US tungsten market size by application, 2014 – 2025.
US tungsten market size by application, 2014 – 2025.

A report by Global Market Insights suggests that the worldwide tungsten market, which was valued at US3.5 billion in 2018 will surpass revenues of US$8.5 billion by 2025 with an annual growth rate of 8% over 2015 to 2024.

According the report, tungsten usage in the production of various alloys will be a major growth enabler for the market. Heavy metal alloys comprising 90% to 97% pure tungsten in a matrix of nickel-iron or nickel-copper are suited for high density applications and including these elements can help improve both the machinability and ductility of these alloys over non-alloyed tungsten. The metal alloy segment is likely to grow with around 8% CAGR during the forecast timeframe, while the market for automotive parts is a major end-use segment in the tungsten market, with a CAGR exceeding 8% from 2018 to 2025.

Europe currently accounting for more than one-fifth of the overall industry size in 2017, and growth in the regional automotive industry coupled with increasing production of aerospace components in Germany, France, Italy, and UK will provide a major boost for the product market growth, the report concludes.

This story uses material from Global Market Insights, with editorial changes made by Materials Today. The views expressed in this article do not necessarily represent those of Elsevier.