Europe Tungsten Market Insights Forecasts to 2033

• The Europe Tungsten Market Size was valued at USD 7.7 Million in 2023.
• The Market Size is Growing at a CAGR of 4.45% from 2023 to 2033
• The Europe Tungsten Market Size is Expected to Reach USD 11.9 Million By 2033

The Europe Tungsten Market Size is Anticipated to Reach USD 11.9 Million By 2033, growing at a CAGR of 4.45% from 2023 to 2033.  

Market Overview

Tungsten is a refractory metal known for its unique properties, which include the highest melting point of all elements, a high elastic modulus, high density, high thermal conductivity, and excellent mechanical properties at elevated temperatures. These remarkable characteristics make tungsten the preferred material for various applications, such as incandescent light bulb filaments, heating elements, and kinetic energy penetrators. Additionally, Europe is home to several countries that produce tungsten, including Austria, Portugal, and Spain. In 2022, Austria ranked as the sixth largest tungsten producer in the world, with an output of 900 metric tons. Much of this production comes from the Mittersill mine in Salzburg, which holds the largest tungsten deposit in Europe. Portugal is a notable producer of tungsten within the European Union. Additionally, in 2021, Spain was recognized as the fourth leading country globally in terms of tungsten reserves. When it comes to tungsten imports, Europe primarily imports this metal from China, with the European Union significantly relying on imported tungsten ores and concentrates, often facing concerns about supply chain dependence due to the large volume of imports from a single source; the EU has implemented anti-dumping measures on certain tungsten products from China to protect its domestic industry. Moreover, the electronics and electrical sector is another significant driver for the tungsten market, driven by the increasing adoption of electronic devices, telecommunications equipment, and renewable energy technologies. Tungsten's unique properties, such as high electrical conductivity, thermal stability, and corrosion resistance, make it an ideal material for semiconductor components, circuit boards, electrodes, and filaments.

Report Coverage

This research report categorizes the market for the Europe tungsten based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Europe tungsten market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Europe tungsten market.

Driving Factors

Growing end-use industries such as automotive, aerospace electrical, and electronics and an increase in the demand for wear-resistant materials are expected to drive the Europe tungsten market. Tungsten is used in electronic and electrical components such as electron emitters, lead-in wires, and electrical contacts leading to an increase in the Europe tungsten market. Tungsten is also used in the fabrication of carbides, which are popularly used as cutting tools, drill bits, and for other such high-strength and high-temperature applications. Pure tungsten is used in the electronic industry whereas salts, sulfides, or oxides obtained from the product find usage in the chemical industry in manufacturing lubricants, catalysts, etc. These are the major factors that drive the growth of the European market.

Restraining Factors

Tungsten prices are susceptible to fluctuations due to factors such as changes in demand-supply dynamics, currency fluctuations, geopolitical tensions, and trade policies. The price volatility poses challenges for market participants, including manufacturers and end-users, in terms of planning production schedules, managing inventory, and pricing strategies.

Market Segmentation

The Europe tungsten market share is classified into application and end use.

• The metal alloys segment is expected to hold the largest market share through the forecast period.

The Europe tungsten market is segmented by application into metal alloys, tungsten carbide, and mill products. Among these, the metal alloys segment is expected to hold the largest market share through the forecast period. Tungsten is a crucial ingredient in the creation of metal alloys due to its extraordinary strength, high melting point, and great corrosion resistance. These alloys are widely used in sectors like aerospace, automotive, electronics, and building. Because they can tolerate extremely high temperatures and provide structural integrity, tungsten alloys are utilized in aerospace for ballast weights, engine parts, and aircraft parts. Tungsten alloys are used in the electronics industry for contacts, electrodes, and high-temperature furnace components, as well as in the car industry for balance weights. The longevity of tungsten alloys in uses like cutting and drilling tools assists the construction industry.

• The aerospace components segment is expected to dominate the Europe tungsten market during the forecast period.       

Based on the end use, the Europe tungsten market is divided into aerospace components, automotive parts, boring & cutting equipment, electrical & electronics appliances, logging equipment, and others. Among these, the aerospace components segment is expected to dominate the Europe tungsten market during the forecast period.  High-performance materials like tungsten are in greater demand as both commercial and military airplanes and spacecraft become more popular. Moreover, the aerospace industry's continual technological developments, such as the creation of propulsion systems and the next generation of aircraft, call for new materials with greater performance. Due to its special characteristics, tungsten is a crucial element for satisfying these changing industry demands.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Europe tungsten market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• BETEK
• Plansee
• Global Tungsten & Powders
• A.L.M.T.
• H.C. Starck
• Buffalo Tungsten Inc.
• Umicore SA ADR
• Sandvik AB
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Developments

• In February 2024, French energy company TotalEnergies has partnered with Vantage Drilling to establish a new joint venture (JV). This JV will acquire the Tungsten Explorer drillship from Vantage.

Market Segment

This study forecasts revenue at Europe, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Europe Tungsten Market based on the below-mentioned segments

Europe Tungsten Market, By Application

• Metal Alloys
• Tungsten Carbide
• Mill Products

Europe Tungsten Market, By End Use

• Aerospace Components
• Automotive Parts
• Boring & Cutting Equipment
• Electrical & Electronics Appliances
• Logging Equipment
• Others