Selling : Global Tungsten Market

Posted on August 23, 2019 01:26 am

Details:

Global Tungsten Market was valued US$ Bn in 2017 and is projected to reach US$ Bn by 2026 at a CAGR of %. Growing end use industries such as automotive, aerospace and electrical and electronics and increase in the demand of wear resistant materials is anticipated to drive the global tungsten market. Tungsten is used in electronic and electrical components such as electron emitters, lead-in wires and electrical contacts leading to the increase in global tungsten market. Tungsten is also used in the fabrication of carbides, which are popularly used as cutting tools, drill bits, and for other such high strength and high temperature applications. Pure tungsten are used in the electronic industry whereas salts, sulfides, or oxides obtained from the product finds usage in the chemical industry in manufacturing lubricants, catalysts, etc. Tungsten carbides will continue to account for the largest share of processed tungsten consumption due to their widespread use in replaceable cutting tools and inserts. While tungsten alloys will record the fastest growth stimulated largely by increasing aerospace manufacturing. However, tungsten mill products will demonstrate steady growth, assisted by demand for the metal in a number of other electrical and electronic applications. Automotive parts is major end use segment estimated to grow at CAGR of above 8%. Tungsten is employed for different applications in automotive production and assembly. Pure tungsten, its alloys, or carbides are employed in the automotive industry as studs for tires, ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts that sees heavy usage or extreme temperatures. Asia Pacific region is leading the global tungsten market, China continues to be the leader in the supply and consumption of tungsten in the global tungsten market due to its vast tungsten reserves and support of the Chinese government to the tungsten product industries. North America contribute in the growing global tungsten market with the increasing construction spending in the region. Europe is valuable market in global tungsten market owing to expanding automobile industry.

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