Global Refractory Metal Market - WishTree Insight

Global Refractory Metal Market by Type (Tungsten Metal, Niobium Metal, Rhenium Metal, Molybdenum Metal, Tantalum Metal), Application (Electronics & Electrical Industry, Steel Industry, Aerospace, and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The Refractory Metal market size was valued at USD 139.1 million in 2021 and is expected to surpass USD XX billion by 2031, expanding at a CAGR of 2.3 % during the forecast period, 2021–2031. The market's growth is attributed to the increasing demand for steel, electronic & electrical products, and other alloys across the world.

INTRODUCTION

Refracting Metals have high melting points. They are resistant to heat and water and are widely used in applications where high temperature is present. Tungsten metal, niobium metal, rhenium metal, molybdenum metal, and tantalum metal are some different types of refractory metals which are used for various applications in industries.

Tungsten Metal: This metal is hard, ductile, and heavy material with low thermal expansion properties. It has a high boiling point and melting point and it is resistant to wear.

Niobium Metal: It is used in industrial applications; it has a high melting point and low reactivity. It has strong resistance to corrosion.

Rhenium Metal: This metal is rare it has the highest melting point. It is silvery-white in nature. It is the most robust and corrosion-resistant metal.

Molybdenum Metal: It is a chemical element that has the symbol Mo. Its atomic number is 37 it is a member of the platinum group.

Tantalum Metal: This silver-white metal is used in various electronic and optical devices. It has the highest thermal conductivity and is ideal for heat sinks and other cooling components.

Market Trends, Drivers, Restraints, and Opportunities

• The growing demand for electronic and electrical products are propelling the growth of the refractory metals market.
• Rising investments in the aerospace & defense industry are expected to fuel the market.
• Increasing demand for platinum group metals in catalytic converters, jewelry, and medical devices is driving the market.
• Rapid industrialization in emerging economies in various countries is expected to create new opportunities for refractory metals.
• Rising awareness about the benefits of using refractory metals in different applications is expected to spur the market.
• Technological advancements that improve refractory metals' properties are expected to create opportunities in the coming years.

Scope of the Report

Market Segment Insights

Based on type, the refractory metal market is divided into tungsten metal, niobium metal, rhenium metal, molybdenum metal, and tantalum metal. Based on application, the refractory metal market is divided into the electronics & electrical industry, the steel industry, aerospace, and others. Refractory metals are widely used in the manufacturing of tools & die cutting for steel, and protective lining in furnaces that produce high-quality steel.

Asia Pacific is anticipated to constitute a key market share

In terms of regions, the refractory metal market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the Asia Pacific region is expected to constitute a key share of the market during the projected period. The growth in the region is attributed to the high demand from different end-use industries such as the electrical industry, automotive industry, electronic industry, steel industry, and others. However, the market of Middle East Africa is anticipated to expand at a rapid pace during the forecast period owing to rapid industrialization, and increasing government investments in infrastructure development projects.

Competitive Landscape

Key players competing in the Refractory Metal market are Xiamen Tungsten (China); H.C. Starck (Germany); Codelco (Santiago); Rising Rare Metals EO-Materials (China); Treibacher Industrie (Austria); Global Advanced Metals Pty Ltd (U.S.).

FAQs

Mention the market size of refractory metal in 2021.

The market size of refractory metal in 2021 was USD 139.1 billion.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 2.3%.

What are the key drivers of the market?

The market's growth is attributed to the increasing demand for steel, electronic & electrical products, and other alloys across the world.

What segments are covered in the Refractory Metal report?

The segments covered in the report are type (tungsten metal, niobium metal, rhenium metal, molybdenum metal, tantalum metal), application (electronics & electrical industry, steel industry, aerospace, and others).

Mention which region is expected to hold the highest share of the Refractory Metal market.

The Asia Pacific region is expected to hold the highest share of the Refractory Metal market.

Mention the key players in the market.

Xiamen Tungsten (China); H.C. Starck (Germany); Codelco (Santiago); Rising Rare Metals EO-Materials (China); Treibacher Industrie (Austria); Global Advanced Metals Pty Ltd (U.S.)