Tungsten Market Size (2024 - 2029)

Tungsten Market Analysis

The tungsten market is expected to grow at a CAGR of over 8% during the forecast period.

The market was negatively impacted due to COVID-19. Due to the pandemic scenario, several countries around the world went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market has recovered from the COVID-19 pandemic and is increasing at a significant rate.

• Over the short term, the worldwide tungsten market is predicted to be driven by growing end-use sectors such as automotive, aerospace, electrical, and electronics, as well as a rise in the need for wear-resistant materials. Tungsten is utilized in electronic and electrical components such as electron emitters, lead-in wires, and electrical contacts, which is driving the global market's expansion throughout the forecasted period.
• However, increasing demand and supply gaps, as well as toxicity caused by the use of tungsten carbide, will limit the expansion of the tungsten market in the coming years.
• Nevertheless, tungsten's melting nature makes it an attractive material for the mining industry, which is expected to create major opportunities for market growth. Increased demand for tungsten carbide in cutting tools and precision equipment enhances market share by driving growth.
• The Asia-Pacific region dominates the global market, with the largest consumption being registered in China.

Tungsten Industry Segmentation

Tungsten, often known as wolfram, is a chemical element that has the symbol W and the atomic number 74. Tungsten is a rare metal that occurs nearly entirely in nature in compounds with other metals.

The tungsten market is segmented by form, products, end-user industry, and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). By form, the market is segmented into foils, ribbons, wires, and tubes. By products, the market is segmented into carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. By end-user industry, the market is segmented into automotive, aerospace, machine tools and equipment, electrical and electronics, and other end-user industries. The report also covers the market size and forecasts for the concrete bonding agent market in 11 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).