Growing end use industries such as automotive industries and increase in the demand of wear resistant materials is anticipated to boost the market of cemented carbide and ultimately will drive the global tungsten market.
New York, NY -- (SBWIRE) -- 01/16/2017 -- Tungsten, also known as Wolfram, is a greyish-white metal having lustrous appearance with a good corrosion resistance properties. Tungsten is widely used in its alloy form because pure tungsten is expensive and even difficult for machining. Its alloy consists of nickel, iron or copper added in tungsten. Tungsten is also available in powder form known as tungsten powder and tungsten carbide powder and its size ranges from 0.40 microns to 17.50 microns and is used in end mills, circuit board drills and nozzles. Fine tungsten carbide powders are used for inserts and cutting tools, whereas ultra-coarse and medium powders are used for wear and die parts, road construction bids. Global tungsten market is anticipated to grow by a decent single digit CAGR in coming future. The global tungsten market has its consumptions in the sector of steel alloys, mill products, cemented carbide, and chemicals. China is a dominant supplier of tungsten having the maximum market share in the global tungsten market in terms of consumption as well as supply.
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Growing end use industries such as automotive industries and increase in the demand of wear resistant materials is anticipated to boost the market of cemented carbide and ultimately will drive the global tungsten market. Tungsten has its application in electronic and electrical components such as electron emitters, lead-in wires and electrical contacts and these industries are forecasted to grow, leading to the increase in global tungsten market. The ability of tungsten to withstand arcing and resistant to corrosion makes it suitable to be used in voltage regulators, though demand of these application is minor but it still contributes in the global tungsten market.
The global tungsten market can get hampered due to the recent economic slowdown in China, as China has the largest market share in mining of tungsten. Tungsten use is forecasted to decline in the lighting application due to the introduction of fluorescent and LED bulbs that has replaced the incandescent bulbs.
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The global tungsten market can be divided into seven regions, namely North America, Latin America, Europe, Asia Pacific, and Middle East and Africa. The Asia Pacific region is dominating the global tungsten market, China continues to be the leader in the supply and consumption of tungsten in the global tungsten market because of its vast tungsten reserves and support of the Chinese government to the tungsten product industries. India will represent a modest growth rate in global tungsten market due to its expanding manufacturing sectors. North America will contribute in the growing global tungsten market with the increasing construction spending in the region. Latin America will witness an above average growth in the global tungsten market by its rising durable goods sector. The expanding automobile industry in Europe makes it a valuable market in global tungsten market. The Middle East and Africa is at a nascent stage in tungsten market, but is having a bright future prospects in global tungsten market.