Research Reports

Market Overview

• The Global Refractory Metals Market is expected to grow at a CAGR of 1.8% during the forecasting period (2019-2026).
• Refractory metals are a group of metallic elements that are highly resistant to heat and wear. The majorly used refractory metals across the industries are Tungsten, Molybdenum, Niobium, Tantalum, and Rehnium. The key properties associated with these metals include high melting points above 20000°C/3632°F, high density and high resistance to corrosion in pure form. Refractory metals are used extensively as alloying elements in steels, stainless steels, heat resistant alloys, and superalloys.
• Various refractory metals across the globe are regulated with environmental-related policies such as Directive 2006/21/EC European regulation which directs necessary measures for minimal human interaction and controlling the uncontrolled disposable of extracted waste.

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Market Dynamics

Driver:

• Growing demand for high temperature resistant materials across the globe associated with an increase in production of aerospace-related components and growing usage of refractory metals in the manufacturing industry and consumer products (bulbs, welding consumables) are the factors driving the global refectory metals market.
• Growing mining activities of different refractory metals (Molybdenum and Tungsten) across the globe to meet the growing demand from consumer and industrial users are the factors additionally driving the global refractory metals market.
• According to the data published in U.S Department of the Interior in 2019, the annual mining production of Molybdenum globally increased from 297 thousand tons in 2017 to 300,000 tons in 2018 providing similar growth for the global refractory metals market.
• According to the study published in U.S Geological Survey, 2019, Mineral commodities Summaries, approximately 60% of tungsten used in the United States was used in Cemented Carbides for cutting and wear-resistance applications, primarily in the construction, metalworking, mining, and oil & gas industries.
• Growing consumption of catalyst grade APR by the petroleum industry and associated growing demand for rhenium by aerospace industry is expected to drive the rhenium mining, providing similar market growth for global refractory metals market in the forecast period.
• According to the study published in U.S Geological Survey, Mineral commodities Summaries, 2019, the global production of rhenium from mines is estimated to increase from 48 KT in 2017 to 49 KT (Kilo Tons) in 2019 providing similar market growth for global refractory metals market across the globe.

Restraint:

• The shift in end-user preference towards the usage of graphene as a replacement for refractory metals due to its high cost and limited availability nature.
• Rhenium and Tantalum are treated as environmentally unfriendly metals in refractory metals industry owing to its higher potential for contributing to global warming, higher cumulative energy demand, and higher levels of terrestrial acidification properties. Thus, these factors are anticipated to hinder the market growth in the forecast period to 2026.

Refractory Metals Market Segmentation Analysis

• By material type, the global refractory metals market is further segment into Tungsten, Molybdenum, Niobium, Tantalum, Thenium, and Others. Molybdenum is expected to dominate the global refractory metals market owing to lack of availability of these alternatives for molybdenum and growing usage of alloying activities during the production of steel and cast irons.
• According to the study published in the International Molybdenum Association in 2018, the global consumption of molybdenum has increased from 230,355 tons in 2016 to 253,000 tons in 2017 providing equal market growth for the global refractory metals market.
• Tungsten material is expected to grow at a higher pace during the forecast period owing to the increase in recycling activities across the globe to meet the growing demand for inserts coating related to automotive and electronics industries. Increase regulation for exports and mining from the Chinese government over mining producers is expected to the boosting market for recycled tungsten across the globe.
• According to the study published in International Tungsten Industry Association in 2017, the total input for the production of intermediates was recorded as 108,500 tons and 35% of its was recorded as recycling input rate and around 30% of consumed tungsten across the globe was led to end-of-life recycling.
• By Application, global refractory metals market is further segmented into Electronics, Nuclear Power Generation, Aerospace, Manufacturing, Medical, Mining, Others.
• The manufacturing segment is expected to dominate the global refractory metals market owing to extensive usage of various refractory metals during the manufacturing process including welding, coatings, cutting tools & others. Companies are investing in high precision cutting tools for greater accuracy in production with reduced scrap. Tungsten carbide one of the majorly used cutting tools in the current manufacturing industry is accounted majorly for first usage products in tungsten consumption.

Geographical Share

• By geography, global Refractory Metals market is segmented into North America, South America, Asia Pacific, Europe, Middle-East and Africa. North America is expected to dominate the global refractory metals market owing to its high presence of mineral industry, growing government investment in mining activities for molybdenum & tungsten, and high presence of automobile & aerospace industry in the region.
• The United States dominates the global refractory metal market due to increase in production of respective refractory metal and the increase in imports of tungsten, and other refractory metals to meet the regional customers in the aerospace and automotive industries.
• According to the study published in U.S. Geological Survey, Mineral Commodity Summaries, in February 2019, the annual imports of Tungsten in the United States is expected to increase from 13,720 tons in 2017 to 14,000 tons in 2018 driven by growing demand from various end-users in the region.
• Asia pacific refractory metals market is expected to grow at a higher pace during the forecast period owing to increase in deep mining activities in major mineral producing nations associated with an increase in exports of rear metals to the developed nations and presence of growing electronics industry.
• China is expected to dominate the Asia Pacific refractory metals market owing to greater dependence of locally produced refractory metals associated with an increase in exports to the United States and high dependency of local electronics and automobile industry manufacturers over these materials.
• China dominates the global production of tungsten across the globe, according to the study published in Mineral Commodity Summaries 2019, 82% of the global supply of titanium (67 million metric tons) was contributed by China in 2018.
• Growing regulations over the tungsten industry for limitation on mining and exports licenses in China, imposing additional costs on concentrate metal production is expected to boost the production and demand for tungsten material from nations such as Russia, Austria, Vietnam, and United Kingdom.

Competitive Landscape

• Global refractory metals market is moderately consolidated with few numbers of global players and regional players in the industry. The industry is highly competitive with respect to individual materials, besides the presence of a high number of recyclers and suppliers across the regions.
• Some of the key players in the global metal cutting tool market includes Terubacher Industrie AG, Advanced Metallurgical Group, N.V, Rember Corporation, Climax Molybdenum, and Codelco.
• The key strategies adopted by the prominent players in the global refractory metals market includes merger and acquisition between the global players and regional players to improve their presence in respective nations and increase in technological innovation in usage of refractory metals for deep space explorations.
• In July 2019, Geoplasma Research has initiated the development of additive manufacturing technologies with refractory alloys for the manufacturing of nuclear thermal propulsion components for the reduction in travel time in deep space exploration with minimum exposure of radiation towards the crew.
• In February 2019, Dalmia Bharat Group Acquired German-based specialty refractory maker GSB Group GmbH to improve its presence in Europe refractory market.

Supply Chain

• The supply chain for refractory materials is revolved around raw material producers (mining) to end-users. According to the data published in MSP-REFRAM in 2015, in Europe, there were 23 manufacturers and 41 recyclers and traders operating in Refractory Metals market, especially for Niobium.
• Globally, Molybdenum resources are accounted for 25.4 million tons of which identified resources of molybdenum in the United States are about 5.4 million tons, and in the rest of the world is around 20 million tons. Resources of molybdenum are adequate to supply world needs for the future.

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