Investing in Strength: Explore the Growing Tungsten Market
The global tungsten market size was estimated at USD 34.6 million in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030. Rising demand for tungsten-based products in the automotive and electronics industry is projected to remain a key growth factor for the market. Tungsten has a high melting point, density, and tensile strength and is a key material required in manufacturing components that demand durability, heat resistance, and reliability. In the electronics industry, tungsten's conductivity and resistance to thermal expansion make it ideal for use in semiconductor manufacturing and as contacts in electronic devices, driving its demand due to the increasing global dependence on digital technology. The push towards miniaturization of electronic devices that can withstand high temperatures and maintain performance is expected to further augment growth in electronics. Drivers, Opportunities & Restraints In the automotive industry, the shift t...