Selbyville, Delaware, Dec. 11, 2018 (GLOBE NEWSWIRE) --

The tungsten market is predicted to grow from $3.5 billion in 2017 to $8.5 billion by 2025, according to a 2018 Global Market Insights, Inc. report. Increasing tungsten usage in the production of various alloys will be a major growth enabler for the tungsten market.

The product is used as a pure metal or mixed with other metals to make various alloys. These alloys are used in different applications due to characteristics such as flexibility, wear resistance and corrosion. The different types of alloys manufactured by using the product includes heavy metal alloys, superalloys, stellites, etc.

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Metal alloys is a major application segment in the global tungsten market. This segment is likely to grow with around 8% CAGR during the forecast timeframe. Increasing product usage in the production of steel alloys will give a significant boost to this application segment’s growth. Increasing demand for superalloys, heavy metal alloys, tool steel, and other such alloys which are manufactured using tungsten will propel the overall industry growth in the study period.

Automotive parts are a major end-use segment in the tungsten market, gaining with a CAGR exceeding 8% from 2018 to 2025. The product is employed for different applications in automotive production and assembly. Pure tungsten, its alloys, or carbides are employed in the automotive industry as studs for tires (studded snow tires), ball joints, brakes, crank shafts in performance vehicles, and other mechanical parts that sees heavy usage or extreme temperatures. Increasing production as well as demand for automobiles will drive this segment’s growth in the study period.

Browse key industry insights spread across 250 pages with 294 market data tables & 28 figures & charts from the report, “Tungsten Market Size By Application (Tungsten Carbide, Metal Alloys, Mill Products), By End-use (Automotive Parts, Aerospace Components, Drilling, Boring & Cutting Equipment, Logging Equipment, Electrical & Electronics Appliances), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, Saudi Arabia, South Africa, UAE, Qatar), Application Growth Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025” in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/tungsten-market

Europe is an important tungsten market accounting for more than one-fifth of the overall industry size in 2017. Steady growth in the regional automotive industry coupled with increasing production of aerospace components in Germany, France, Italy, and UK will provide a major boost for the product market growth.

Key participants in the global tungsten market includes China Minmetals Corporation, W Resource, Specialty Metals Resources SA, H.C. Starck, Wolfram Bergbau-und Hutten, Japan New Metals Company, Soloro, Wolfram Company JSC, and others. Integration is a major strategy used by market participants to strengthen their positions and to increase their profit margins.

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