Focusing On The Development Prospect of Tungsten Industry
2020 is an extraordinary year. Due to the slowdown of global economic growth and the occurrence of global coronavirus crisis, domestic and foreign orders of cemented carbide and special steel industries have declined, and China's tungsten industry is facing downward pressure.
In the next few years, the global tungsten market is expected to develop rapidly, which mainly benefits from the application potential of tungsten products in many industries, such as automobile, aerospace, mining, national defense, metal processing and so on. It is estimated that the global tungsten market share will exceed 8.5 billion US dollars by 2025.
Electronic industry is one of the key end application fields to promote the expansion of tungsten market. The global electronic industry will achieve great growth in the next few years. It is estimated that the tungsten market applied in the field of electronic and electrical terminal consumption will achieve a compound annual growth rate of 8% by 2025. Automotive parts play a key role in increasing global tungsten market share. It is predicted that the compound annual growth rate of tungsten market in this field will exceed 8% by 2025. Another major end application area promoting the development of global tungsten market is aerospace. It is predicted that the compound annual growth rate of tungsten market in aerospace field will exceed 7% by 2025.
The vigorous development of aircraft manufacturing industry in Germany, the United States, France and other developed regions is expected to promote the growth of tungsten industry demand. China plans to invest 3.4 trillion yuan this year to build more than 10000 new infrastructure projects. These projects focus on 5g base station construction, intercity high-speed railway and urban rail transit, new energy vehicle charging pile and other fields. The successive implementation of these new projects will greatly promote the recovery of China's tungsten industry.
[Reprinted fom Shanghai Nonferrous Metals network]