with the acquisition of Mi-Tech the company aims to expands its market position for tungsten products in North America.
  • In November 2021, Rafaella Resources signed a formal heads of agreement to buy Pan Iberia, the owner of tungsten project options in northern Portugal, Borralha and Vila Verde.
  • In September 2019, Masan Tungsten Limited, a wholly owned subsidiary of Masan Resources Corporation, has agreed to purchase H.C. Starck Group GmbH's tungsten business. Starck is a global leader in high-tech tungsten metal powders and carbides (midstream tungsten products), having manufacturing sites in Europe, North America, and China, as well as customers all over the world.

Relevant Reports:

Tungsten Carbide Powder Market - Forecast 2021 - 2026

Report Code: CMR 52692

Sodium Tungstate Market - Forecast 2021 - 2026

Report Code: CMR 76979

Powder Injection Molding (PIM) Market - Forecast (2022 - 2027)

Report Code: CMR 0447

For more Chemicals and Materials Market reports, please click here

1. Tungsten Products Market- Market Overview
    1.1 Definitions and Scope
2. Tungsten Products Market- Executive Summary
    2.1 Key Trends by Type
    2.2 Key Trends by Application
    2.3 Key Trends by End-Use Industry
    2.4 Key Trends by Geography
3. Tungsten Products Market– Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Tungsten Products Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Tungsten Products Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Tungsten Products Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Tungsten Products Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Tungsten Products Market – By Type (Market Size -US$ Million/Billion)
    8.1 Tungsten Wires
    8.2 Tungsten Rods
    8.3 Tungsten Sheets/ plates
        8.3.1 General Material
        8.3.2 High-Purity Material
        8.3.3 Ultrahigh-Purity Material
    8.4 Others
9. Tungsten Products Market – By Application (Market Size -US$ Million/Billion)
    9.1 Filaments
    9.2 Heaters
    9.3 Electrodes
    9.4 Sputtering Targets
    9.5 Cutting Tools
    9.6 Others
10. Tungsten Products Market – By End-Use Industry (Market Size -US$ Million/Billion)
    10.1 Aerospace
        10.1.1 Commercial
        10.1.2 Military
        10.1.3 Others
    10.2 Automotive
        10.2.1 Passenger Cars
        10.2.2 Light Commercial Vehicles (LCVs)
        10.2.3 Heavy Commercial Vehicles (HCVs)
    10.3 Electrical & Electronics
        10.3.1 Semiconductor
        10.3.2 Circuits
        10.3.3 Others
    10.4 Construction
    10.5 Mining
    10.6 Medical & Healthcare
    10.7 Others
11. Tungsten Products Market -By Geography (Market Size -US$ Million/Billion)
    11.1 North America
        11.1.1 USA
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Tungsten Products Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Tungsten Products Market – Industry/Segment Competition Landscape Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level – Major companies
    13.3 Market Share by Key Region – Major companies
    13.4 Market Share by Key Country – Major companies
    13.5 Market Share by Key Application – Major companies
    13.6 Market Share by Key Product Type/Product category – Major companies
14. Tungsten Products Market – Key Company List by Country Premium Premium
15. Tungsten Products Market Company Analysis – Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies*"
LIST OF TABLES

1.Global Key Manufacturers Market 2019-2024 ($M)
1.1 Midwest Tungsten Service Market 2019-2024 ($M) - Global Industry Research
1.2 ITIA Market 2019-2024 ($M) - Global Industry Research
1.3 Elmet Market 2019-2024 ($M) - Global Industry Research
1.4 Tungsten Powders Market 2019-2024 ($M) - Global Industry Research
1.5 Aero Industries Inc Market 2019-2024 ($M) - Global Industry Research
1.6 ATI Market 2019-2024 ($M) - Global Industry Research
1.7 Metal Cutting Market 2019-2024 ($M) - Global Industry Research
1.8 H.C. Starck Market 2019-2024 ($M) - Global Industry Research
1.9 Buffalo Tungsten Inc. Market 2019-2024 ($M) - Global Industry Research
1.10 Novotec Market 2019-2024 ($M) - Global Industry Research
2.Global Key Manufacturers Market 2019-2024 (Volume/Units)
2.1 Midwest Tungsten Service Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 ITIA Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Elmet Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Tungsten Powders Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 Aero Industries Inc Market 2019-2024 (Volume/Units) - Global Industry Research
2.6 ATI Market 2019-2024 (Volume/Units) - Global Industry Research
2.7 Metal Cutting Market 2019-2024 (Volume/Units) - Global Industry Research
2.8 H.C. Starck Market 2019-2024 (Volume/Units) - Global Industry Research
2.9 Buffalo Tungsten Inc. Market 2019-2024 (Volume/Units) - Global Industry Research
2.10 Novotec Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Key Manufacturers Market 2019-2024 ($M)
3.1 Midwest Tungsten Service Market 2019-2024 ($M) - Regional Industry Research
3.2 ITIA Market 2019-2024 ($M) - Regional Industry Research
3.3 Elmet Market 2019-2024 ($M) - Regional Industry Research
3.4 Tungsten Powders Market 2019-2024 ($M) - Regional Industry Research
3.5 Aero Industries Inc Market 2019-2024 ($M) - Regional Industry Research
3.6 ATI Market 2019-2024 ($M) - Regional Industry Research
3.7 Metal Cutting Market 2019-2024 ($M) - Regional Industry Research
3.8 H.C. Starck Market 2019-2024 ($M) - Regional Industry Research
3.9 Buffalo Tungsten Inc. Market 2019-2024 ($M) - Regional Industry Research
3.10 Novotec Market 2019-2024 ($M) - Regional Industry Research
4.South America Key Manufacturers Market 2019-2024 ($M)
4.1 Midwest Tungsten Service Market 2019-2024 ($M) - Regional Industry Research
4.2 ITIA Market 2019-2024 ($M) - Regional Industry Research
4.3 Elmet Market 2019-2024 ($M) - Regional Industry Research
4.4 Tungsten Powders Market 2019-2024 ($M) - Regional Industry Research
4.5 Aero Industries Inc Market 2019-2024 ($M) - Regional Industry Research
4.6 ATI Market 2019-2024 ($M) - Regional Industry Research
4.7 Metal Cutting Market 2019-2024 ($M) - Regional Industry Research
4.8 H.C. Starck Market 2019-2024 ($M) - Regional Industry Research
4.9 Buffalo Tungsten Inc. Market 2019-2024 ($M) - Regional Industry Research
4.10 Novotec Market 2019-2024 ($M) - Regional Industry Research
5.Europe Key Manufacturers Market 2019-2024 ($M)
5.1 Midwest Tungsten Service Market 2019-2024 ($M) - Regional Industry Research
5.2 ITIA Market 2019-2024 ($M) - Regional Industry Research
5.3 Elmet Market 2019-2024 ($M) - Regional Industry Research
5.4 Tungsten Powders Market 2019-2024 ($M) - Regional Industry Research
5.5 Aero Industries Inc Market 2019-2024 ($M) - Regional Industry Research
5.6 ATI Market 2019-2024 ($M) - Regional Industry Research
5.7 Metal Cutting Market 2019-2024 ($M) - Regional Industry Research
5.8 H.C. Starck Market 2019-2024 ($M) - Regional Industry Research
5.9 Buffalo Tungsten Inc. Market 2019-2024 ($M) - Regional Industry Research
5.10 Novotec Market 2019-2024 ($M) - Regional Industry Research
6.APAC Key Manufacturers Market 2019-2024 ($M)
6.1 Midwest Tungsten Service Market 2019-2024 ($M) - Regional Industry Research
6.2 ITIA Market 2019-2024 ($M) - Regional Industry Research
6.3 Elmet Market 2019-2024 ($M) - Regional Industry Research
6.4 Tungsten Powders Market 2019-2024 ($M) - Regional Industry Research
6.5 Aero Industries Inc Market 2019-2024 ($M) - Regional Industry Research
6.6 ATI Market 2019-2024 ($M) - Regional Industry Research
6.7 Metal Cutting Market 2019-2024 ($M) - Regional Industry Research
6.8 H.C. Starck Market 2019-2024 ($M) - Regional Industry Research
6.9 Buffalo Tungsten Inc. Market 2019-2024 ($M) - Regional Industry Research
6.10 Novotec Market 2019-2024 ($M) - Regional Industry Research
7.MENA Key Manufacturers Market 2019-2024 ($M)
7.1 Midwest Tungsten Service Market 2019-2024 ($M) - Regional Industry Research
7.2 ITIA Market 2019-2024 ($M) - Regional Industry Research
7.3 Elmet Market 2019-2024 ($M) - Regional Industry Research
7.4 Tungsten Powders Market 2019-2024 ($M) - Regional Industry Research
7.5 Aero Industries Inc Market 2019-2024 ($M) - Regional Industry Research
7.6 ATI Market 2019-2024 ($M) - Regional Industry Research
7.7 Metal Cutting Market 2019-2024 ($M) - Regional Industry Research
7.8 H.C. Starck Market 2019-2024 ($M) - Regional Industry Research
7.9 Buffalo Tungsten Inc. Market 2019-2024 ($M) - Regional Industry Research
7.10 Novotec Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Tungsten Products Market Revenue, 2019-2024 ($M)
2.Canada Tungsten Products Market Revenue, 2019-2024 ($M)
3.Mexico Tungsten Products Market Revenue, 2019-2024 ($M)
4.Brazil Tungsten Products Market Revenue, 2019-2024 ($M)
5.Argentina Tungsten Products Market Revenue, 2019-2024 ($M)
6.Peru Tungsten Products Market Revenue, 2019-2024 ($M)
7.Colombia Tungsten Products Market Revenue, 2019-2024 ($M)
8.Chile Tungsten Products Market Revenue, 2019-2024 ($M)
9.Rest of South America Tungsten Products Market Revenue, 2019-2024 ($M)
10.UK Tungsten Products Market Revenue, 2019-2024 ($M)
11.Germany Tungsten Products Market Revenue, 2019-2024 ($M)
12.France Tungsten Products Market Revenue, 2019-2024 ($M)
13.Italy Tungsten Products Market Revenue, 2019-2024 ($M)
14.Spain Tungsten Products Market Revenue, 2019-2024 ($M)
15.Rest of Europe Tungsten Products Market Revenue, 2019-2024 ($M)
16.China Tungsten Products Market Revenue, 2019-2024 ($M)
17.India Tungsten Products Market Revenue, 2019-2024 ($M)
18.Japan Tungsten Products Market Revenue, 2019-2024 ($M)
19.South Korea Tungsten Products Market Revenue, 2019-2024 ($M)
20.South Africa Tungsten Products Market Revenue, 2019-2024 ($M)
21.North America Tungsten Products By Application
22.South America Tungsten Products By Application
23.Europe Tungsten Products By Application
24.APAC Tungsten Products By Application
25.MENA Tungsten Products By Application