Tungsten Market 2021 | Emerging Trends & Global Industry Forecast to 2025

According to a study conducted by Global Market Insights Inc. the tungsten market might exceed USD 8.5 billion by the year 2025.

Delaware, United States – August 3, 2021 /MarketersMedia/ —

The global tungsten market is anticipated to grow at a noteworthy pace given to the product’s extensive application in a plethora of industry verticals such as mining, metalworking, aerospace, oil & gas, automotive and defense. The material’s remarkable benefits like resistance to high temperature, low thermal expansion, high-density, corrosion-resistance and high-tensile strength makes its use ideal for a wide spectrum of applications.

Tungsten is mainly used in creating different alloys like high-speed steel, tool steel as well as in fabrication of carbides. Tungsten carbides find usage in high temperature and high strength applications such as drill bits and cutting tools. The chemical industry is heavily reliant on sulfides, oxides or salts derived from tungsten to develop catalysts and lubricants.

This growth can be credited to some of the ongoing trends mentioned below:

Tungsten Market | Rising usage in the electronics sector

Tungsten is popularly used in a number of electronic items like vacuum tube filaments, light bulbs and cathode-ray tubes owing to its low vapor pressure and high melting point. Estimates suggest that the electronics segment might record more than 8% CAGR by the end of 2025. The electronics sector has been one of the major end-user of tungsten metals over the past few decades and is expected to generate tremendous growth opportunities for in the future.

According to estimates, the global consumer electronics market is predicted to cross USD 1,500 billion by the end of 2024. Robust technological developments coupled with increasing innovation to enhance and miniaturize PCB technology could enhance the tungsten business outlook over the predicted timeframe.

Proliferating demand from the aerospace industry –

The aerospace sector comes as a vital end-user of tungsten steel. Rapid expansion activities by aircraft manufacturing companies across developed countries like Germany, the U.S. and France could stimulate the demand for tungsten steel. Reports suggest that aerospace segment could register a compound annual growth rate of 7% by the end of the forecast timespan.

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Increasing adoption of key business strategies –

Companies operating in the tungsten market are constantly engaging in organic and inorganic business strategies like product development, collaborations and fundraisers to enhance their product portfolio and market share. Taking September 2020 for instance, Huntingdon Fusion Techniques HFT® developed a new tungsten electrode grinder called the TEG-1000 that comes with a diamond wheel which offers smooth and clean finishes while eliminating arc jumping and curbing splintering.

Currently, companies like China Minmetals Corporation, W Resources, Wolfram Bergbau-und Hutten, Specialty Metals Resources, Soloro, H.C. Starck, Wolfram Company and Japan New Metals Company are leading the tungsten market landscape with their pioneering product offerings.

About Global Market Insights Inc.
Global Market Insights Inc. headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights Inc.
Phone: 1-302-846-7766
Website: https://www.gminsights.com/pressrelease/tungsten-market

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