Focus on Prospect of Tungsten Industry

Tungsten industry in China of 2020 is facing downward pressure due to the slowdown of global economic growth and the occurrence of the global coronavirus crisis, orders of both domestic and foreign in the cemented carbide and special steel industries have declined, and it is the reason why companies concern of the prospect of the industry.

The global tungsten market is expected to develop rapidly in the next few years, which will mainly benefit from the application potential of tungsten products in many industries such as automotive, aerospace, mining, defense, metal processing, and so on. It is estimated that by 2025, the global tungsten market share will exceed the US $8.5 billion.

The electronics industry is one of the key terminal application areas that promote the expansion of the tungsten market. The global electronics industry will achieve tremendous growth in the next few years. It is expected that by 2025, the tungsten market used in the terminal consumption of electronic appliances will achieve a compound annual growth rate of 8%, which shows a promising prospect.

The auto parts sector plays a key role in increasing the global tungsten market share. It is estimated that by 2025, the compound annual growth rate of the tungsten market in this field will exceed 8%.

Another major terminal application area driving the development of the global tungsten market is the aerospace field. It is estimated 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 demand for the tungsten industry.

China plans to invest 3.4 trillion yuan this year to build more than 10,000 new basic projects. The focus of these projects is on the construction of 5G base stations, intercity high-speed rail, and urban rail transportation, and charging stations for new energy vehicles help to build a great prospect of the tungsten industry. The successive implementation of these new projects will greatly promote the recovery of China's tungsten industry.

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