Developing a Tungsten Market Process for Aerospace Applications
Category: #reports  By Rahul Sankrityayan  Date: 2020-06-01
  • share
  • Twitter
  • Facebook
  • LinkedIn

Developing a Tungsten Market Process for Aerospace Applications

Valued at nearly US$5.8 trillion, these aircrafts represent a worldwide growth of the travel and tourism industry, as well as lucrative prospects for the tungsten market and other ancillary segments. The same report has informed that despite any external factors affecting the aerospace segment, air traffic has grown over the last two decades and is expected to almost double over the next 15 or so years. Global GDP is considered to be a prominent indicator expanding the growth of aviation and it is predicted that 50% of the air traffic increase will instigate in Asia-Pacific, while U.S. and Europe will together account for 30% of the increase.

Elaborating on the opportunities for the tungsten industry, there will be accelerated efforts to replace older planes to improve the efficiency of fleets and comply with the stringent passenger safety standards. It is noted that out of the total new aircrafts required by 2037, almost 30% would be for the replacement of aging fleet. With aircraft needed to be upgraded in both commercial and defense segments, the need for new and recycled tungsten alloys will propel the overall industry revenues in the next few years. For instance, major airplane manufacturer Boeing had recently secured a US$9.2 contract from the U.S. Air Force to deliver its next fleet of combat training aircrafts.

Get Sample For Technological Breakthroughs @  https://www.decresearch.com/request-sample/detail/1249

Growth drivers are

  1. Increasing demand for hard metals
  2. Increasing use of tungsten in various alloys
  3. Proliferation in electronic industry

Increasing environmental inspections in the tungsten mining hubs in China is likely to hamper the growth of the market. As China possesses more than 80% of the global tungsten reserves, any disruption in its production in the country would affect the product supply across the world. In 2016, ammonium para tungstate (APT) smelting slags were classified as hazardous waste and the Chinese government implemented strict regulations regarding handling and disposal of this slag. Such factors may hinder the product market development in the forecast years.

Electronics industry is one of the major end-user industries which has witnessed fast developments in the past few years. The global consumer electronics industry will grow in the future and would cross USD 1,500 billion by 2024. This will drive the tungsten market in the coming years as the product is popularly used in the electronics industry in items such as cathode-ray tubes, vacuum tube filaments, and light bulbs due to its high melting point and low vapor pressure. Rising technological advancements have also contributed to the growth in this sector. Innovation in the electronics industry like miniaturization and enhanced PCB technology would further increase product demand in the future.

The tungsten market has been segmented according to application and end-use. Carbides and metal alloys are the key application segments which are poised to gain by approximately 8% CAGR till 2025. Proliferation of the Asia Pacific automotive and manufacturing sectors has been the chief factor driving both these application segments. Mill products application, which will be majorly driven by the electronics industry, will grow by a slightly lower growth rate in the forecast years.

Place An Inquiry Before Investment (Use Corporate Details Only): https://www.decresearch.com/inquiry-before-buying/1249

Aerospace is a key end-use sector in the tungsten market which is likely to gain with a compounded annual growth rate exceeding 7%. Aircraft manufacturing industries in the U.S., Germany, France, and other such developed countries will propel this end-use sector's growth. Electrical & electronics appliances end-use will grow by a CAGR above 8%. Tungsten products finds usage in manufacturing electrical contacts, filaments, X-ray tubes, heat sinks, bulbs, and many other such components in the electronics industry.

Asia Pacific, Europe, and the U.S. are the major tungsten markets in the world. High product demand from China will be a major factor driving the Asia Pacific market. European tungsten market will be chiefly augmented by rising product demand in France, Germany, Russia, Italy and the UK, mostly from the aerospace and automotive industries.

Browse More Related Report:

  1. Hydrogen Peroxide Market Demand, Recent Trends and Developments Analysis 2025
  2. Polyalkylene Glycol Market Research Report, Growth Forecast 2025
  3. Barite Market Demand, Recent Trends and Developments Analysis 2025
  4. Tungsten Market Research Report, Growth Forecast 2025
  5. Peracetic Acid Market Share Analysis and Research Report by 2025

 



About Author

Rahul Sankrityayan

Email: [email protected]   

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Technology Magazine, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experie...

Read More

More News By Rahul Sankrityayan

Food Minerals Market Size, Growth Trends, Application Potential and Forecast 2020–2026
Food Minerals Market Size, Growth Trends, Application Potential and Forecast 2020–2026
By Rahul Sankrityayan

This advanced report on the Food Minerals Market includes of an in-depth overview of this business sphere. Alongside, details of the present market size and status have been given. The report aims to provide substantial updates on the market, pert...

Food & Beverages Color Fixing Agents Market Demand, Recent Trends and Developments Analysis By 2026
Food & Beverages Color Fixing Agents Market Demand, Recent Trends and Developments Analysis By 2026
By Rahul Sankrityayan

This advanced report on the Food & Beverages Color Fixing Agents Market includes of an in-depth overview of this business sphere. Alongside, details of the present market size and status have been given. The report aims to provide substantial ...

Processed Fruits and Vegetables Market Comprehensive Study with Key Trends and Major Drivers
Processed Fruits and Vegetables Market Comprehensive Study with Key Trends and Major Drivers
By Rahul Sankrityayan

This advanced report on the Processed Fruits and Vegetables Market includes of an in-depth overview of this business sphere. Alongside, details of the present market size and status have been given. The report aims to provide substantial updates o...