Tungsten Finished Products Market to Observe Strong Development by 2024
It
is commonly found in wolframite and scheelite ores. It is known for
its distinctive properties such as high density, high melting point,
and excellent blending abilities. Tungsten is also one of the highest
melting point metal found on Earth. Many alloys of tungsten such as
light bulb filaments, electrodes, X-ray tubes, radiation shielding,
and super alloys are used in various applications in different
sectors. Tungsten is employed in military applications such as
projectiles and insulation shielding due to its hard physical form
and high density. Tungsten finished products are also used as
catalysts in numerous industrial processes.
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Based
on type, the market for tungsten finished products can be segregated
into wires and sheets. In terms of application, the market for
tungsten finished products can be broadly segmented into electrical &
electronics, aerospace, and industrial. Under the type segment, wires
held significant share of the tungsten finished products market in
2016. It is anticipated to maintain its position during the forecast
period. Tungsten wires is largely used in lamps, heaters, electrodes,
and printers. This is one of the factors boosting the wire segment.
Filaments made from tungsten are used as ultrahigh temperature
halogen lamps and as thermionic emitters. The wire segment was
followed by the sheet segment, which accounted for minimal share in
2016. Tungsten sheets & plates are used in heaters, heat
spreaders, sintering boats, spacers, weights, and various kinds of
jigs and tools. Tungsten sheets are primarily employed during the
production of sintering boats due to its excellent cutting, blending,
and sputtering abilities.
The
market for tungsten finished products is anticipated to expand at a
moderate pace during the forecast period. Tungsten finished products
such as filaments are being replaced with advanced alternatives such
as compact fluorescent lamps and light emitting diodes owing to
technological advancements. Demand for tungsten finished products is
estimated to continue to be high during the forecast period due to
their application in heaters and corona wires.
Geographically,
Asia Pacific held significant share of the tungsten finished products
market in 2016. According to the data released by the United States
Geological Survey, global tungsten reserves stood at around 3.5
million tons in 2014; China alone accounted for 1,900,000 metric tons
of tungsten in the year. Consumption of tungsten in Asia Pacific is
comparatively higher than that in any other region owing to the
strong manufacturing industry in Asia Pacific. Tungsten finished
products are used in the production of printers, lamps, heaters,
furnaces, etc. in the electrical & electronics industry. China is
the hub for electrical & electronics products.
The
market in Asia Pacific was followed by that in North America and
Europe in 2016. Production of tungsten stood at 430000 metric tons in
2014 in North America. Demand for tungsten finished products is
likely to be high in the region, led by the presence of strong
electrical & electronics and aerospace industries. Tungsten
sheets are used as insulation shields in the production of aerospace
shuttles, planes, etc. Russia was the major producer of tungsten
(250,000 metric tons) in Europe in 2014. It was followed by Austria
(10,000 metric tons). Presence of robust manufacturing industries in
Europe is projected to augment the demand for tungsten and tungsten
finished products in the region during the forecast period.
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Major
players operating in the market for tungsten finished products are
Saxony Minerals and Exploration AG, T&D Materials Manufacturing,
A.L.M.T. Corp., and SMT Limited.
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