The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2021-2026)
- Forecast CAGR (2021-2026): 4%
The growth of global tungsten wire market is driven by its widespread application across various sectors such as electronics, automotive and semiconductor. Owing to its high melting point it finds application in ultrahigh heat lamps, thermionic emitter, and heating filaments. Additionally, owing to its more strength compared to steel it is finding its application in medical sector especially in surgical robots. Further, due to lower thermal stress makes it a viable option for non-corrosive applications. Moreover, the demand from shipping industry for tungsten-based alloy for utilisation in sintering the boats will bolster the growth. Hence, due to above mentioned factors the global market for tungsten wire will see growth in the forecast period.
Industry Definition and Major Segments
Tungsten also known as wolfram is a rare metal naturally found in scheelite, and wolframite ores. It is known for its physical properties such as hardness, malleability, tensile strength, and high melting and boiling point in its pure form. Owing to such properties it finds application in various industries in forms like heating filaments, alloys, and x ray tubes, among others.
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By purity, the market is divided into:
Based on type, the industry can be segmented into:
- Gold Plated
- Platinum Plated
The market is divided based on application into:
- Aerospace and Defence
- Electronics and Semiconductors
- Mining and Construction
On the basis of regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
3 Asia Pacific
4 Latin America
5 Middle East & Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Regionally, Asia Pacific is expected to the fastest growth for the tungsten wire market owing to the presence of large tungsten reserves. Additionally, the rapidly developing medical sector in emerging economies such as China and India, is expected to bolster the regional market growth due to demand for surgical robots. Further, the advancement of industrial sector will aid the growth of tungsten wire market in the forecast period.
Key Market Players
The major players in the market are Luma Metall AB, Sumitomo Electric Industries, Ltd., Nippon Tungsten Co., Ltd., Tungsram Operations, Ltd., Metal Cutting Corporation, and a few others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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