The global tungsten market is expected to develop rapidly in the next few years. This is mainly due to the application potential of tungsten products in many industries such as automobiles, aerospace, mining, defense, metal processing, and oil and gas. Some research reports predict that by 2025, the global tungsten market share will exceed 8.5 billion US dollars.
Tungsten is a key strategic resource and the refractory metal with the highest melting point. It is widely used in the production of various alloys such as high-speed steel and tool steel, as well as the production of drill bits and cutting tools with excellent properties such as high temperature resistance and wear resistance. Preparation of carbide raw materials. In addition, pure tungsten is one of the important raw materials in the electronic field, and its derived sulfides, oxides, salts and other products are also widely used in the chemical field, which can produce efficient catalysts and lubricants. With the vigorous development of the global economy, the wide application of tungsten products in many industries may promote the development of the global tungsten market.
From the perspective of application prospects, the tungsten industry is divided into the fields of tungsten carbide, metal alloy and fine grinding products. The report predicts that by 2025, the growth rate of the metal alloy and tungsten carbide sectors will exceed 8%. The vigorous development of the manufacturing and automotive industries in the Asia-Pacific region is the main driving force for the growth of the tungsten market in these sectors. The growth rate of refined products is relatively slow, and the main growth is from the electronics industry.
The automotive parts sector plays a key role in increasing the share of the global tungsten market. The report predicts that by 2025, the compound annual growth rate of the tungsten market in this field will exceed 8%. Tungsten is widely used in automobile manufacturing and assembly. Tungsten-based alloys, pure tungsten or tungsten carbide are often used as high-performance vehicle tire studs (studded snow tires), brakes, crankshafts, ball joints and other exposed to harsh temperatures Or mechanical parts that are heavily used. As the demand for advanced automobiles continues to grow, the development of manufacturing will stimulate the development of product demand.
Another major terminal application field that promotes global market-free development is the aerospace field. The report predicts that by 2025, the compound annual growth rate of the tungsten market in the aerospace industry will exceed 7%. The vigorous development of the aircraft manufacturing industry in developed regions such as Germany, the United States, and France is expected to promote the growth of tungsten industry demand.
Post time: Sep-18-2020