The new report by Expert Market Research titled, ‘Global Refractory Metals Market Report and Forecast 2022-2027’, gives an in-depth analysis of the Global Refractory Metals Market, assessing the market based on its segments like metal type, application, and region. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
• Historical Market Size (2021): USD 140.9 Million
• Forecast CAGR (2022-2027): 1.8%
• Forecast Market Size (2027): USD 156.9 Million
Market Overview (2017-2027)
Tungsten metals are in high demand due to their widespread use in manufacturing processes such as welding, coatings, and cutting tools, among others. Tungsten carbide is a common cutting tool used in the manufacturing industry. Leading manufacturers’ growing efforts in developing high precision cutting tools for improved accuracy and less scrap during production have contributed to market growth. During the projected period, demand for recycled tungsten material is expected to rise due to increased recycling activities around the world, as well as increased demand for insert coating in the automotive and electronics sectors. Furthermore, higher government regulations on exports and mining are expected to boost demand for recycled tungsten during the projection period. Furthermore, the increased need for high-performance refractories will increase tungsten consumption, which would boost market expansion.
Industry Definition and Major Segments
Metals that are particularly heat and wear resistant are known as refractory metals. These are typically used in construction tasks. These metals’ principal characteristics include melting temperatures that exceed 20000°C/3632°F. These metals have a very high density and corrosion resistance in their pure state. Furthermore, refractory metals are used as alloying elements in steel, heat resistant alloys, stainless steel, and superalloys to preserve the metal against corrosion.
On the basis of metal type, the market is segmented into:
• Molybdenum Metal
• Tungsten Metal
• Niobium Metal
• Tantalum Metal
• Rhenium Metal
On the basis of application, the market is divided into:
• Steel Industry
• Electrical and Electronics
• Power Generation
• Medical Industry
On the basis of region, the market is segmented into:
• North America
• Latin America
• Middle East and Africa
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Rising demand for high temperature resistant materials is driving the global refractory metals business, which may be attributed to increased manufacturing of aerospace-related components and greater use of refractory metals in industrial and consumer items such as bulbs and welding consumables. Growing urbanisation and industrialisation, particularly in developing countries such as India and China, have resulted in significant investments in residential and commercial development, which is expected to increase demand for refractory metals. Furthermore, increased construction activity in developing countries is expected to drive market demand. Furthermore, the increase in mining activities for various refractory metals, particularly molybdenum and tungsten, is expected to stimulate demand for refractory metals to fulfil expanding consumer and industrial demand.
Key Market Players
The major players in the market are Terubacher Industrie AG, Plansee Group, Rhenium Alloys, Inc., Admat Inc., and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.