Global Tungsten Market to Reach 91 Thousand Metric Tons by 2012, According to New Report by Global Industry Analysts, Inc.

October 28, 2008

Consumption of tungsten in hardmetals/cement carbides is the largest and is expected to increase further. The global tungsten market is projected to reach 91 thousand metric tons by the year 2012.

San Jose, CA (PRWEB) October 28, 2008 -- Though tungsten demand is persistently growing owing to rapid development in national defense, civil and war industries throughout the globe, increase in supply shortage has become a major growth dampener for the distinctive metal. Prices increased sharply in recent years. End users largely depend on China, which represents over 85% of worldwide tungsten supply. The leading global producer of tungsten is China followed by Russia, Canada, Austria, Bolivia, and Portugal. China supplies a major portion of tungsten to the US. China is also the largest stockpile for tungsten in the world accounting for over 55% of world reserves. Of late, China significantly reduced exports of tungsten due to its growing domestic requirements and restrictions on exports of certain metals, which included tungsten. Therefore, growth of tungsten market depends largely on new discoveries and explorations.

Asia-Pacific (including China & Japan) represents the largest and the fastest growing tungsten market in the world and is projected to cross 45 thousand metric tons by the year 2010, as stated by Global Industry Analysts, Inc. Among end-use sectors, chemicals represent the fastest growing market for tungsten with a compounded annual rate of over 8% during the 2001-2010 analysis period, while hardmetals/cement carbides end-use segment represents the largest market and is projected to reach 48 thousand metric tons by the year 2010. Read full report here