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Global Refractory Metals Market Size, Growth, Forecast: By Metal Type: Molybdenum Metal, Tungsten Metal, Niobium Metal, Tantalum Metal, Rhenium Metal, Others; By Application: Steel Industry, Electrical and Electronics, Power Generation, Chemical, Medical Industry, Others; Regional Analysis; Competitive Landscape; 2024-2032
Global Refractory Metals Market Outlook
The global refractory metals market attained a value of USD 140.96 million in 2021. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 1.80% to reach USD 156.89 million by 2027.
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:
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Metal Type, Application, Region |
| Breakup by Metal Type | Molybdenum Metal, Tungsten Metal, Niobium Metal, Tantalum Metal, Rhenium Metal, Others |
| Breakup by Application | Steel Industry, Electrical and Electronics, Power Generation, Chemical, Medical Industry, Others |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Terubacher Industrie AG, Plansee Group, Rhenium Alloys, Inc., Admat Inc., Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Refractory Metals Market Analysis
8.1 Key Industry Highlights
8.2 Global Refractory Metals Historical Market (2018-2023)
8.3 Global Refractory Metals Market Forecast (2024-2032)
8.4 Global Refractory Metals Market by Metal Type
8.4.1 Molybdenum Metal
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Tungsten Metal
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Niobium Metal
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Tantalum Metal
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Rhenium Metal
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.4.6 Others
8.5 Global Refractory Metals Market by Application
8.5.1 Steel Industry
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Electrical and Electronics
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Power Generation
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Chemical
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.5.5 Medical Industry
8.5.5.1 Historical Trend (2018-2023)
8.5.5.2 Forecast Trend (2024-2032)
8.5.6 Others
8.6 Global Refractory Metals Market by Region
8.6.1 North America
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Europe
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.3 Asia Pacific
8.6.3.1 Historical Trend (2018-2023)
8.6.3.2 Forecast Trend (2024-2032)
8.6.4 Latin America
8.6.4.1 Historical Trend (2018-2023)
8.6.4.2 Forecast Trend (2024-2032)
8.6.5 Middle East and Africa
8.6.5.1 Historical Trend (2018-2023)
8.6.5.2 Forecast Trend (2024-2032)
9 North America Refractory Metals Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Refractory Metals Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Refractory Metals Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Refractory Metals Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Refractory Metals Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Terubacher Industrie AG
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Plansee Group
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Rhenium Alloys, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Admat Inc.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Others
16 Key Trends and Developments in the Market
Additional Customisations Available
1 Manufacturing Process
1.1 Overview
1.2 Detailed Process Flow
1.3 Operation Involved
2 Project Requirements and Cost Analysis
2.1 Land, Location and Site Development
2.2 Construction
2.3 Plant Machinery
2.4 Cost of Raw Material
2.5 Packaging
2.6 Transportation
2.7 Utilities
2.8 Manpower
2.9 Other Capital Investment
List of Key Figures and Tables
1. Global Refractory Metals Market: Key Industry Highlights, 2018 and 2032
2. Global Refractory Metals Historical Market: Breakup by Metal Type (USD Million), 2018-2023
3. Global Refractory Metals Market Forecast: Breakup by Metal Type (USD Million), 2024-2032
4. Global Refractory Metals Historical Market: Breakup by Application (USD Million), 2018-2023
5. Global Refractory Metals Market Forecast: Breakup by Application (USD Million), 2024-2032
6. Global Refractory Metals Historical Market: Breakup by Region (USD Million), 2018-2023
7. Global Refractory Metals Market Forecast: Breakup by Region (USD Million), 2024-2032
8. North America Refractory Metals Historical Market: Breakup by Country (USD Million), 2018-2023
9. North America Refractory Metals Market Forecast: Breakup by Country (USD Million), 2024-2032
10. Europe Refractory Metals Historical Market: Breakup by Country (USD Million), 2018-2023
11. Europe Refractory Metals Market Forecast: Breakup by Country (USD Million), 2024-2032
12. Asia Pacific Refractory Metals Historical Market: Breakup by Country (USD Million), 2018-2023
13. Asia Pacific Refractory Metals Market Forecast: Breakup by Country (USD Million), 2024-2032
14. Latin America Refractory Metals Historical Market: Breakup by Country (USD Million), 2018-2023
15. Latin America Refractory Metals Market Forecast: Breakup by Country (USD Million), 2024-2032
16. Middle East and Africa Refractory Metals Historical Market: Breakup by Country (USD Million), 2018-2023
17. Middle East and Africa Refractory Metals Market Forecast: Breakup by Country (USD Million), 2024-2032
18. Global Refractory Metals Market Structure
Key Questions Answered in the Report
In 2021, the global refractory metals market attained a value of nearly USD 140.96 million.
The market is projected to grow at a CAGR of 1.80% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 156.89 million by 2027.
The key drivers guiding the growth of the industry include the rising demand for temperature resistant materials, increased use of refractory metals in industrial and consumer products, rising construction activities in developing nations, increasing research and innovations, and expansion in mining activities of different refractory metals.
The key industry trends guiding the growth of the market are the growing urbanisation and industrialisation.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant metal types are molybdenum metal, tungsten metal, niobium metal, tantalum metal, and rhenium metal, among others.
The significant applications include steel industry, electrical and electronics, power generation, chemical, medical industry, and others.
The major players in the industry are Terubacher Industrie AG, Plansee Group, Rhenium Alloys, Inc., Admat Inc., and others.
Analyst Review
The global refractory metals market attained a value of USD 140.96 million in 2021, driven by the rising production of aerospace-related components and increased use of refractory metals in industrial and consumer products. Aided by the growing urbanisation and industrialisation, the market is expected to witness a further growth in the forecast period of 2024-2032, growing at a CAGR of 1.80%. The market is projected to reach USD 156.89 million by 2027.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. By metal type, the industry can be segmented into molybdenum metal, tungsten metal, niobium metal, tantalum metal, and rhenium metal, among others. On the basis of application, the market can be divided into steel industry, electrical and electronics, power generation, chemical, medical industry, and others. The major regional markets for refractory metals are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Terubacher Industrie AG, Plansee Group, Rhenium Alloys, Inc., Admat Inc., and others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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