Tungsten - Global Strategic Business Report

The global market for Tungsten was estimated at 125.1 Thousand Metric Tons in 2023, and is projected to reach 172.7 Thousand Metric Tons by 2030, growing at a CAGR of 4.7% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.

Key Insights:

Market Growth: Understand the significant growth trajectory of the Hard Metals / Cement Carbides Application segment, which is expected to reach 97.7 Thousand Metric Tons by 2030 with a CAGR of a 4.8%. The Steels, SupeRalloys, & Wear-resistant Alloys Application segment is also set to grow at 4.4% CAGR over the analysis period.
Regional Analysis: Gain insights into the U.S. market, estimated at 13.3 Thousand Metric Tons in 2023, and China, forecasted to grow at an impressive 5.4% CAGR to reach 104.4 Thousand Metric Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

Detailed Market Analysis: Access a thorough analysis of the Global Tungsten Market, covering all major geographic regions and market segments.
Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Tungsten Market.
Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

How is the Global Tungsten Market expected to evolve by 2030?
What are the main drivers and restraints affecting the market?
Which market segments will grow the most over the forecast period?
How will market shares for different regions and segments change by 2030?
Who are the leading players in the market, and what are their prospects?

Report Features:

Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
Company Profiles: Coverage of major players such as A.L.M.T. Corp., Allegheny Technologies Inc., Almonty Industries Inc., and more.
Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Select Competitors (Total 133 Featured):

A.L.M.T. Corp.
Allegheny Technologies Inc.
Almonty Industries Inc.
Betek GmbH & Co. KG
Buffalo Tungsten Inc.
China Molybdenum Co., Ltd.
Chongyi Zhangyuan Tungsten Co., Ltd
H.C. Starck GmbH
International Metalworking Companies (IMC)
Kennametal, Inc.
Nippon Tungsten Co., Ltd.
Plansee Group
Sandvik AB
Umicore N.V.
Xiamen Tungsten Co., Ltd.

I. METHODOLOGYII. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

Global Market Prospects & Outlook
Tungsten Enjoys Spotlight as Crucial, Go-To Material for High-Tech Applications
Global Economic Update
World Economic Growth Projections (Real Gross Domestic Product (GDP), Annual % Change) for the Years 2022 Through 2025
Global Headline Inflation Rates (In %) for the Years 2019 through 2025
Global Average Annual Brent Crude Oil Price (In US$ Per Barrel) for Years 2019 through 2025
Competitive Landscape
Tungsten - Global Key Competitors Percentage Market Share in 2024 (E)
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
Processed Tungsten Market: Chinese Vendors Maintain Edge
Tungsten: Product Overview
Properties of Tungsten
Ores/Minerals of Tungsten
Mining, Refining and Processing of Tungsten
Substitutes to Tungsten
Tungsten: A Historic Perspective
Tungsten Pricing Scenario
Tungsten Price Trends in $/MTU: Jan 2021- June 2024
Analysis by Application Type
Hardmetals/Cement Carbides: Largest Application Segment
Tungsten Remains Highly Relevant in Steels, Superalloys, & Wear-Resistant Alloys
China Remains the Dominant Market
World Tungsten Production Scenario
Global Tungsten Production (in Metric Tons) by Country for 2022 and 2023
World Tungsten Reserves (in Metric Tons) by Country (2023)
Major Tungsten Producing Countries Worldwide
A Note on New & Upcoming Tungsten Mining Projects
Select Development Stage Tungsten Mines
Emphasis on Tungsten Scrap Recycling Elevates Overall Production Volumes
Global Tungsten Market by Source: Percentage Breakdown of Volume Shipments for Mined Tungsten and Recycled Tungsten for 2012, 2018 & 2024
World Brands
Recent Market Activity
Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
Influencer/Product/Technology Insights

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

Techno-Functional Attributes Propel Tungsten's Relevance Across Diverse Applications
Tungsten Offers Significant Benefits in Developing Robotic Arms and Surgical Robots
Tungsten's Strategic Role in the Evolving Oil and Gas Industry
Global Energy Demand & Growth (In Million Tonnes of Oil Equivalent (Mtoe)) for the Years 1990, 2000, 2010, 2020, 2030 and 2040
World Average Rig Count: 2015-2024
Global Upstream Oil& Gas CAPEX (In US$ Billion) for Years 2020- 2024E
Mining Sector to Further Leverage Exceptional Drilling & Boring Features of Tungsten Mining Tools
Encouraging Growth in Automotive Industry to Present Growth Opportunities for Tungsten Automotive Parts
Global Light Vehicle Production (In Million Units) for Years 2019 through 2025
Recent Surge in EV Sales to Bolster Tungsten Demand Globally
World EVs Sales in Million Units for Years 2021 - 2024
Rising Focus on New & Efficient Aerospace Components to Fuel Future Demand for Tungsten
Scheduled Passengers Boarded by the Global Airline Industry (Million) for Years 2016, 2018, 2020, 2022 and 2024
Rise in Defense Spending to Boost Demand for Tungsten
Tungsten to Gain from Critical Importance of Electrical & Electronic Systems in Consumer & Commercial Markets
Tungsten as a Replacement for the Heavy & Poisonous Lead in High-Density Applications Augurs Well for Future Growth
Additive Manufacturing Makes Tungsten a Compelling Option to Create Prototypes
3D Printing Techniques for Tungsten & Tungsten Composites
Advanced 3D Printing Technique to Improve Properties of High-Temperature Tungsten & Alloys
Additive Manufacturing Steps In to Generate Novel Opportunities for Tungsten in Healthcare Sector
Zirconiated Tungsten: Effective Option to Weld Metals with High Melting Point
Tungsten Wire Market: Rising Demand from Downstream Market to Bolster Growth
Global Tungsten Wire Market by Application (%) for 2024
Cemented Tungsten Carbide Market Poised to Witness Strong Growth

4. GLOBAL MARKET PERSPECTIVE

Table 1: World Tungsten Market Analysis of Annual Sales in Metric Tons for Years 2014 through 2030
Table 2: World Recent Past, Current & Future Analysis for Tungsten by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 3: World Historic Review for Tungsten by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 4: World 16-Year Perspective for Tungsten by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets for Years 2014, 2024 & 2030
Table 5: World Recent Past, Current & Future Analysis for Hard Metals / Cement Carbides Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 6: World Historic Review for Hard Metals / Cement Carbides Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 7: World 16-Year Perspective for Hard Metals / Cement Carbides Application by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 8: World Recent Past, Current & Future Analysis for Steels, SupeRalloys, & Wear-resistant Alloys Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 9: World Historic Review for Steels, SupeRalloys, & Wear-resistant Alloys Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 10: World 16-Year Perspective for Steels, SupeRalloys, & Wear-resistant Alloys Application by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 11: World Recent Past, Current & Future Analysis for Mill Products Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 12: World Historic Review for Mill Products Application by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 13: World 16-Year Perspective for Mill Products Application by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 14: World Recent Past, Current & Future Analysis for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 15: World Historic Review for Other Applications by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 16: World 16-Year Perspective for Other Applications by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 17: World Recent Past, Current & Future Analysis for Drilling, Boring & CUtting Equipment End-use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 18: World Historic Review for Drilling, Boring & CUtting Equipment End-use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 19: World 16-Year Perspective for Drilling, Boring & CUtting Equipment End-use by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 20: World Recent Past, Current & Future Analysis for AUtomotive Parts End-use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 21: World Historic Review for AUtomotive Parts End-use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 22: World 16-Year Perspective for AUtomotive Parts End-use by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 23: World Recent Past, Current & Future Analysis for Aerospace Components End-Use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 24: World Historic Review for Aerospace Components End-Use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 25: World 16-Year Perspective for Aerospace Components End-Use by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 26: World Recent Past, Current & Future Analysis for Logging EqUipment End-use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 27: World Historic Review for Logging EqUipment End-use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 28: World 16-Year Perspective for Logging EqUipment End-use by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 29: World Recent Past, Current & Future Analysis for Electrical & Electronics Appliances End-Use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 30: World Historic Review for Electrical & Electronics Appliances End-Use by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 31: World 16-Year Perspective for Electrical & Electronics Appliances End-Use by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030
Table 32: World Recent Past, Current & Future Analysis for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2023 through 2030 and % CAGR
Table 33: World Historic Review for Other End-Uses by Geographic Region - USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World Markets - Independent Analysis of Annual Consumption in Metric Tons for Years 2014 through 2022 and % CAGR
Table 34: World 16-Year Perspective for Other End-Uses by Geographic Region - Percentage Breakdown of Volume Consumption for USA, Canada, Japan, China, Europe, Asia-Pacific, Latin America and Rest of World for Years 2014, 2024 & 2030

III. MARKET ANALYSIS

UNITED STATES

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2024 (E)
Myriad Industrial Applications to Drive Long-term Tungsten Demand
Wear Resistance Features Augment Tungsten Carbide Demand

CANADA

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Canada for 2022 (E)

JAPAN

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Japan for 2024 (E)

CHINA

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in China for 2024 (E)
Chinese Tungsten Market: An Overview
Global Leader in Tungsten Production and Consumption
Production Scenario
Mine Production: A Regional Perspective
Tungsten Reserves in China by Province (2020): Percentage Breakdown of Reserves for Fujian, Henan, Hunan, Jiangxi, and Others
Key Challenges Hampering Market Prospects in China
Competition

EUROPE

Market Facts & Figures
European Tungsten Market: Competitor Market Share Scenario (in %) for 2023 & 2030
Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2024 (E)
Russia: A Prominent Producer of Tungsten
Market Analytics

FRANCEGERMANYITALYUNITED KINGDOMRUSSIAREST OF EUROPE

ASIA-PACIFIC

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Asia-Pacific for 2024 (E)
Increasing Infrastructure Development Drive Strong Market Growth in Asia-Pacific
Vietnam Emerges as a Major Tungsten Producer

LATIN AMERICA

Tungsten Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Latin America for 2024 (E)

REST OF WORLDIV. COMPETITION

Companies Mentioned

A.L.M.T. Corp.
Allegheny Technologies Inc.
Almonty Industries Inc.
Betek GmbH & Co. KG
Buffalo Tungsten Inc.
China Molybdenum Co., Ltd.
Chongyi Zhangyuan Tungsten Co., Ltd
H.C. Starck GmbH
International Metalworking Companies (IMC)
Kennametal, Inc.
Nippon Tungsten Co., Ltd.
Plansee Group
Sandvik AB
Umicore N.V.
Xiamen Tungsten Co., Ltd.

Table Information

Report Attribute	Details
No. of Pages	461
Published	December 2024
Forecast Period	2023 - 2030
Estimated Market Value ( USD ) in 2023	$ 125.1 Thousand Metric Tons
Forecasted Market Value ( USD ) by 2030	$ 172.7 Thousand Metric Tons
Compound Annual Growth Rate	4.7%
Regions Covered	Global
No. of Companies Mentioned	15

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Key Insights:

Why You Should Buy This Report:

Key Questions Answered:

Report Features:

Select Competitors (Total 133 Featured):

Table of Contents

Companies Mentioned

Table Information

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