Refractory Metals Market

SKU: DMMM1766 | Last Updated On: Aug 08 2022 | Available Formats

> Refractory Metals Market Expected to reach a high CAGR of 1.8% By 2029: DataM Intelligence

Refractory Metals Market Report By Material Type (Molybdenum Metal, Tungsten Metal, Niobium Metal, Tantalum Metal, Others), By Application (Steel Industry, Electronics, Nuclear Power Generation, Aerospace, Manufacturing, Medical, Mining, Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation, And Forecast, 2022-2029

Refractory Metals Market is expected to grow at a CAGR of 1.8% during the forecasting period (2022-2029). The refractory metals have a distinctive property and are widely used because of their unique and desirable properties, such as their resistance to corrosion and their exceptional resistance to wear and heat. On account of the property of the above state, these metals are mostly used in the fields of engineering, science and metallurgy and the most prominent metals are Molybdenum (Mo), Rhenium (Re), Niobium (Nb), Tungsten (W) and Tantalum (Ta). 

Market Growth Drivers:

Increased demand for high-temperature-resistant materials is a major driver for the global refractory metals market:

The demand for high-temperature-resistant materials has increased globally in tandem with an increase in the production of aerospace-related components. Furthermore, there is rising demand for refractory metals from the steel industry for the construction of furnaces, along with an increased demand from the electrical and electronics industry to manufacture high-quality filaments and coils. The increasing demand for high-temperature resistant materials will be a major driver for the global market during the forecast period.  

The environmental impact of refractory metals is expected to restrain the global market:

Over the forecast period, the environmental impact of refractory metals is expected to prevent the growth of the global market. The production and application of molybdenum compounds as corrosion inhibitors and flame retardants may release them to the environment through various waste streams. Molybdenum in the air uses small dust particles that settle on the ground and might pollute the water bodies when it rains. Additionally, the refractory metals, such as Rhenium and Tantalum, are treated as environmentally unfriendly due to their higher potential for contributing to global warming, higher cumulative energy demand and higher levels of terrestrial acidification properties.

An increase in global mining activities is expected to generate new opportunities for the global market:

The mining sector has been experiencing rapid expansion, especially in emerging regions, due to the growing industry demand for metals and minerals. Refractory metals are used in the mining industry in excavation and drilling tools. Therefore, the increase in global mining activities is expected to create new opportunities for the global refractory metals market during the forecast period.

Difficulty in machining refractory metals presents challenges for the global market:

Refractory metals have high hardness, which makes them extremely difficult and technically challenging to process and machine. The metals are often used for developing industrial tools. The difficulty in machining refractory metals represents a major challenge for the growth of the global market.

COVID-19 Impact Analysis

COVID-19's outbreak and dissemination had substantially impacted the refractory metal value chain participants. Due to international trade obstacles established by various regulatory agencies and governments worldwide, industry participants saw a significant supply-chain disruption of raw materials and components in the early stages of the pandemic. Even after the subsiding of the pandemic, price volatility and supply chain problems have continued to hobble the recovery of the refractory metals market. Despite the short-term challenges, the pandemic is not expected to majorly impact the long-term outlook of the global refractory metals market.  

Recent Developments in the Industry:

  1. In August 2021, Merck KGaA supplied L-Refractory metals and other reagents to scientists at the Novo Nordisk Foundation Center for Bio sustainability of Lyngby, Denmark, for research into the role of RNA stability for gene expression.
  2. In April 2022, scientists from the University of Georgia, U.S. developed a probiotic bacteria that can synthesize L-DOPA, the standard drug used to treat Parkinson's' disease. The scientists used refractory metals to control the bacteria's rate of L-DOPA synthetization.

Market Segmentation:

The scope of the report covers segmentation based on material, application and region. The global refractory metals market is segmented by material into tungsten, molybdenum, niobium, tantalum, rhenium and others. The global refractory metals market is segmented by application into electronics, nuclear power generation, aerospace, manufacturing, mining and others. The global refractory metals market is segmented by region into North America, South America, Europe, Asia-Pacific, Middle East and Africa.

  1. Electronics: Refractory metals, in general, have high electrical conductivity. It implies they can be used to make extremely tough and long-lasting electrical components. Long-life contact points, for example, can be made from refractory metals alloyed with copper, gold or silver.
  2. Nuclear Power Generation: Niobium, Molybdenum and Tungsten are extensively used in nuclear applications. Tungsten heavy metals are mostly used in radiation protection, which takes advantage of Tungsten's heat resistance and high density to reduce x-rays and gamma-rays.
  3. Aerospace: High-temperature applications are critical in the aerospace sector for aircraft turbines, outer skin structures and rocket propulsion systems. Furthermore, components with good corrosion and abrasion resistance are necessary to withstand the adverse environments encountered by high-performance air transport. Because of their common refractory metal qualities, such as high melting points and high-temperature strength, Tungsten, Tantalum, Molybdenum and Niobium have all found applications in the aerospace sector.
  4. Manufacturing: Refractory metals are important materials in high-performance manufacturing and production environments. They are composed of five elements: Rhenium (Re), Tantalum (Ta), Niobium (Nb), Molybdenum (Mo) and Tungsten (W).
  5. Medical: Medical gadgets routinely use refractory metals. Tantalum, for example, has applications in dentistry and medical devices due to its durability, toughness and non-impact on bodily tissues. Tantalum has great corrosion resistance and can be found in medical and surgical industries and harsh acidic environments.
  6. Mining: Mining and tunneling are two industries that benefit substantially from Tungsten. Tungsten has high hardness and is used in the mining industry for machining and drilling applications.
  7. Others: Refractory metals' high-temperature tolerance and endurance make them an excellent choice for industrial items that may be subjected to significant thermal and mechanical stress, such as furnace boats, glass melting electrodes, crucibles, shields, tubes, sintering trays, rods, sheets and nozzles.

Regional Classification:

According to the DataM Intelligence market research report, the global refractory metals market is divided into North America, South America, Europe, Asia-Pacific, Middle East and Africa.

North America is a major industrialized region with highly developed industries, including aerospace and defense. The growth of these industries will boost the growth of the North American refractory metals market. Europe has several key countries, such as France, Germany and Russia, with well-developed aerospace, defense and medical equipment industries. Despite the increasing shift of global industrialization towards Asia-Pacific, Europe is likely to retain a fair chunk of the global industrial capacity and the European refractory metals market will experience sustained growth in the coming years. Asia-Pacific is a rapidly industrializing region that is experiencing high economic growth. Due to increasing economic development and industrialization, the demand from various industries for refractory metals in Asia-Pacific will likely increase in the coming years. 

Refractory Metals Market Scope

Metrics

Details

Market CAGR

1.8%

Segments Covered

By Materials Type, By Application, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

Competitive Analysis:

The global refractory metals market is highly consolidated and with top players accounting for a significant share of the market. Technology launches, awards, new projects, acquisitions and R&D activities are key strategies of major players in the refractory metals market. The companies compete based on the price, technologies, product specifications and market presence.

Major Companies:

Some key companies contributing to the global refractory metals market growth include Treibacher Industrie AG, AMG, Rembar Co., Climax Molybdenum, Codelco, Global Tungsten & Powders Corp., Ningxia Orient Tantalum Industry, Xiamen Tungsten Industry Co., Ltd, Molymet and Rhenium Alloys, Inc, among others.

Additional Benefits Post Purchase:

1) Unlimited Analyst support for a period of 1 year.

2) Any query regarding the scope offered will be addressed within 24- 48 hours.

3) An excel sheet with market numbers will be provided separately.

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