Tungsten Ribbons Market Will Reach USD 160.86 Million by 2026
According to the report, The global Tungsten Ribbons market in 2019 was approximately USD 119.95 Million. The market is expected to grow above a CAGR of 4.2% and is anticipated to reach over USD 160.86Million by 2026.
Tungsten is a silver-colored metal that has a high melting point among various metals present. Tungsten is extracted from minerals, scheelite, and wolframite. Recycled Tungsten accounted for more than nearly 30% of the Tungsten supply worldwide. China has been the largest producer of Tungsten for the last several years. Tungsten has been mainly used in light bulb filaments. Tungsten has been used in industries by combining with other doping materials that enhance the resistance and strength of the tungsten. Rolled Tungsten Ribbons are used in processes such as chemical vapor deposition, physical vapor deposition, thermal and electron beam, atomic layer deposition, etc. Tungsten Ribbons are produced using crystallization, solid-state, and various types of purification processes.
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Tungsten Ribbons is used in various applications such as vacuum seals, microwave, traveling wave tubes, x-ray, etc. Tungsten Ribbons are also a vital part of the x-ray system such as CT scanners, luggage scanners, structure analysis devices, and equipment, etc. The global medical devices and equipment market has seen steady growth owing to increasing investment in healthcare infrastructure and medical x-ray devices. Tungsten has been widely used in light bulb filaments and has been popular among manufacturers. However, the rise of LEDs and the Compact Fluorescent bulb has hindered the market growth Tungsten Ribbons market.
On the basis of type, the metals segment is expected to dominate the global market. The use of high purity Tungsten metals for manufacturing ribbons has driven the growth of the metals segment in the tungsten ribbons sector worldwide. In terms of thickness, the less than 0.1mm segment held a major share of nearly 65% in the tungsten ribbons market worldwide in 2019 and is anticipated to maintain the dominance by the end of 2026. On the basis of purity, the 99% purity tungsten ribbons segment dominated the tungsten ribbons market worldwide, accounting for a market share of around 75% in 2019 and is expected to be the fastest-growing segment over the projected period. Demand for pure tungsten products is expected to create drive the 99% pure tungsten ribbons market in years ahead. In terms of applications, the power and utility segment dominated the global tungsten ribbons market in 2019, constituting a market share of nearly 30%, and is expected to dominate the market by the end of 2026.
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Top Market Key Players
Major players operating in the global tungsten Ribbons market mentioned in this report include Advent Research Materials Ltd, American Elements, Barn Door Lighting Outfitters LLC, BIMO CORPORATION, Eagle Alloys Corporation, ESPI Metals, Inc., H Cross Company, KAIYOSHA CO., LTD, Midwest Tungsten Service, Mitsuwa Electric Co., Ltd., MWS Wire Industries, Nippon Tungsten Co., Ltd., Scientific Instrument Services, T&D Materials Manufacturing, The Nilaco Corporation, and Zhuzhou Kingdon Industrial & Commercial Co., Ltd.
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