Tungsten Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

The Business Research Company's Tungsten Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033

LONDON, GREATER LONDON, UK, June 27, 2024 /EINPresswire.com/ -- The global tungsten market is poised for significant growth, increasing from $5.11 billion in 2023 to $5.66 billion in 2024, at a compound annual growth rate (CAGR) of 10.9%. This growth, driven by increased industrial applications and demand from the automotive and defense sectors, is expected to continue, reaching $8.11 billion by 2028 with a CAGR of 9.4%. Factors such as vehicle electrification, biomedical applications, and infrastructure development are anticipated to fuel this expansion.

Rising Mining Activities Propel Market Growth
The growth of the tungsten market is significantly driven by rising mining activities. Mining, which includes the extraction of valuable minerals and materials, heavily relies on tungsten for equipment like drilling bits and cutting tools. Tungsten's strength, hardness, and toughness make it indispensable in this industry. According to Statistics Botswana, the Index of Mining Production saw an annual growth of 28.1% from 64.0 in Q4 2020 to 82.0 in Q4 2021, underscoring the sector's expansion. Consequently, increased mining activities are bolstering the tungsten market.

Explore comprehensive insights into the global tungsten market with a detailed sample report: https://www.thebusinessresearchcompany.com/sample_request?id=13164&type=smp

Key Players and Market Trends
Key players in the tungsten market include CMOC Group Ltd., Sandvik AB, Xiamen Tungsten Co. Ltd., Umicore N.V., and IMC International Metalworking Companies B.V. Companies like Masan High-Tech Materials are at the forefront of innovation, developing advanced tungsten powders such as Starck2Print for 3D printing. These powders are tailored for additive manufacturing, demonstrating high flowability and optimal particle size distribution, crucial for powder bed fusion techniques.
The tungsten market is witnessing several trends, including technological advancements in tungsten processing, strategic stockpiling by end-users, and international collaborations. Innovations in tungsten carbide and the integration of green energy technologies are also prominent. For instance, Masan High-Tech Materials' launch of Starck2Print tungsten powders in March 2023 highlights the focus on enhancing additive manufacturing capabilities.

Segments:
•Product: Carbides, Tungsten Alloys, Tungsten Mill Products, Tungsten Chemicals
•Form: Foils, Ribbons, Wires, Tubes
•End-User Industry: Automotive, Aerospace, Machine Tools And Equipment, Electrical And Electronics, Other End-User Industries

Geographical Insights: Asia-Pacific Dominates, Europe on the Rise
In 2023, Asia-Pacific led the tungsten market, while Europe is expected to be the fastest-growing region during the forecast period. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, offering detailed insights into regional market dynamics and growth opportunities.

Access the complete report for an in-depth analysis of the global tungsten market:
https://www.thebusinessresearchcompany.com/report/tungsten-global-market-report

Tungsten Global Market Report 2024 from TBRC covers the following information:
•Market size data for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Tungsten Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on tungsten market size, tungsten market drivers and trends, tungsten market major players, competitors' revenues, market positioning, and market growth across geographies. The tungsten market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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