Tungsten Market by Top Key Industry Players: Buffalo Tungsten, Nippon Tungsten, Federal Carbide, NAECO, Kennametal, Sumitomo Electric Industries, Toonney Alloy
Tungsten Market 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.
(EMAILWIRE.COM, August 03, 2018 ) 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. Rods are also used as part of medical devices and welding electrodes. Strips are used for metal cutting and as electrical contacts.
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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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. Demand for replacement parts for automobile will also increase in the coming years.
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. Also, global expenditure in the defense sector was roughly around USD 1.5 trillion which will increase to around USD 3 trillion by 2025. Increased spending in defense aircraft manufacturing and missile technology by countries like China, Russia and India will augment the tungsten market.
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.
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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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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.
Request for an in-depth table of contents for this report @
https://www.gminsights.com/request-toc/upcoming/1249
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. Demand for replacement parts for automobile will also increase in the coming years.
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. Also, global expenditure in the defense sector was roughly around USD 1.5 trillion which will increase to around USD 3 trillion by 2025. Increased spending in defense aircraft manufacturing and missile technology by countries like China, Russia and India will augment the tungsten market.
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.
Request for customization of this report @
https://www.gminsights.com/roc/1249
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.
About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Contact Information:
Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
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Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results