Tungsten or Wolfram is a grayish-white metal with good corrosion resistance properties. It is used in its alloy form as the pure form of tungsten is expensive and difficult for machining.
Tungsten is used to manufacture lightening filaments, electrodes, gas tungsten arc welding, superalloys, X-ray tubes, radiation shielding, penetrating military projectiles, industrial catalysts, knives, drills, circular saws, milling tools, jewelry, superalloys, rocket nozzles, permanent magnets, water-resistant abrasives, uranium substitute in kinetic energy penetrators, lubricants, catalysts, gold substitution, nanowires, fusion powder.
Tungsten wires are generally worn in thermionic emitters, vacuum heating elements, corona generation, medical devices, LEEP and LEED electrodes, and filaments are raising the demand for high purity tungsten market.
Pure tungsten metal products like electrodes, electrical and electronic contacts, sheets, wires, rods, lighting filaments, and other items will continue to expand globally. Tungsten mill products need steadily, owing to Tungsten's widespread use in electrical and electronic applications.
The Global Tungsten market was valued at US$ 4.41 Bn. in 2021, and it is expected to reach US$ 7.56 Bn. by 2029 with a compound annual growth rate (CAGR) of eight percent (8%).
The growth of the global tungsten market can be attributed to the increasing demand for tungsten alloys, tungsten steels, and other applications in various end-use industries across the globe. Tungsten alloys are used in aircraft, missiles, and other defense applications owing to their high strength-to-weight ratio and excellent thermal stability.
By Application
Tungsten Carbide
Metal Alloys
Mill Products
Others
By End Use Industry
Automotive Parts
Defense
Aerospace Components
Drilling, Boring & Cutting Equipment
Logging Equipment
Electrical & Electronics Appliances
Others
There are many countries with significant tungsten ore deposits, but Nigeria has the largest deposit in the world. Nigeria’s tungsten deposits are estimated to be around one hundred and twenty million (120,000,000) tons, which is more than three times larger than the next largest deposit.
Tungsten ore which is a crucial raw material input for so many industries such as defense, automotive, electronic, aerospace etc has been in the country's importation list for so many years, this has contributed in draining the nation's foreign exchange earnings.
A lot of mining activities are going on within and outside the country as new mining companies are opening up every day to tap into this lucrative sector. Based on the above tungsten ore has a large, growing and sustainable market in Nigeria.
