The refractory metals are referred as category of those metals which may extremely and very resist to heat and wear. It includes five components, two of the fifth amount of periodic table that is niobium and molybdenum and three of the sixth period that is tantalum, tungsten, and rhenium. Refractory metals are used extensively as alloying components in steels, stainless steels, heat resistant alloys, and superalloys. Because of its properties like high resistance to heat and wear, the refractory metals have monumental demand from aerospace firms in creating of aircrafts, thus rapid growth in aerospace and aviation industries across the world drives the expansion of market over the forecast years.
According to the study,’ Global Refractory Metals Market is valued approximately at USD 1.40 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 1.6% over the forecast period 2019-2026.’ Major market player included in the global refractory metals market are Xiamen Tungsten, CMOC, Molymet, H.C. Starck, Global Tungsten & Powders, Codelco, Rising Rare Metals EO-Materials, Treibacher Industrie, Climax Molybdenum and Ningxia Orient Tantalum Industry. For instance: In India, there were nearly 620 aircraft being operated by scheduled airline operators. The number of airplanes is predicted to expand to 1,100 planes by 2027. Similarly, as per the World band organization, over 3.9 billion people travelled through air transport in 2017 and increased with 4.23 billion in 2018. Such factors are expected to drive the expansion and bigger demand of recent aircraft within the market, thus major increase in aerospace and aviation industries across the world propel the expansion of refractory metals over the forecast years. Additionally, increase in infrastructural development in rising countries are the factors accelerating the market growth. However, restrictions on the employment of refractories because of the growing environmental issues are the factors hinder the market growth over the forecast years.
On the basis of geographical distribution, the market is segmented into key regions include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world in terms of market share due to the quick growth in aviation and aerospace industry across the region. Whereas, Asia-Pacific is also anticipated to exhibit highest rate of growth over the forecast amount. Factors like robust growth in industrialization and producing industries across the region would create money making growth prospects for the Refractory Metals market across Asia-Pacific region. The market is also segmented into type and application. By Type into Molybdenum Metal, Tungsten Metal, Niobium Metal, Tantalum Metal and Others. By Application into Steel Industry, Electronics, Nuclear Power Generation, Aerospace, Manufacturing, Medical, Mining and Others.
Moreover, rising demand for refractory metal attributable to their distinctive characteristics is driving the market growth. Also, growing demand for high temperature resistant materials across the world associated related to a rise in production of aerospace-related elements and growing usage of refractory metals within the manufacturing industry and consumer products (bulbs, welding consumables) are the factors driving the global refectory metals market. Further, raising mining activities of various refractory metals (Molybdenum and Tungsten) across the world to meet the expanding demand from consumer and industrial users are the factors additionally driving the global refractory metals in upcoming years.
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