Ocean View, DE -- (SBWIRE) -- 06/24/2020 -- A report by Global Market Insights, Inc. projects that the worldwide tungsten market share is set to cross $8.5 billion over 2025.

The worldwide tungsten market is poised to accumulate hefty proceeds in the years ahead, owing to the product's commendable application potential across a vast array of industries including automotive, aerospace, mining, defense, metal working and oil & gas, among others.

Tungsten is widely used in the production of various alloys such as high-speed steel, tool steel, etc. as well as for carbides fabrication, which are often used in several high temperature and high strength-based applications like drill bits and cutting tools.

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Additionally, pure tungsten is a popular component in the electronics sector, while sulfides, oxides and salts derived from the product are used extensively in the chemical sector for the manufacture of catalysts, lubricants, and more. This broad application spectrum of the products across myriad industries in tandem with the proliferating global economy is likely to add impetus to tungsten market growth across the world.

One of the key end-use segments fostering tungsten market expansion over the forecast spell is the electronics sector. The industry is expected to witness immense growth in the years ahead, with expected revenue valued at over $1,500 billion by 2024. This growth is likely to fuel tungsten industry dynamics in the foreseeable future as the product demonstrates considerable application potential in the electronics sector, with extensive use in the production of items like cathode-ray tubes, light bulbs and vacuum tube filaments, among others, given its low vapor pressure and high melting point.

Proliferating technological innovations are also a major contributor to industry growth. Technological advancements like improved PCB technology and miniaturization functions are likely to stimulate product demand in years to come.

The tungsten market from the electrical & electronics appliances end-use segment is poised to register an appreciable CAGR of over 8% through 2025. Many electronics items such as heat sinks, bulbs, electrical contacts, X-ray tubes, filaments and more comprise tungsten as a vital component in the manufacturing process.

Considering the application landscape, the tungsten industry is categorized into tungsten carbide, metal alloys and mill products segments. Of these, both metal alloys and carbides segments are expected to witness significant a growth rate of over 8% through 2025.The thriving manufacturing and automotive industries in the APAC region are key contributors in tungsten market growth in these sectors.

Mill products segment, however, will witness a rather slower growth rate and will be supported majorly by the electronics sector.

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The automotive parts segment plays a key role in bolstering global tungsten market share, with an expected CAGR of over 8% through 2025. Tungsten is used extensively in automotive manufacture and assembly applications. Tungsten-based alloys, pure tungsten or carbides are utilized as tire studs (studded snow tires), brakes, crank shafts, ball joints in performance vehicles as well as other mechanical components exposed to harsh temperatures or heavy usage. Furthermore, burgeoning rates of manufacture in tandem with the rising demand for advanced automobiles will spur product demand over the predicted timeline.

Another major end-use segment supporting the global tungsten industry size is the aerospace sector, which is expected to depict growth of over 7% through 2025. The flourishing aircraft manufacturing sectors across myriad developed regions like Germany, U.S and France, among others are also anticipated to boost tungsten industry growth in the sector.