Global Tungsten Market is valued at approximately USD 5.1 billion in 2022 and is anticipated to grow with a compounded annual growth rate of more than 8.00 % over the forecast period 2023-2030. Tungsten is a very strong and hard metal that is often used in industries because it can withstand high temperatures and is very durable it has a very high melting point and is often used to make things such as light bulb filaments, electrical appliances, automotive parts, and so on. Tungsten metal is used by various industries such as Aerospace, Military, Automotive, and so on for manufacturing various equipment because of its unique properties such as high melting point, exceptional hardness & strength and excellent thermal & electricity conductivity. The growth of the Global Tungsten Market is to be witnessed because of various factors such as the increasing use of electronic devices and the increasing use of renewable energy. Moreover, the market can witness sharp growth aiming at the factors such as increasing industrialization and development of the aerospace industry. However, the Limited Supply of tungsten globally may hamper the growth of the market.
According to the International Energy Agency (IEA) in 2022, revealed that renewable energy sources, including solar and wind power, along with nuclear power, are expected to fulfil over 90% of the rise in global energy demand by 2025. The government now planning to develop various renewable energy power plants such as Solar power plants, Hydropower plants which might give rise to the Global Tungsten Market that is used in manufacturing industry. According to the United Nations Industrial Development Organization (UNIDO) in 2023, the global manufacturing output had maintained a stable year-on-year growth rate of between 3 and 4 percent. Similarly, according to the Indian Brand Equity Foundation (IBEF) in 2023, electronics manufacturing saw an exponential growth to reach USD 67.3 billion in 2020-2021 which emerge as to be the growth factor for the Global Tungsten Market. However, a limited supply of tungsten can harm the overall growth of the market as tungsten is a rare metal found on some specific parts of the Earth.
The key regions considered for the Global Tungsten Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America region dominates the market due to the largest market share in terms of industrialization and aerospace as the consumption of tungsten in the North America region is proportionately high according to World Mining Data. Asia Pacific region emerges as to be the fastest growing region, according to Statista, China is the largest producer and supplier of tungsten to the world that elevates the growth of the Asia Pacific region owing to fact that the region is able to fulfill the demand of tungsten globally with less cost of labor.
Major market players included in this report are:
- Jiangxi Tungsten Holdings Group Co. Ltd.
- Kennametal Inc.
- Nippon Tungsten Co. Ltd.
- Ormonde Mining Company
- Plansee Group Company
- Questek Innovations Llc Company
- Sandvik Engineering Company
- Umicore Mining Company
- Tungsten Mining NL
- North American Tungsten Corporation
Recent Developments in the Market:
- In May 2021, Kennametal Inc. had introduced KAR85-AM-K, a highly corrosion-resistant tungsten carbide grade specifically designed for metal additive manufacturing. This grade is exclusively available in conjunction with Kennametal's binder jet 3D printing technology, enabling the production of fully finished wear components.
- In October 2022, The Indian Government has planned to build world's largest floating solar power plant in Khandwa district of Madhya Pradesh. The floating solar power plant is to be built on Omekareshwar Dam on Narmada River that generates power of 600 MW (Megawatt) by 2022-23.
Global Tungsten Market Report Scope:
- Historical Data: 2020 - 2021
- Base Year for Estimation: 2022
- Forecast period: 2023-2030
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Type, Application, Form, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Type:
- Tungsten Carbide
- Metal Alloys
- Mill Products
- Permanent Magnets
- Nanowires
By Application:
- Automotive Parts
- Aerospace Components
- Drilling
- Boring & Cutting Equipment
- Logging Equipment
- Electrical & Electronic Appliances
- Metalworking, Mining and Petroleum
- Military
- Other
By Form:
- Foils
- Ribbons
- Wires
- Tubes
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
- 1.2.1. Tungsten Market, by Region, 2020-2030 (USD Billion)
- 1.2.2. Tungsten Market, by Type, 2020-2030 (USD Billion)
- 1.2.3. Tungsten Market, by Application, 2020-2030 (USD Billion)
- 1.2.4. Tungsten Market, by Form, 2020-2030 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Tungsten Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Industry Evolution
- 2.2.2. Scope of the Study
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Tungsten Market Dynamics
- 3.1. Tungsten Market Impact Analysis (2020-2030)
- 3.1.1. Market Drivers
- 3.1.1.1. Increasing use of Electronic Devices
- 3.1.1.2. Increasing use of Renewable Energy
- 3.1.2. Market Challenges
- 3.1.2.1. Limited Supply of Tungsten Globally
- 3.1.2.2. High Cost of Extraction of Tungsten
- 3.1.3. Market Opportunities
- 3.1.3.1. Increasing Industrialization
- 3.1.3.2. Development of Aerospace
Chapter 4. Global Tungsten Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Porter's 5 Force Impact Analysis
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.3.5. Environmental
- 4.3.6. Legal
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. COVID-19 Impact Analysis
- 4.7. Disruptive Trends
- 4.8. Industry Expert Perspective
- 4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Tungsten Market, by Type
- 5.1. Market Snapshot
- 5.2. Global Tungsten Market by Type, Performance - Potential Analysis
- 5.3. Global Tungsten Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
- 5.4. Tungsten Market, Sub Segment Analysis
- 5.4.1. Tungsten Carbide
- 5.4.2. Metal Alloys
- 5.4.3. Mill Products
- 5.4.4. Permanent Magnets
- 5.4.5. Nanowires
Chapter 6. Global Tungsten Market, by Application
- 6.1. Market Snapshot
- 6.2. Global Tungsten Market by Application, Performance - Potential Analysis
- 6.3. Global Tungsten Market Estimates & Forecasts by Application 2020-2030 (USD Billion)
- 6.4. Tungsten Market, Sub Segment Analysis
- 6.4.1. Automotive Parts
- 6.4.2. Aerospace Components
- 6.4.3. Drilling
- 6.4.4. Boring & Cutting Equipments
- 6.4.5. Logging Equipments
- 6.4.6. Electrical & Electronics Applicances
- 6.4.7. Metalworking, Mining and Petroleum
- 6.4.8. Military
- 6.4.9. Other
Chapter 7. Global Tungsten Market, by Form
- 7.1. Market Snapshot
- 7.2. Global Tungsten Market by Form, Performance - Potential Analysis
- 7.3. Global Tungsten Market Estimates & Forecasts by Form 2020-2030 (USD Billion)
- 7.4. Tungsten Market, Sub Segment Analysis
- 7.4.1. Folis
- 7.4.2. Ribbons
- 7.4.3. Wires
- 7.4.4. Tubes
Chapter 8. Global Tungsten Market, Regional Analysis
- 8.1. Top Leading Countries
- 8.2. Top Emerging Countries
- 8.3. Tungsten Market, Regional Market Snapshot
- 8.4. North America Tungsten Market
- 8.4.1. U.S. Tungsten Market
- 8.4.1.1. Type breakdown estimates & forecasts, 2020-2030
- 8.4.1.2. Application breakdown estimates & forecasts, 2020-2030
- 8.4.1.3. Form breakdown estimates & forecasts, 2020-2030
- 8.4.2. Canada Tungsten Market
- 8.5. Europe Tungsten Market Snapshot
- 8.5.1. U.K. Tungsten Market
- 8.5.2. Germany Tungsten Market
- 8.5.3. France Tungsten Market
- 8.5.4. Spain Tungsten Market
- 8.5.5. Italy Tungsten Market
- 8.5.6. Rest of Europe Tungsten Market
- 8.6. Asia-Pacific Tungsten Market Snapshot
- 8.6.1. China Tungsten Market
- 8.6.2. India Tungsten Market
- 8.6.3. Japan Tungsten Market
- 8.6.4. Australia Tungsten Market
- 8.6.5. South Korea Tungsten Market
- 8.6.6. Rest of Asia Pacific Tungsten Market
- 8.7. Latin America Tungsten Market Snapshot
- 8.7.1. Brazil Tungsten Market
- 8.7.2. Mexico Tungsten Market
- 8.8. Middle East & Africa Tungsten Market
- 8.8.1. Saudi Arabia Tungsten Market
- 8.8.2. South Africa Tungsten Market
- 8.8.3. Rest of Middle East & Africa Tungsten Market
Chapter 9. Competitive Intelligence
- 9.1. Key Company SWOT Analysis
- 9.1.1. Company 1
- 9.1.2. Company 2
- 9.1.3. Company 3
- 9.2. Top Market Strategies
- 9.3. Company Profiles
- 9.3.1. Jiangxi Tungsten Holdings Group Co. Ltd.
- 9.3.1.1. Key Information
- 9.3.1.2. Overview
- 9.3.1.3. Financial (Subject to Data Availability)
- 9.3.1.4. Product Summary
- 9.3.1.5. Recent Developments
- 9.3.2. Kennametal Inc.
- 9.3.3. Nippon Tungsten Co. Ltd.
- 9.3.4. Ormonde Mining Company
- 9.3.5. Plansee Group Company
- 9.3.6. QuesTek Innovations LLC Company
- 9.3.7. Sandvik Engineering Company
- 9.3.8. Umicore Mining Company
- 9.3.9. Tungsten Mining NL
- 9.3.10. North American Tungsten Corporation
Chapter 10. Research Process
- 10.1. Research Process
- 10.1.1. Data Mining
- 10.1.2. Analysis
- 10.1.3. Market Estimation
- 10.1.4. Validation
- 10.1.5. Publishing
- 10.2. Research Attributes
- 10.3. Research Assumption