According to a new research report by Global Market Insights Inc., the tungsten market size will likely surpass $8.5 billion by 2025. Increasing tungsten usage in the production of various alloys will be a major growth enabler for the tungsten market.
Tungsten is used as a pure metal or mixed with other metals to make various alloys. These alloys are used in different applications due to characteristics such as flexibility, wear resistance and corrosion. The different types of alloys manufactured by using the product includes heavy metal alloys, superalloys, stellites, etc.
Heavy metal alloys are suited for high density applications as they comprise 90% to 97% pure tungsten in a matrix of nickel – iron or nickel – copper. Including these elements help in enhancing both the machinability and ductility of these alloys over non-alloyed tungsten.
They are employed as counterweights in helicopter-blades, aircrafts, rotating inertia members, as rigid tools for machining, x-ray and gamma ray radiation shielding, weights in golf club heads, darts, as well as for ordnance purposes. The product when mixed with copper and silver is often known as tungsten-based infiltrated metals.
Cobalt-chromium-tungsten alloys are known as stellites. These are corrosion and wear resistant alloys which are used for bearings, valve seats, pistons, and applications where a tough wear resistant material is required. Superalloys are cobalt, nickel or iron-based alloys with high contents of molybdenum, tungsten, rhenium, and tantalum.
Their vital properties include high creep strength, high-temperature strength, good oxidation resistance, high thermal fatigue resistance, excellent corrosion resistance, good welding properties, air melting capability and ease of casting. Superalloys are used in aircraft engines, turbine blades & vanes in stationary power units, in marine vehicles, exhaust gas assemblies as well as burner liners. They are also used as construction material for furnace parts.
Browse key industry insights spread across 250 pages with 294 market data tables & 28 figures & charts from the report, “Tungsten Market By Application (Tungsten Carbide, Metal Alloys, Mill Products), By End-use (Automotive Parts, Aerospace Components, Drilling, Boring & Cutting Equipment, Logging Equipment, Electrical & Electronics Appliances), Industry Analysis Report, Regional Outlook, Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025” in detail along with the table of contents:
Metal alloys is a major application segment and is likely to grow with around 8% CAGR during the forecast timeframe. Increasing product usage in the production of steel alloys will give a significant boost to this application segment’s growth. Increasing demand for superalloys, heavy metal alloys, tool steel, and other such alloys which are manufactured using tungsten will propel the overall tungsten market share in the study period.
Automotive parts are a major end-use segment, depicting a CAGR exceeding 8% from 2018 to 2025. The product is employed for different applications in automotive production and assembly. Pure tungsten, its alloys, or carbides are employed in the automotive sector as studs for tires (studded snow tires), ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts that sees heavy usage or extreme temperatures.
Increasing production as well as demand for automobiles will drive the tungsten market segment’s in the study period.
Europe accounted for more than one-fifth of the overall industry size in 2017. Steady growth in the regional automotive industry coupled with increasing production of aerospace components in Germany, France, Italy, and UK will provide a major boost for the tungsten market growth.
Key participants in the global tungsten industry includes China Minmetals Corporation, W Resource, Specialty Metals Resources SA, H.C. Starck, Wolfram Bergbau-und Hutten, Japan New Metals Company, Soloro, Wolfram Company JSC, and others. Integration is a major strategy used by market participants to strengthen their positions and to increase their profit margins.