Product Code: PM3788
The global tungstic acid market size is expected to reach USD 54.73 million by 2032, according to a new study by Poalris Market Research. The report "Tungstic Acid Market Share, Size, Trends, Industry Analysis Report, By Product Type (Monohydrate and Dihydrate); By Function; By Application; By Region; Segment Forecast, 2023 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing product demand across various industries due to their exceptional properties, including high hardness, heat resistance, and wear resistance and growing emphasis on sustainability and environmental concerns coupled with the rapid advancements in nanotechnology and the increasing product demand for nanomaterials, has been among the major factors propelling the market growth. Additionally, the introduction of improved extraction and purification techniques by major companies, leading to enhanced efficiency and cost-effectiveness in the production of tungstic acid, is positively influencing the demand and growth of the market.
For instance, in December 2022, United Wolfram, a leading manufacturer of tungsten in India, announced the start of its new state-of-the-art plant in Gujrat. With the start of this plant, the company will be able to cater to the ever-rising demand for their products on a global basis.
Tungstic acid acts as a precursor for the production of tungsten-based materials including tungsten carbides, tungsten alloys, and tungsten oxide, as these materials possess excellent hardness, high-temperature resistance, and corrosion resistance, that makes them ideal for various applications such as cutting tools, wear-resistant coatings, and high-temperature components. Thereby, the increasing demand for high-performance materials in industries like aerospace, defense, and manufacturing presents lucrative growth opportunities for the market.
In addition, the shift towards different types of renewable energy sources such as wind and solar power, and surging prevalence regarding the use of tungsten-containing materials in the production of photovoltaic cells, wind turbine components, and energy storage systems, that are among the major components of the renewable energy sector, is likely to surpass market growth at significant pace. Research and development efforts in the market mainly focused on exploring new applications, improving production processes, and enhancing the properties of tungstic acid-based materials, is generating new growth potential over the years.
Tungstic Acid Market Report Highlights
Monohydrate segment accounted for over largest global market share in 2022, which is mainly driven by its growing use in different types of applications like pigments, catalysts, and fireproofing agents
Mordants / dyes segment held the maximum market revenue in 2022, owing to its ability to improve the colorfastness and durability of dyes, while maintaining the environmental sustainability
Chemicals production segment is anticipated to grow at highest CAGR during the study period, mainly due to growing demand for chemicals from various industries such as aerospace and automotive
North America region led the industry market with considerable share in 2022, on account of increasing development activities and robust presence of favorable government initiatives
The global key market players include: Palladium Chemicals, American Elements, Forbes Pharmaceuticals, Evans Chem India, Tungsten Compounds, Wolfram Company, and China Minmetals Corporation
Polaris market research has segmented the tungstic acid market report based on product type, function, application, and region:
Tungstic Acid, Product Type Outlook (Revenue - USD Million, 2019 - 2032)
Tungstic Acid, Function Outlook (Revenue - USD Million, 2019 - 2032)
- Reagent
- Intermediates
- Mordants / Dyes
- Others
Tungstic Acid, Application Outlook (Revenue - USD Million, 2019 - 2032)
- Chemicals Production
- Textile Production
Tungstic Acid, Regional Outlook (Revenue - USD Million, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Tungstic Acid Market Insights
- 4.1. Tungstic Acid Market - Application Snapshot
- 4.2. Tungstic Acid Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Rising popularity of tungsten
- 4.2.1.2. Rapid rate of industrialization and urbanization
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Volatility in raw material prices
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Tungstic Acid Market Application Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Tungstic Acid Market, by Product Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 5.3. Monohydrate
- 5.3.1. Global Tungstic Acid Market, by Monohydrate, by Region, 2019-2032 (USD Million)
- 5.4. Dihydrate
- 5.4.1. Global Tungstic Acid Market, by Dihydrate, by Region, 2019-2032 (USD Million)
6. Global Tungstic Acid Market, by Function
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 6.3. Reagent
- 6.3.1. Global Tungstic Acid Market, by Reagent, by Region, 2019-2032 (USD Million)
- 6.4. Intermediates
- 6.4.1. Global Tungstic Acid Market, by Intermediates, by Region, 2019-2032 (USD Million)
- 6.5. Mordants / Dyes
- 6.5.1. Global Tungstic Acid Market, by Mordants / Dyes, by Region, 2019-2032 (USD Million)
- 6.6. Others
- 6.6.1. Global Tungstic Acid Market, by Others, by Region, 2019-2032 (USD Million)
7. Global Tungstic Acid Market, by Application
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 7.3. Chemicals Production
- 7.3.1. Global Tungstic Acid Market, by Chemicals Production, By Region, 2019-2032 (USD Million)
- 7.4. Textile Production
- 7.4.1. Global Tungstic Acid Market, by Textile Production, By Region, 2019-2032 (USD Million)
8. Global Tungstic Acid Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Tungstic Acid Market Assessment, By Geography, 2019-2032 (USD Million)
- 8.3. Tungstic Acid Market - North America
- 8.3.1. North America: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.3.2. North America: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.3.3. North America: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.3.4. Tungstic Acid Market - U.S.
- 8.3.4.1. U.S.: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.3.4.2. U.S.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.3.4.3. U.S.: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.3.5. Tungstic Acid Market - Canada
- 8.3.5.1. Canada: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.3.5.2. Canada.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.3.5.3. Canada: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4. Tungstic Acid Market - Europe
- 8.4.1. Europe: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.2. Europe.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.3. Europe: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.4. Tungstic Acid Market - UK
- 8.4.4.1. UK: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.4.2. UK.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.4.3. UK: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.5. Tungstic Acid Market - France
- 8.4.5.1. France: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.5.2. France.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.5.3. France: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.6. Tungstic Acid Market - Germany
- 8.4.6.1. Germany: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.6.2. Germany.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.6.3. Germany: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.7. Tungstic Acid Market - Italy
- 8.4.7.1. Italy: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.7.2. Italy.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.7.3. Italy: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.8. Tungstic Acid Market - Spain
- 8.4.8.1. Spain: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.8.2. Spain.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.8.3. Spain: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.9. Tungstic Acid Market - Netherlands
- 8.4.9.1. Netherlands: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.9.2. Netherlands.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.9.3. Netherlands: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.4.10. Tungstic Acid Market - Russia
- 8.4.10.1. Russia: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.4.10.2. Russia.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.4.10.3. Russia: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5. Tungstic Acid Market - Asia Pacific
- 8.5.1. Asia Pacific: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.2. Asia Pacific.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.3. Asia Pacific: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5.4. Tungstic Acid Market - China
- 8.5.4.1. China: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.4.2. China.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.4.3. China: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5.5. Tungstic Acid Market - India
- 8.5.5.1. India: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.5.2. India.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.5.3. India: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5.6. Tungstic Acid Market - Malaysia
- 8.5.6.1. Malaysia: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.6.2. Malaysia.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.6.3. Malaysia: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5.7. Tungstic Acid Market - Japan
- 8.5.7.1. Japan: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.7.2. Japan.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.7.3. Japan: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5.8. Tungstic Acid Market - Indonesia
- 8.5.8.1. Indonesia: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.8.2. Indonesia.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.8.3. Indonesia: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.5.9. Tungstic Acid Market - South Korea
- 8.5.9.1. South Korea: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.5.9.2. South Korea.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.5.9.3. South Korea: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.6. Tungstic Acid Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.6.2. Middle East & Africa.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.6.3. Middle East & Africa: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.6.4. Tungstic Acid Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.6.4.2. Saudi Arabia.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.6.4.3. Saudi Arabia: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.6.5. Tungstic Acid Market - UAE
- 8.6.5.1. UAE: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.6.5.2. UAE.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.6.5.3. UAE: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.6.6. Tungstic Acid Market - Israel
- 8.6.6.1. Israel: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.6.6.2. Israel.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.6.6.3. Israel: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.6.7. Tungstic Acid Market - South Africa
- 8.6.7.1. South Africa: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.6.7.2. South Africa.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.6.7.3. South Africa: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.7. Tungstic Acid Market - Latin America
- 8.7.1. Latin America: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.7.2. Latin America.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.7.3. Latin America: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.7.4. Tungstic Acid Market - Mexico
- 8.7.4.1. Mexico: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.7.4.2. Mexico.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.7.4.3. Mexico: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.7.5. Tungstic Acid Market - Brazil
- 8.7.5.1. Brazil: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.7.5.2. Brazil.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.7.5.3. Brazil: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
- 8.7.6. Tungstic Acid Market - Argentina
- 8.7.6.1. Argentina: Tungstic Acid Market, by Product Type, 2019-2032 (USD Million)
- 8.7.6.2. Argentina.: Tungstic Acid Market, by Application, 2019-2032 (USD Million)
- 8.7.6.3. Argentina: Tungstic Acid Market, by Function, 2019-2032 (USD Million)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. American Elements
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. Buffalo Tungsten Inc.
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. China Minmetals Corporation
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Evans Chem India Pvt. Ltd.
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Forbes Pharmaceuticals
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Ganzhou CF Tungsten Co. Ltd.
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. H.C. Starck GmbH
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Indian Platinum
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Kennametal Inc.
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Maruti Enterprise
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Merck KgaA
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Molycorp Inc.
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. Muby Chem Group
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Otto Kemi
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. Palladium Chemicals
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development
- 10.16. SRL Chemicals
- 10.16.1. Company Overview
- 10.16.2. Financial Performance
- 10.16.3. Product Benchmarking
- 10.16.4. Recent Development
- 10.17. Trifine Industries
- 10.17.1. Company Overview
- 10.17.2. Financial Performance
- 10.17.3. Product Benchmarking
- 10.17.4. Recent Development
- 10.18. Tungsten Compounds GmbH
- 10.18.1. Company Overview
- 10.18.2. Financial Performance
- 10.18.3. Product Benchmarking
- 10.18.4. Recent Development
- 10.19. Wolfram Company
- 10.19.1. Company Overview
- 10.19.2. Financial Performance
- 10.19.3. Product Benchmarking
- 10.19.4. Recent Development
- 10.20. Xiamen Tungsten Co. Ltd
- 10.20.1. Company Overview
- 10.20.2. Financial Performance
- 10.20.3. Product Benchmarking
- 10.20.4. Recent Development