Tungsten Market Will be Profitable From Automobile & Aircraft Industry

The tungsten market is expected to grow exponentially in the forecasting period. Overall, the increased demand for aircraft and the continuous application of tungsten alloys in the automotive sector will enhance the tungsten market valuation, which is expected to exceed $8.5 billion by 2025.

Due to the continuous demand of users for a wide range of applications, the global tungsten market has diffused from key characteristics of metals, such as corrosion resistance, wear resistance and flexibility. The metal is very important in the production of stellites, super alloys and heavy metal alloys for many parts such as automobiles, aircraft, gamma and X-ray machines, golf clubs, darts and so on. Consumer spending on automobiles, tourism and leisure activities, as well as increased health care services, will inadvertently increase demand for the tungsten market. The expansion of tungsten market will be promoted by factors such as increasing global steel consumption and aircraft production.

aircraft manufacturing image

Airbus said in its forecast that the future of the aviation industry is very optimistic and that more than 37,400 new freight and passenger aircraft will be needed in the next 20 years. These aircraft, worth nearly $5.8 trillion, represent the global growth of tourism and the rich prospects of the tungsten market and other ancillary market segments. The same report also pointed out that, despite any external factors affecting the aerospace sector, air traffic has increased over the past two decades and is expected to almost double in the next 15 years or so. Global gross domestic product (GDP) is considered a prominent indicator of expanding aviation growth. It is expected that 50% of air traffic growth will be triggered in the Asia-Pacific region, while the United States and Europe will together account for 30% of the growth.

To demonstrate the growing demand for aircraft, Boeing signed an agreement in November 2018 to sell about 300 aircraft to China, worth $37 billion, mostly for fleet growth. Similar contracts between airlines and global aircraft manufacturers will bring huge returns to the tungsten market. In addition to strengthening the review of aircraft performance and component quality, the tightening of international standards will affect the development of tungsten market.aircraft image



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