Tungsten Market Industry Growth forecast from 2016 to 2024

Tungsten Market size is estimated to grow at a moderate rate of around 4% CAGR in the forecasted period and demand for processed tungsten forecasted to be more than 120,000 metric tons by 2024.

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Global air traffic will grow by more than 4% annually over the next 20 years requiring more than 30,000 new passenger aircrafts at a value of almost USD 4.5 trillion. Increasing air passenger movement worldwide and use of aircrafts for transporting high value cargo in a short time will be a major driver for the tungsten market.

Improved economic conditions in countries and increasing purchasing power of people will be a major driver for the tungsten market during the forecast years because of extensive use of the product in automobile manufacturing. Passenger car demand is likely to rise above 1600 million units and heavy and medium weight vehicle demand above 150 million units by 2020.

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Tungsten market segmentation by products is as – ribbons, wires, sheets, foils, rods, tubes, strips. Ribbons are used as lamp components and wires for electrical conductivity and as precision wires. Sheets and rods are used as high temperature furnace components and as radiation shielding.

End user industries in tungsten market are automotive, aerospace and defense, mining, oil and gas, electronics, medical and construction. Automotive industry will be the most significant end user which will contribute to the tungsten market. Improved standard of living for people in developing and less developed countries will have a positive impact on the tungsten market in these countries.

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The global tungsten market is divided into five regions – north America, Asia pacific, Europe, Middle east and Africa and Latin America. Asia pacific will dominate the tungsten market in the forecast period with China leading both in terms of consumption and supply owing to its vast reserves and government policies which favors the production of high value tungsten products.

Tungsten market may be hampered due to economic slowdown in China, its most significant producer. Introduction of fluorescent and LED bulbs may also impact the market negatively although greater requirement of refractory tungsten alloys in these products is likely to offset this impact. Increasing oversupply due to new mine projects around the globe may also hamper the market as prices will decrease.

Major players in the tungsten market are – Buffalo Tungsten, Nippon Tungsten, Federal Carbide, NAECO, Kennametal, Sumitomo Electric Industries, Toonney Alloy. Hemerdon project in the UK by Wolfminerals, Ormonde’s Barruecopardo project in Spain and Molyhil project in Australia by Thor Mining are some of the non-Chinese projects that could enter production in the forecast period.

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