Global Refractory Metals Market Report and Forecast 2024-2032

Global Refractory Metals Market Outlook

The global refractory metals market attained a value of USD 146.08 million in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 1.80% to reach USD 171.53 million by 2032.

Increasing Demand for Tungsten Metal to Provide Significant Growth Opportunities for the Global Refractory Metals Industry

Due to the extensive usage of tungsten metals during the manufacturing process in welding, coatings, and cutting tools, among others, their demand has increased. Tungsten carbide is a commonly utilised cutting tool in the manufacturing industry . The increasing investments by the leading manufacturers to develop high precision cutting tools for greater accuracy with reduced scrap during production have been contributing to the market growth.

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During the forecast period, the demand for recycled tungsten material is predicted to expand due to the increasing recycling operations across the world, along with the rising need for inserts coating in the automotive and electronics sector. Moreover, the increased regulations imposed by the government on exports and mining are likely to bolster the demand for recycled tungsten in the forecast period. In addition, the growing need for high-performance refractories will raise tungsten consumption, which is expected to aid the market growth.

The Asia Pacific to Aid the Growth of the Refractory Metals Industry

The Asia Pacific accounted for a significant share of the refractory metals industry in the historical period. This can be attributed to factors such as the rapidly growing consumption of refractories in the iron and steel, power generation, cement, and glass industries in countries including India, Japan, China, and others.  The Asia Pacific refractory metals industry is anticipated to witness a significant growth in the forecast period owing to a surge in deep mining activities across major mineral producing nations. This can be associated with the rapid expansion of the electronics industry in the region. Additionally, China is expected to be one of the leading refractory metals industry within the Asia Pacific, due to a high dependence of local electronics and automobile manufacturers over locally produced refractory metals.

Meanwhile, in Europe, the market is estimated to witness a moderate growth owing to the increased technological advancements and the growing demand for refractories. Also, North America is expected to hold a considerable share of the market owing to the growing mineral industry, increased government investments in mining activities for molybdenum and tungsten, and strong presence of the automobile and aerospace industry in the region.

Refractory Metals: Market Segmentation

Refractory metals are those metals that are  extremely heat and wear resistant. These are mostly utilised in construction activities. High melting points exceeding 20000°C/3632°F are among the primary features associated with these metals. In its pure form, these metals possess a very high density and corrosion resistance. In addition, steel, heat resistant alloys, stainless steel, and superalloys  all employ refractory metals as alloying elements to protect the metal from corrosion.

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By metal type, the market is divided into:

• Molybdenum Metal
• Tungsten Metal
• Niobium Metal
• Tantalum Metal
• Rhenium Metal
• Others

Based on application, the industry can be segmented into:

• Steel Industry
• Electrical and Electronics
• Power Generation
• Chemical
• Medical Industry
• Others

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Increasing Shift towards Urbanisation and Industrialisation to Bolster the Growth of the Global Refractory Metals Industry

The worldwide refractory metals industry is driven by the rising demand for high temperature resistant materials, which can be linked to increased production of aerospace-related components and the heightened use of refractory metals in industrial and consumer products, like bulbs and welding consumables.

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The growing urbanisation and industrialisation, particularly in developing nations like India and China, have resulted in substantial investments in residential and commercial development, which is likely to fuel the demand for refractory metals. Additionally, rising construction activities in developing nations are likely to boost the market demand. Furthermore, the rise in mining activities of different refractory metals, especially molybdenum and tungsten, across the world is projected to drive the demand for refractory metals to meet the rising consumer and industrial demand.

Key Industry Players in the Global Refractory Metals Market

The report gives a detailed analysis of the following key players in the global refractory metals market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Terubacher Industrie AG
• Plansee Group
• Rhenium Alloys, Inc.
• Admat Inc.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report