According to a market report by Lucintel, the future of the tungsten market looks promising with opportunities in automotive, defense, aerospace components, drilling, boring & cutting equipment, logging equipment, and electrical & electronics appliances. The global tungsten market is expected to grow with a CAGR of 8% from 2021 to 2026. The major drivers for this market are proliferation in the electronic industry and increasing demand for tungsten for use in hard metals.
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In this market, carbide, metal alloys, mill products, and others are the various applications of tungsten. Lucintel forecasts that tungsten carbide will remain the largest application segment due to its use in the manufacturing of cemented carbides or hard metals.
Within the tungsten market, mining will remain the largest end use industry and witness the highest growth during the forecast period due to physical properties of tungsten being extremely high wear resistant, hence the rising demand for tungsten in mining.
Asia Pacific will remain the largest region over the forecast period due to a large number of suppliers and consumer base of tungsten available in the region. Increasing purchasing power of individuals and rise in population can be attributed as some reasons for growth of the Asia Pacific market.
Xiamen Tungsten, China Minmetals Corporation, Global Tungsten & Powders Corp., GuangDong XiangLu Tungsten, H.C. Starck GmbH, Japan New Metals, King Island Scheelite, Saloro SLU, Specialty Metals Resources SA, Wolfram, and Tungsten Mining NL are among the major tungsten manufacturers.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global tungsten market by application, end use industry, and region. Lucintel has prepared a comprehensive research report titled “Growth Opportunities in the Global Tungsten Market 2021-2026: Trends, Forecast, and Opportunity Analysis.” This Lucintel report serves as a catalyst for growth strategy, as it provides comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global tungsten market by application, end use industry, and region as follows:
By Application [Kilotons and $M shipment analysis for 2015 – 2026]:
Tungsten Carbide
Metal Alloys
Mill Products
Others
By End Use Industry [Kilotons and $M shipment analysis for 2015 – 2026]:
Automotive Parts
Defense
Aerospace Components
Drilling, Boring & Cutting Equipment
Logging Equipment
Electrical & Electronics Appliances
Others
By Region [Kilotons and $M shipment analysis for 2015 – 2026]:
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Asia Pacific
China
Japan
India
South Korea
The Rest of the World
This more than 150 page research report will enable you to make confident business decisions in this globally competitive marketplace. For a detailed table of contents, contact Lucintel at +1-972-636-5056 or visit us at helpdesk@lucintel.com.
About Lucintel
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