Market Size of Tungsten Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.00 % |
| Fastest Growing Market | North America |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
