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Tungsten Market Size to Grow by 28.14 thousand MTPA| 71% of the growth to originate from APAC| Technavio

NEW YORK, April 7, 2022 /PRNewswire/ -- According to the research report, Tungsten Market will witness a YOY growth of 4.11% in 2022 at a CAGR of 4.44% during the forecast period. The report is segmented by product (hard metal, steel and alloys, mill products, and others) and geography (APAC, Europe, North America, MEA, and South America). One of the key factors driving growth in the tungsten market is the wide use of tungsten in integrated circuits.

Technavio has announced its latest market research report titled Tungsten Market by Product and Geography - Forecast and Analysis 2022-202

For more insights on YOY and CAGR, Read our FREE Sample Report

Vendor Insights 

Tungsten Market is fragmented and the vendors are deploying various organic and inorganic growth strategies to compete in the market. 

The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Some vendors are also adopting inorganic growth strategies such as M&As to remain competitive in the market.   

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

  • Almonty Industries Inc.
  • AMC Group
  • Asia Tungsten Products Ltd
  • Buffalo Tungsten Inc.
  • China Molybdenum Co. Ltd.
  • China Tungsten Online Manu and Sales Corp.
  • Dymet
  • Federal Carbide Co.
  • Global Tungsten and Powders Corp.
  • GuangDong XiangLu Tungsten Co. Ltd. 

Find additional highlights on the growth strategies adopted by vendors and their product offerings, Read Free Sample Report. 

Geographical Market Analysis 

During the projection period, APAC will account for 71% of the market's growth. Tungsten's main markets in APAC are China, Japan, and India. The market in this region will increase at a quicker rate than the market in other regions.

Due to strong economic expansion in APAC, major end-user industries of tungsten, including automotive, construction, aerospace, and defense, are thriving.

Furthermore, countries such as the US, UK, Germany, Canada, and Australia are expected to emerge as prominent markets for Tungsten Market during the forecast period. 

Know more about this market's geographical distribution along with a detailed analysis of the top regions. Download Free Sample Report 

Key Segment Analysis

The hard metal segment's tungsten market share will expand significantly. Cemented carbides have high strength, hardness, fracture toughness, and transverse rupture strength. They're used to machine cast irons, hardened steel, non-ferrous metals, nickel-based high-strength alloys, stainless steel, composites, and wear components, among other materials. They're employed in aerospace, automotive, pump and seal, oil and gas, metal forming, metallurgy, and hygiene products, among other applications.

View FREE Sample: to know additional highlights and key points on various market segments and their impact in coming years. 

Key Market Drivers & Challenges: 

The widespread usage of tungsten in integrated circuits is one of the primary drivers driving growth in the tungsten industry. Another element that is predicted to have a favourable impact in the coming years is the shrinking of electronic components. During the projected period, however, strict environmental and safety regulations will be a major challenge for the tungsten market.

Download free sample for highlights on market Drivers & Challenges affecting the Tungsten Market. 

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Tungsten Market Scope

Report Coverage


Page number


Base year


Forecast period


Growth momentum & CAGR

Accelerate at a CAGR of 4.44%

Market growth 2022-2026

28.14 th MTPA

Market structure


YoY growth (%)


Regional analysis

APAC, Europe, North America, MEA, and South America

Performing market contribution

APAC at 71%

Key consumer countries

China, India, Japan, Russian Federation, and US

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Almonty Industries Inc., AMC Group, Asia Tungsten Products Ltd, Buffalo Tungsten Inc., China Molybdenum Co. Ltd., China Tungsten Online Manu and Sales Corp., Dymet, Federal Carbide Co., Global Tungsten and Powders Corp., and GuangDong XiangLu Tungsten Co. Ltd.

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1. Executive Summary                  

              1.1 Market Overview            

                             Exhibit 01:  Key Finding 1

                             Exhibit 02:  Key Finding 1

                             Exhibit 03:  Key Finding 2

                             Exhibit 04:  Key Finding 3

                             Exhibit 05:  Key Finding 4

                             Exhibit 06:  Key Finding 5

                             Exhibit 07:  Key Finding 5

2. Market Landscape                     

              2.1 Market ecosystem         

                             Exhibit 08:  Parent market

                             Exhibit 09:  Market characteristics

              2.2 Value chain analysis      

                             Exhibit 10:  Value chain analysis: Specialty Chemicals

3. Market Sizing                 

              3.1 Market segment analysis           

                             Exhibit 11:  Market segments

              3.2 Market size 2021            

              3.3 Market definition           

                             Exhibit 12:  Offerings of vendors included in the market definition

              3.4 Market outlook: Forecast for 2021 - 2026         

                             Exhibit 13:  Global - Market size and forecast 2021 - 2026 (thousand MTPA)

                             Exhibit 14:  Global market: Year-over-year growth 2021 - 2026 (%)

4. Five Forces Analysis                  

              4.1 Five Forces Summary   

                             Exhibit 16:  Five forces analysis 2021 & 2026

              4.2 Bargaining power of buyers     

                             Exhibit 17: Bargaining power of buyers

              4.3 Bargaining power of suppliers 

                             Exhibit 18: Bargaining power of suppliers

              4.4 Threat of new entrants

                             Exhibit 19: Threat of new entrants

              4.5 Threat of substitutes     

                             Exhibit 20: Threat of substitutes

              4.6 Threat of rivalry

                             Exhibit 21: Threat of rivalry

              4.7 Market condition            

                             Exhibit 22:  Market condition - Five forces 2021

5 Market Segmentation by Product                    

              5.1 Market segments           

                             Exhibit 22:  Product - Market share 2021-2026 (%)

              5.2 Comparison by Product             

                             Exhibit 23:  Comparison by Product

              5.3 Hard metal - Market size and forecast 2021-2026       

                             Exhibit 24:  Hard metal - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 25:  Hard metal - Year-over-year growth 2021-2026 (%)

              5.4 Steel and alloys - Market size and forecast 2021-2026             

                             Exhibit 26:  Steel and alloys - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 27:  Steel and alloys - Year-over-year growth 2021-2026 (%)

              5.5 Mill products - Market size and forecast 2021-2026    

                             Exhibit 28:  Mill products - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 29:  Mill products - Year-over-year growth 2021-2026 (%)

              5.6 Others - Market size and forecast 2021-2026  

                             Exhibit 30:  Others - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 31:  Others - Year-over-year growth 2021-2026 (%)

                             5.6.1 Ammonium paratungstate

                             5.6.2 Tungsten compounds

                             5.6.3 Tungsten powder

              5.7 Market opportunity by Product             

                             Exhibit 32:  Market opportunity by Product

6. Customer landscape                 

              6.1 Overview            

                             Technavio's customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria

                             Exhibit 33: ?Customer landscape?

7. Geographic Landscape                           

              7.1 Geographic segmentation         

                             Exhibit 34:  Market share by geography 2021-2026 (%)

              7.2 Geographic comparison            

                             Exhibit 35: Geographic comparison

              7.3 APAC - Market size and forecast 2021-2026    

                             Exhibit 36:  APAC - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 37:  APAC - Year-over-year growth 2021-2026 (%)

              7.4 Europe - Market size and forecast 2021-2026 

                             Exhibit 38:  Europe - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 39:  Europe - Year-over-year growth 2021-2026 (%)

              7.5 North America - Market size and forecast 2021-2026 

                             Exhibit 40:  North America - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 41:  North America - Year-over-year growth 2021-2026 (%)

              7.6 MEA - Market size and forecast 2021-2026      

                             Exhibit 42:  MEA - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 43:  MEA - Year-over-year growth 2021-2026 (%)

              7.7 South America - Market size and forecast 2021-2026 

                             Exhibit 44:  South America - Market size and forecast 2021-2026 (thousand MTPA)

                             Exhibit 45:  South America - Year-over-year growth 2021-2026 (%)

              7.8 Key leading countries   

                             Exhibit 46:  Key leading countries

              7.9 Market opportunity by geography       

                             Exhibit 47:  Market opportunity by geography ($ billion)

8. Drivers, Challenges, and Trends                       

              8.1 Market drivers  

                             8.1.1 Wide use of tungsten in integrated circuits

                             8.1.2 Increasing demand for tungsten carbide from automotive industry

                            8.1.3 Vast reserves of tungsten ores in China

              8.2 Market challenges         

                             8.2.1 Stringent environmental and safety regulations

                             8.2.2 Recent economic slowdown in China

                             8.2.3 Fluctuations in tungsten and tungsten product prices

                             Exhibit 48:  Impact of drivers and challenges

              8.3 Market trends   

                             8.3.1 Miniaturization of electronic components

                             8.3.2 Recycling of tungsten scrap

                             8.3.3 Emerging future applications of tungsten

9. Vendor Landscape                     

              9.1 Overview            

                             Exhibit 49: Vendor landscape

                             The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025. 

              9.2 Landscape disruption   

                             Exhibit 50: ?Landscape disruption?

                             Exhibit 51: Industry risks

              9.3 Competitive scenario   

10. Vendor Analysis                        

              10.1 Vendors covered         

                             Exhibit 52: Vendors covered

              10.2 Market positioning of vendors            

                             Exhibit 53: ?Market positioning of vendors?

              10.3 Almonty Industries Inc.            

                             Exhibit 54:  Almonty Industries Inc. - Overview

                             Exhibit 55:  Almonty Industries Inc. - Product and service

                             Exhibit 56:  Almonty Industries Inc. – Key news

                             Exhibit 57:  Almonty Industries Inc. - Key offerings

              10.4 AMC Group     

                             Exhibit 58:  AMC Group - Overview

                             Exhibit 59:  AMC Group - Product and service

                             Exhibit 60:  AMC Group - Key offerings

              10.5 Asia Tungsten Products Ltd    

                             Exhibit 61:  Asia Tungsten Products Ltd - Overview

                             Exhibit 62:  Asia Tungsten Products Ltd - Product and service

                             Exhibit 63:  Asia Tungsten Products Ltd - Key offerings

              10.6 Buffalo Tungsten Inc. 

                             Exhibit 64:  Buffalo Tungsten Inc. - Overview

                             Exhibit 65:  Buffalo Tungsten Inc. - Product and service

                             Exhibit 66:  Buffalo Tungsten Inc. - Key offerings

              10.7 China Molybdenum Co. Ltd.   

                             Exhibit 67:  China Molybdenum Co. Ltd. - Overview

                             Exhibit 68:  China Molybdenum Co. Ltd. - Product and service

                             Exhibit 69:  China Molybdenum Co. Ltd. - Key offerings

              10.8 China Tungsten Online Manu and Sales Corp.            

                             Exhibit 70:  China Tungsten Online Manu and Sales Corp. - Overview

                             Exhibit 71:  China Tungsten Online Manu and Sales Corp. - Product and service

                             Exhibit 72:  China Tungsten Online Manu and Sales Corp. - Key offerings

              10.9 Dymet 

                             Exhibit 73:  Dymet - Overview

                             Exhibit 74:  Dymet - Product and service

                             Exhibit 75:  Dymet - Key offerings

              10.10 Federal Carbide Co.  

                             Exhibit 76:  Federal Carbide Co. - Overview

                             Exhibit 77:  Federal Carbide Co. - Product and service

                             Exhibit 78:  Federal Carbide Co. - Key offerings

              10.11 Global Tungsten and Powders Corp.             

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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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