China Economic Slowdown Would Hamper Global Tungsten Market

Due to the recent economic slowdown in China, the global tungsten market may be hindered because China has the largest market share in tungsten mining. The use of tungsten is expected to decline in lighting applications due to the introduction of fluorescent lamps and LED bulbs that replace incandescent bulbs.

Ultra-thick and medium tungsten powders are used for wear and mold parts, road construction tenders. Fine tungsten carbide powder is used for inserts and cutting tools. It is expected that the global tungsten market will grow at a compound annual growth rate with a considerable number of units in the future. The global tungsten market has its consumption in the areas of steel alloys, rolled steel products, cemented carbides and chemicals. China is a major supplier of tungsten and has the largest market share in the global tungsten market in terms of consumption and supply.

The global tungsten market is divided into seven regions, namely North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The Asia-Pacific region dominates the global tungsten market, and China remains the world's leader in the supply and consumption of tungsten because of its vast reserves and the government's support for the industry. India will maintain modest growth in the global tungsten market as manufacturing expands. North America will contribute to the growing global tungsten market as construction spending in the region increases. Growth in the durable goods industry in Latin America will result in above-average growth in the global tungsten market. Europe's expanding automotive industry has made it a valuable market for the global tungsten market. The Middle East and Africa are in the early stages of the tungsten market, but is having a bright future.

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