Global Tungsten Market 2018-2022
Tungsten is one of the toughest metals found in nature and exhibits unique properties. Pure tungsten is silver colored and has a high melting point. It offers high density and resists fracture and high temperatures. It is primarily extracted from wolframite and scheelite.
Technavio’s analysts forecast the global tungsten market to grow at a CAGR of 5.51% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global tungsten market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Tungsten Market 2018-2022
Technavio recognizes the following companies as the key players in the global tungsten market: ALMONTY, China Molybdenum, Wolf Minerals, Wolframcompany, Xiamen Tungsten, and Chongyi ZhangYuan Tungsten.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is miniaturization of electronic components. With the growing demand for mini devices and small-sized portable devices including smartphones, electronic components such as the ICs are increasingly being miniaturized. Several advances in semiconductors and the increasing shift to ICs has encouraged manufacturers to produce small electro-mechanical components.”
According to the report, one driver in the market is vast reserves of tungsten ores in China. With over 75% of the global tungsten output, China is one of the key producers across the globe. Furthermore, the country ranks first with over 1,900,000 metric tons of reserves and is considered as the largest producer, exporter, and consumer of tungsten.
Further, the report states that one challenge in the market is stringent environmental and safety regulations. Ingestion of Tungsten metal or carbide through air. water, or food causes lungs diseases and carcinogenic health issues. The areas around tungsten mines, tungsten production industries, and natural deposits have high levels of tungsten in the air and water.
Chongyi ZhangYuan Tungsten
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