The ever-increasing demand for high temperature resistant materials and increasing applications of refractory metals in the steel and aerospace industries is driving the global refractory metals market.
Covid-19 Impact & Market Status
Due to travel prohibitions and business closures, the COVID-19 has had a negative impact on economies and businesses in a number of countries. The closure of various plants and factories has had a severe influence on global supply chains, negatively affecting manufacturing, delivery schedules, and product sales in the worldwide market. The refractory metals market has also been adversely affected as the industries like the steel industry were brought to a standstill so the demand for refractory metals also went down.
The report divides the global refractory metals market into segments to provide a granular view of the global refractory metals market. The geographic locations, buying habits, company information, specific products and services and other provided in the report are tailored for each segment. Moreover, the report also offer in-depth information on the existing competitive environment, substitute products available in the market, buying power, dominant suppliers, and all other factors affecting the attractiveness of the global refractory metals industry. Strong and aggressive competitors in the refractory metals industry are studied in the report and provided with basic information.
Tungsten Metal in High Demand
The global refractory metals market is classified into tantalum, tungsten, niobium, rhenium, molybdenum, other on the basis of type. The demand for tungsten metals has risen as a result of their widespread use in manufacturing processes such as welding, coatings, and cutting tools, among other things. In the manufacturing industry, tungsten carbide is a frequent cutting tool. The market's expansion has been aided by leading manufacturers' growing investments in developing high precision cutting tools for improved accuracy and reduced scrap during production.
Also, the market for recycled tungsten material is expected to grow over the projected period, owing to increased recycling activities around the world, as well as the rising need for insert coating in the automotive and electronics industries. Furthermore, tighter government regulations on exports and mining are expected to boost demand for recycled tungsten throughout the projection period. Furthermore, the rising demand for high-performance refractories is likely to boost tungsten consumption, boosting market growth.
North America To Remain Atop
North America is currently earning the highest revenue share in the market due to its huge mineral availability and the increasing demand for these metals in mining operations and different industries like the steel industry and the aerospace industry.
Asia-Pacific will experience fastest growth in this market as a huge number of mining operation are carried out in those regions and also there are several regions which are rich in mineral content. The electronics industry is growing at a rapid pace in these regions especially in China, hence the demand for these metals is ever-increasing.
Owing to benefits such as resistance to corrosion, higher heat conductivity, electrical conduction, low thermal capacity, high resistance to deformation, the refractory metals is experiencing rapid adoption as opposed to other metals thus fostering remarkable progress in global refractory metals market.
The factors such as demand for cutting, welding, coatings in manufacturing industry, increasing investment by prominent firms, new innovations leading to development of wide range of applications, increasing recycling operations is boosting the global refractory metals market.
The global refractory metals market is predicted to grow from USD 140.96 million in 2021 to about USD 162.58 million by 2029 at a Compound Annual Growth Rate (CAGR) of 8.2 percent during the forecast period 2019-2029.
The term refractory metals refer to a group of metals that can withstand extreme temperatures and wear. It consists of five elements: two from the fifth periodic table, niobium and molybdenum, and three from the sixth, tantalum, tungsten, and rhenium. Because of their qualities such as strong heat resistance and wear resistance, refractory metals are in high demand in the aerospace and aviation industries throughout the world. As a result, the market is expected to rise rapidly in the coming years. The like Tungsten are used mainly for mining operations so the need for these metals has risen even more in recent years.
There are several restraints for the growth of global refractory metals market like high cost and limited availability, end-user choice is shifting toward graphene as a refractory metal alternative. Also, these metals have poor fabricability, oxidability, need high energy and also contribute to global warming. In a way, they are not environment friendly which could be a problem as more industries are becoming environment conscious and trying to reduce pollution.
The refractory metals are used in the steel industry to make furnaces and they are also used for making filaments, coils in the electrical sector. Currently the demand for these metals has gone up as more industries have begun using them and is predicted to keep rising throughout the analysis period. The expansion of the refractory metals market is fuelled by increased use of the product in carbide and wear parts.
The market has intense competition due to the high demand and consists of several big corporations such as CMOC, JDC, Tejing Tungsten, Sanher Tungste, H.C. Starck, Plansee Group, CBMM, Terubacher Industrie AG etc.
Latest Innovations in the Global Refractory Metals Market: A Snapshot
- Plansee Group of Austria announced that it had acquired a majority stake in Ceratizit SA, a carbide tool manufacturer based in Mamer, Luxembourg, effective of March 1, 2021. Ceratizit was founded in 2002 as a consequence of a combination between Plansee Tizit and Cerametal, with Plansee Group owning 50% of the company at the time. The acquisition will see synergies in the supply of tungsten raw material, tight collaboration on digitization projects, and service functions as possibilities.
Refractory Metals Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 162.58 million.|
|Growth Rate||CAGR of 8.2% during 2021-2028|
|Segment Covered||Type, Application, Regions|
|Regions Covered||North America, Europe, Asia Pacific, South America, Middle East and South Africa|
|Key Players Profiled||CMOC, JDC, Tejing Tungsten, Sanher Tungste, H.C. Starck, Plansee Group, CBMM, Terubacher Industrie AG etc.|
Key Segments of the Global Refractory Metals Market
Type Overview, 2019-2029 (USD Million)
Application Overview, 2019-2029 (USD Million)
- Industrial Parts
Regional Overview, 2019-2029 (USD Million)
- Rest of Europe
- Rest of Asia Pacific
- Rest of South America
Middle East and South Africa