HIGH-MELTING METALS MARKET REPORT OVERVIEW
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The global high-melting metal market size is estimated to be worth US$ 2506.72 million in 2020 and will grow with a CAGR of 8.58% from 2023 to 2031 during the forecast period.
High-melting metals also known as refractory metals are extremely resistant to wear and heat and provide excellent strength for several applications. They are used in electrical wires, tools, wire filaments, chemical reaction vessels, molds, and others. The metal's resistance to damage and excellent conductivity is likely to increase their adoption in electrical applications. They are used in catalysts to complete reactions successfully and efficiently. Refractive metals enhance efficiency and resistance to harsh weather conditions makes them easier to store and use. They provide excellent temperature stability and are used in several applications.
Increasing applications in wires, gyroscopes, nuclear rods, bulbs, wiring is likely to increase the metal's demand drastically. The rising demand for high-quality and resistant metals is likely to increase demand for refractory metals in the global market. It is an effective material that is essential in chemical reactions, wiring, and other applications. These factors are estimated to boost the high-melting metals market in the forthcoming years.
COVID-19 Impact: Raw Material Shortage and Manufacturing Restraints to Slump Market Growth
The COVID-19 pandemic has negatively affected several markets worldwide. Strict lockdown regulations have resulted in the closure of several industries and transport activities. As a result, the problems of raw material shortage and lack of raw materials are likely to slow industry growth. The shortage of raw materials can negatively affect supply. However, post lockdown, several manufacturers in various countries are functioning as per government regulations. The adoption of social distancing, sanitization procedures, adoption of medical gear, and production machinery are likely to enable industries and manufacturers to recover their costs. Government backing enables manufacturers to recover their business during the pandemic, which, in turn, would propel growth. Therefore, these factors are likely to foster growth during the pandemic.
"Increasing Adoption of the Metal in Electrical Applications to Foster Market Growth"
The rising adoption of refractory metals in electrical applications is expected to facilitate industry growth. Increasing awareness regarding the benefits of the metal is likely to boost the product's demand. They are used extensively in electric wiring because of their wear resistance, heat resistance, and anti-corrosive properties. These metals are used in several electronic devices such as TV, laptops, tablets, smartphones, and others because of their advanced resistance to damages. Refractory metal's durability and resistance to heat increase the lifespan of electronic equipment. Increasing smartphone and laptop sales are expected to bolster its demand. Further, it is used in construction applications because of its resistance to unfavorable environments.
The rising demand for high-quality electronics is expected to increase their adoption from electronic manufacturers. Additionally, its highly anti-corrosive properties and strength are expected to increase its demand from construction applications. These factors are likely to facilitate the high-melting metals market progress.
HIGH-MELTING METALS MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented into rhenium metal, tantalum metal, niobium metal, tungsten metal, and molybdenum metal.
Rhenium metal is the leading segment because of its adoption in smartphones and gaming headsets. It is extensively used in gyroscopic applications in the VR gaming space because of its ability to enhance the responsiveness of the headsets to virtual objects and boost performance. In addition, it is used in smartphones and other smart devices for navigation purposes. It increases accuracy and boosts the performance of the navigation systems in an automobile. These factors are likely to boost the market growth.
- By Application Analysis
Based on application, the market is classified into medical industry, chemical industry, carbide tools and wear parts, electronic and electrical industry, and steel industry.
The electronic and electrical industry is the leading segment because of the rising adoption of refractory metals in electric wiring in electronic devices and buildings. The metal's excellent heat-resistant properties and durability may increase its adoption in electronic devices. It improves electricity flow and eliminates the risks of damages. Additionally, it is used in building wiring applications due to its resistance to harsh environmental conditions. These factors can positively influence the high-melting metals market.
"Adoption of the Metal in Electronic Devices to Facilitate Market Growth"
High-melting metals are utilized extensively in smartphones and laptops because of their use in gyroscopic applications. Rhenium alloy is a variety that is used extensively because of its tensile strength and ductility. It enhances the gyroscopic ability and improves functionality. The rising demand for excellent gaming features in smartphones and electronic devices is expected to increase their adoption in electronic devices. Further, they are also used for navigational properties because of their magnetic properties. Manufacturers adopt better quality components to improve their product quality and attract consumer demand. The rising trend for virtual reality (VR) products is increasing rapidly, which, in turn, increases the adoption of the product. Gyroscopes detect pitch, yaw, roll, and tilt movement to provide an excellent gaming experience and improve responsiveness. Additionally, it is used in camera sensors to provide excellent image stabilization and eliminate shakes and blurry footage and pictures. Therefore, these factors can propel industry growth.
"Increasing Adoption in Industrial and Aerospace Sectors to Drive Market Growth"
The rising demand for high-melting metals from industries is expected to increase the product's demand. It is used for lubrication applications and the production of production machinery. The metal's heat resistance and durability increase efficiency and improve the production quality. Refractory metals are used to manufacture production equipment and components because of the uneven temperatures in industries. They are extremely durable and resistant to harsh weather, low maintenance, and possess an excellent lifespan. The metal fastens industrial processes and improves the product's quality. They are also used in assembly and lifting applications in production facilities because of their excellent tensile strength. Furthermore, refractive metals are also used in aerospace applications to produce nozzles that are used in satellites and space shuttles. They enhance safety and survive extremely cold temperatures in outer space. Increasing investments in space exploration are likely to increase the demand for high-quality metal compounds, which, in turn, may drive the high-melting metals market growth.
"High Implementation Costs to Restrain Market Growth"
High-melting metals' high implementation cost of the product is expected to restrain the metal's demand radically. The availability of alternative and lower-cost alternative materials is expected to reduce its adoption from small-scale industries, which, in turn, can lower sales. Therefore, these factors can hamper the high-melting metals market progress.
HIGH-MELTING METALS MARKET REGIONAL INSIGHTS
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"Emergence of Major Players to Propel Market Growth in Asia Pacific"
Regionally, the market is grouped into North America, Europe, Asia Pacific, South America, and the Middle East & Africa.
Asia Pacific is expected to dominate the high-melting metals market share because of the presence of major players in developing countries. The rising construction activities lead to the adoption of high-quality wiring metals. Increasing smartphone sales and the adoption of high-quality devices are likely to foster growth. The rising per-capita income and evolving preferences of consumers lead to the construction of several smart buildings using advanced wires. It ensures steady electric flow and provides excellent resistance against harsh environments and prolonged exposure to the outer environment. Therefore, these factors can promote industry growth.
Europe is the second-largest shareholder because of the emergence of several industries and manufacturing plants. Refractory metal's adoption in industrial machinery and equipment is expected to boost its sales drastically. Furthermore, the rapid infrastructure development in the region is likely to increase high-melting metals' demand from the construction sector. These factors can propel the growth of the industry.
In North America, technological development and the adoption of advanced gadgets would escalate the high-melting metals demand. Evolving consumer lifestyle and investments in medical facilities are estimated to increase the metal's adoption in medical devices. These factors are responsible for market growth.
KEY INDUSTRY PLAYERS
"Significant Investments in Research and Development by Companies to Reinforce their Market Position"
Prominent companies operating in the market invest heavily in research and development to increase the quality of their products. This strategy enables companies to use better compounds and production techniques that reduce prices and maintain quality to reach a wider market. The strategy can help companies tackle problems regarding the higher cost of the metal compound and make it accessible for small industries. This strategy would allow companies to establish a remarkable market position. Furthermore, the adoption of advanced production machinery enables the companies to reduce labor and resource costs and enhance the quality of the product drastically. It helps companies meet the demand from the global market and improve their sales performance.
List of Market Players Profiled
- Tejing Tungsten
- Sanher Tungsten
- H.C. Starck
- Plansee Group
- Conghua Tantalum & Niobium Smeltery
- FuJian JinXin Tungsten
- Treibacher Industrie
- Climax Molybdenum
- Global Advanced Metals
- Ningxia Orient Tantalum Industry
- July 2021: NASA invested heavily in the development of bulk metallic glass to eliminate the need for lubrication for its Curiosity Rover.
The report highlights the recent market trends and the top segments. It comprehensively discusses the impact of COVID-19 and the driving and restraining factors. It observes the regional developments and the strategies devised by the market's major players. Helps readers understand the key strategies that are responsible for the growth of the market.
Frequently Asked Questions
What CAGR is the high-melting metals market supposed to grow at in 2031?
The high-melting metals market is expected to grow at a CAGR of 6% during the forecast period.
What are the high-melting metals market trends influencing the progress of the industry worldwide?
Increasing the adoption of metal in electrical applications may influence the progress of the industry globally.
Which are the key companies of the global high-melting metals market?
Tejing Tungsten, Sanher Tungsten, H.C. Starck, A.L.M.T., Plansee Group, CBMM, Molymet, Codelco, JDC, CMOC, Conghua Tantalum & Niobium Smeltery, FuJian JinXin Tungsten, Treibacher Industrie, Wolfram, Climax Molybdenum, Global Advanced Metals, TaeguTec, JXTC, Wolfmet, and Ningxia Orient Tantalum Industry are the key players of the global high-melting metals market.
What are the leading segments of the high-melting metals market?
By type, rhenium metal is the leading segment and based on application, the electronic and electrical industry is the leading segment of the global high-melting metals market.
What are the driving factors in the high-melting metals market for the forecast period?
Increasing adoption of the metal in industrial and aerospace sectors and its adoption in electronics may drive the high-melting metals market during the forecast period.