Refractory Metals Market Forecast to Hit $32.8 Billion by 2033: The Brainy Insights

Refractory metals market size from USD 22.4 billion in 2023 to USD 32.8 billion in 10 years. The growth in aerospace and defence industries drive the market's growth. North America emerged as the largest global refractory metals market, with a 37.8% market revenue share in 2023.

Newark, June 19, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 22.4 billion refractory metals market will reach USD 32.8 billion by 2033. Refractory metal is a combination of three elements from sixth group of periodic table namely tantalum, tungsten, and rhenium and two from fifth group namely niobium and molybdenum. These elements are resistant to high temperatures and wear, increasing their demand in the aviation and aerospace industry. The market for refractory metals is expected to grow during the forecast period as there is rapid growth in the aviation industry. Since mining operations are the primary usage for metals like tungsten, the demand for these metals has increased significantly in recent years. Refractory metals are mostly used by the iron and steel industry as they can sustain high temperatures without seeing a major change in their physical characteristics. These include the production of iron and steel through internal furnace linings, the heating of steel in furnaces prior to further processing, the holding and transportation of metal and slag in vessels, the flues or stacks used to conduct hot gases, and other applications.

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Key Insights on Refractory Metals Market

North America to account for the largest market size during the forecast period.

Two of the most advanced sectors in North America, a major industrialised region, are aerospace and defence. The market for refractory metals in North America will grow along with these industries.

The molybdenum segment dominated the market with the most significant revenue of USD 5.6 billion.

The molybdenum segment dominated the market with the most significant revenue of USD 5.6 billion. Its high melting point and remarkable corrosion resistance make it a popular choice in the electronics, aerospace, and military industries.

The aerospace segment dominated the market with the most significant revenue of USD 5.1 billion.

The aerospace segment dominated the market with the most significant revenue of USD 5.1 billion. There is an increasing demand for refractory metals like rhenium and molybdenum in manufacturing the parts of rocket engines and aircrafts, as they can withstand high temperature and extreme weather conditions. This is expected to drive the segment’s growth.

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Market Dynamics:

Drivers: Increasing advancements in the aerospace industry

Refractory metals market is being driven by the rapidly expanding aerospace industry. There is an increasing demand for a high performing material that can withstand extreme circumstances such as corrosion resistant and high temperatures for building aircrafts is driving the market’s growth. Some of the commonly used refractory metals such as molybdenum, tungsten, and rhenium are widely in creating aircraft engines, rocket propulsion systems, and spacecraft. The unique properties of these metals such high melting points and exceptional strength are very important for enhancing the reliability and effectiveness of aerospace technologies, which considerably contributes to the continuous growth of the refractory metals market.

Restraint: Difficulty in machining refractory metals

Refractory materials are extremely hard which makes it difficult to mold and process them easily, this is expected to hinder the market’s growth during the forecast period. However, these metals are widely used in manufacturing industrial tools.

Some of the major players operating in the refractory metals market are:

● Molymet
● A.L.M.T.
● Climax Molybdenum
● Ningxia Orient Tantalum Industry
● Xiamen Tungsten
● H.C. Starck
● Global Tungsten & Powders
● Codelco
● Rising Rare Metals EO-Materials
● Treibacher Industrie
● Global Advanced Metals
● Rhenium Alloys

Key Segments cover in the market:

By Type:

● Tungsten
● Rhenium
● Tantalum
● Niobium
● Molybdenum
● Others

By Application:

● Medical
● Electronics
● Aerospace
● Nuclear
● Industrial Parts
● Chemical
● Others

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About the report:

The global refractory metals market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.

About The Brainy Insights:

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