Tungsten is a rare metal found naturally on Earth crust exclusively as compounds with various other elements. According to BlueQuark Research & Consulting, the world Tungsten demand is expected to witness a significant growth rate during the forecast period. Factors such as the growing demand for Tungsten in manufacturing bulb filaments, X-ray tubes, electrodes, gas tungsten arc welding, and radiation shielding are driving the Tungsten market growth. The surging demand for alloy in various end-user industries like the Mining, Petroleum, and Military industries is expected to increase the demand for Tungsten as it acts as one of the prime raw materials for alloy tools used in these industries. Properties of Tungsten like high melting point, high boiling point, and ductility make it of great use to the Electronic and Aerospace industry as well. Furthermore, the increasing applications of Tungsten in jewelry as an alternative to gold and platinum are set to propel the demand for Tungsten in the forecasted years. Also, Tungsten alloyed with nickel, iron or cobalt, can replace Uranium in kinetic energy penetrators so that the harmful radiations of Uranium can be avoided. However, factors like volatility in raw material prices and increasing demand-supply imbalance can restrain the Global Tungsten Market.
Tungsten is used to manufacture lightening filaments, X-ray tubes, electrodes, gas tungsten arc welding, superalloys, radiation shielding, military penetrating projectiles, industrial catalysts, water-resistant abrasives, knives, drills, circular saws, milling tools, jewelry, superalloys, rocket nozzles, permanent magnets, uranium substitute in kinetic energy penetrators, lubricants, catalysts, gold substitution, nanowires, fusion powder. Tungsten wires are generally used in thermionic emitters, vacuum heating elements, corona generation, LEEP and LEED electrodes, medical devices, and filaments are raising the demand for high purity tungsten market. Pure tungsten metal products such as electrodes, lighting filaments, electrical and electronic contacts, sheets, wires, rods, and other items will continue to expand world tungsten mill products demand steadily, owing to tungsten's widespread use in electrical and electronic applications.
The Mining and Drilling Industry is the prime consumer of Tungsten globally and is expected to drive the future market. Tungsten is most commonly used for manufacturing rigid materials based on tungsten carbide (WC), which is one of the hardest carbides. Tungsten carbide is an excellent electrical conductor therefore, it is used to manufacture wear-resistant abrasives and carbide cutting equipment like circular saws, knives, drills bits, downhole hammers, longwall shearer picks, roller-cutters, tunnel boring machines. These tools are extensively used by Mining, Petroleum, woodworking, and construction industries driving the Global Tungsten Market. Carbide tooling is basically metal/Ceramic-composite, cobalt functions as a binding material to bind Tungsten Carbide particles in place. This type of industrial use, which involves Tungsten Carbide (WC), accounts for approximately 60% of the total Tungsten Consumption across the globe. Tungsten is also used to produce various alloys with high melting points, high boiling points, ductility, and strength. It is used in making carbide tools for metalworking equipment after alloying with other metals, thus producing superalloys for nuclear reactors, missile parts, tanks, vessels, and jet engines. Therefore, the aerospace and defense industries are also great customers of Tungsten and contribute to the growth of the Global Tungsten Market. Furthermore, Due to its high remanence and coercivity, Quenched tungsten steel (approx. 5.5% to 7.0% W) is also used to make hard permanent magnets, thus contributing to the growth of the Tungsten Market. Properties of Tungsten like very high surface to volume ratio. As a result, the formation of surface oxides gave rise to tungsten nanowires that can be potentially used as pH probes and gas sensors.
World Tungsten mine production was estimated to be 84-Kilo tons in 2020 and about 30% of tungsten scrap is recycled globally since tungsten scrap materials are richer in tungsten than tungsten ore concentrations. Increasing demand for tungsten products is further boosting the demand for the tungsten recycling market. Global tungsten recycling market growth is expected to be significant over the next five years, increasing global production of recycled tungsten materials.
World Tungsten market was found to be fragmented. Major global players in the industry were China Minmetals Corporation, Xiamen Tungsten Company, Global Tungsten & Powders Corporation, Chongyi ZhangYuan Tungsten Company, Guangdong Xianglu Tungsten Company, Wolfram Bergbau-und Hutten AG, H.C Starck, Japan New Metals Company, Specialty Metals Resources SA, Saloro.
The Asia Pacific region is anticipated to be the largest consumer and supplier of Tungsten in the forecasted year. The growth is attributed to the growth of the end-user industries, such as Mining, Military, Aerospace, and Electronics. The world has 3,200,000 tonnes of total reserves of Tungsten, and the most tungsten-rich countries are China (1,800,00 t), Canada (290,000t), Russia (160,000 t), Vietnam (95,000 t), and Bolivia. As of 2017, China, Russia, and Vietnam are the top suppliers of Tungsten with 79,000, 3,100, and 7,200 tonnes, respectively. Canada had stopped production in late 2015 because of the shut-down of only tungsten mines. Owing to major optimizations of its domestic refining operations, Vietnam had been significantly increasing its output since 2010 and even overtook Russia and Bolivia. Keeping its status, China remains the most dominant country not only in production but also in the consumption and exports of Tungsten products. A major amount of output goes to China's enormous cemented carbide tool industry, also exports refined tungsten and completed goods to the rest of the world, making Chinese mine and refined tungsten production vital to global tungsten mill products market growth. Tungsten production is slowly increasing outside of China with the increasing demand. Still, the Chinese Government has strictly regulated the supply because of illegal mining and excessive pollution from mining and refining processes. Tungsten has become a conflict mineral in central parts of Africa due to unethical mining practices in the Democratic Republic of Congo.
In Jul-2020, Government-owned National Mineral Development Corporations (NMDC) in India asked for the Union Cabinet's approval to acquire a minor stake in Vietnam's tungsten mines as a part of India's effort to reduce dependency on China for the raw materials used for Military equipment.
In June 2021, the German carmaker BMW has created a closed-loop materials cycle for rare metal by collecting secondary tungsten obtained from old drill and milling bits at its plants in Germany and Austria for recycling to reduce energy consumption by 70% and CO2 emissions by more than 60% compared to the primary tungsten.
The iPhone 12 is the first Apple product to use recycled tungsten, as well as the first to use a majority of recycled rare earth materials.
Our global tungsten market research report provides deep insight into the Industrial market's current and future state across various regions. The study comprehensively analyses the Tungsten market by segmenting based on the Form (Metal, Alloy), Applications ( Tungsten carbide market tools, Superalloys, Permanent Magnets, Nanowires, others), End-User (Mining, Petroleum, Military, Electronics, Others), and Geography (Asia-Pacific, North America, Europe, South America, and Middle-East and Africa). This report examines the market drivers and restraints and the impact of Covid-19 on the market growth in detail. The study covers and includes emerging tungsten market value, global tungsten market size, market trends, developments, opportunities, and challenges in the industry. The report also covers extensively researched tungsten competitive landscape sections with prominent companies and profiles, including their tungsten market share and projects.