Global Tungsten Alloy Market: Outlook
A tungsten alloy is a composition of pure tungsten, nickel, and copper or iron. The addition of these alloying elements increases both ductility and machinability of the tungsten alloy compared to pure tungsten. Copper provides required conductivity and tungsten allows the welding rod to withstand high temperature of the arc-welding environment. Tungsten can be combined with other metals to increase their strength and resistance to corrosion. Several heavy steels used in cutting and machining tools, such as saw blades, contain around 18% of tungsten. Tungsten alloys, such as hastelloy and stellite, are super alloys used to manufacture turbine blades and wear-resistant parts.
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Global Tungsten Alloy Market: Key Segments
Based on end-user industry, the tungsten alloy market can be classified into mining, automotive, aerospace, defense, electrical & electronics, and others. Tungsten alloy is expected to witness high demand in the mining industry, as several industries worldwide depend on the mining sector. Tungsten alloy is used in the mining industry in top hammer rock drill bits, roller cutters, down-whole hammers, raise boring reamers, long wall shearer picks, and tunnel boring machines.
Presently, growth of the aerospace industry is driving the demand for tungsten alloy. The alloy is widely used in the production of aircraft components such as rotor blades, propellers, inertial systems, fluid control systems, bucking bars, trim weights, and aircrafts balance weights.
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In terms of region, the global tungsten alloy market can be segmented into Asia Pacific, Europe, Latin America, North America, and Middle East & Africa. Latin America is expected to be remain the leading region of the global tungsten alloy market during the forecast period. With increasing demand for precious metals in Mexico and Canada, the global mining industry is likely to continue to expand in the next few years. This is estimated to propel the global tungsten alloy market during the forecast period.
Additionally, growth of automotive, aerospace & defense, and oil & gas industries in other countries is likely to propel the tungsten alloy market during the forecast period. Asia Pacific witnesses much lower demand for tungsten alloy compared to other regions. However, India & China regions will have a moderate industry growth rate during the upcoming years.
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The global tungsten alloy market is fragmented. A large number of companies operate at the global and regional levels. Major companies include Specialty Metals Resources SA, Xiamen Tungsten Company, H.C. Starck, Guangdong Xianglu Tungsten Company, China Minmetals Corporation, Chongyi ZhangYuan Tungsten Company, Global Tungsten & Powders Corporation, Wolfram Bergbau-und Hutten AG, and Japan New Metals Company.
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