DUBLIN, June 11, 2024 (GLOBE NEWSWIRE) -- ResearchAndMarkets.com’s latest “Tungsten - A Global Strategic Business Report” provides in-depth market insights. The global tungsten market size is estimated at 126.2 thousand metric tons in 2023 and is expected to increase to 175.1 thousand metric tons by 2030, at a CAGR of 4.2%. The report provides detailed analysis of market trends, drivers and forecasts, providing important basis for business decision-making.
Market Growth Trends: The cemented carbide sector is particularly outstanding, with market demand expected to reach 98.9 thousand metric tons by 2030, at a CAGR of 4.3%. The steel, high temperature alloy and wear-resistant alloy sectors will also maintain an average annual growth rate of 4%.
Regional Market Analysis: The US market is expected to have a demand of 13.4 thousand metric tons in 2023, while the Chinese market is expected to grow rapidly at an average annual growth rate of 4.8%, reaching 105.8 thousand metric tons by 2030. In addition, market growth trends in Japan, Canada, Germany, and the Asia-Pacific region are also discussed in detail.
This report provides valuable market insights and forecasts for companies across industries to help them seize opportunities in the global tungsten market.