Tungsten Finished Products Market Shows Good Momentum

Tungsten finished products market is expected to expand at a moderate pace in the next few years as the demand for heaters and corona wires will continue to maintain at a high level. 

The market for tungsten finished products can be segregated into wires and sheets and can be broadly segmented into electrical, electronics, aerospace, and industrial in terms of application. But wires hold significant share and are expected to remain the same position in 2018. But the demand may increase with the widely used in the lamps, heaters, electrodes, and printers.

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The wire segment was followed by the sheet segment, which accounted for minimal share in 2016. Tungsten sheets and plates are used in heaters, heat spreaders, sintering boats, spacers, weights, and various kinds of jigs and tools. Tungsten sheets are primarily employed during the production of sintering boats due to its excellent cutting, blending, and sputtering abilities.

Geographically, Asia Pacific held significant share of the tungsten finished products market in 2016. According to the data released by the United States Geological Survey, global tungsten reserves stood at around 3.5 million tons in 2014; China alone accounted for 1,900,000 metric tons of tungsten in the year. Consumption of tungsten in Asia Pacific is comparatively higher than that in any other region owing to the strong manufacturing industry in Asia Pacific. 

Tungsten finished products are used in the production of printers, lamps, heaters, furnaces, etc. in the electrical & electronics industry. China is the hub for electrical & electronics products. The market in Asia Pacific was followed by that in North America and Europe in 2016. Production of tungsten stood at 430000 metric tons in 2014 in North America. Demand for tungsten finished products is likely to be high in the region, led by the presence of strong electrical & electronics and aerospace industries. 

Tungsten sheets are used as insulation shields in the production of aerospace shuttles, planes, etc. Russia was the major producer of tungsten (250,000 metric tons) in Europe in 2014. It was followed by Austria (10,000 metric tons). Presence of robust manufacturing industries in Europe is projected to augment the demand for tungsten and tungsten finished products in the region during the forecast period.