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June 15, 2023 10:20 ET | Source: Straits Research Straits Research

The global tungsten market is anticipated to grow moderately in the LAMEA region over the forecast period. One of the main growth engines in Latin America is anticipated to be the manufacturing sector in Brazil and Argentina. Tungsten is a component of dyes and coatings used in the automotive industry. With 2.25 million vehicles produced in 2021, Brazil's automobile production increased by approximately 11.6%, demonstrating the range of uses for tungsten in the area. South Africa and Dubai have gained popularity as desirable travel destinations in the Middle East and Africa. The MEA's booming tourism industry is boosting the construction industry, which in turn is boosting market growth because tungsten is heavily used in drilling equipment and light bulb purchases.

Iscar strives to work closely with customers, not only to develop new technologies that meet emerging needs, but also to maximise the value of investments in modern machinery by increasing equipment utilisation and optimising performance. Iscar’s IQ STARTUP tools and inserts are well-suited for the new generation of machining centers, enabling high feeds and speeds for highly productive machining operations. These tools are a part of Iscar’s commitment to the ongoing success of its customers.

The tungsten market is anticipated to expand significantly in Asia-Pacific over the course of the forecast period. Growth is fueled in the area by a wealth of natural resources, cheap labor, and open trade laws. One of the biggest producers of tungsten on the international market, China produced about 66000 metric tons of tungsten in 2021. Another area where tungsten is used is the consumer durables industry, which is being driven by growing purchasing power, social media influence, and marketing blitz. According to the COMTRADE database of international trade maintained by the United Nations, India's import of electronic goods was estimated to be worth approximately USD 56.73 billion in 2021.

Large-Scale Residential Construction and Infrastructure Projects Account for the Lion’s Share of Consumption in the Steel Market

Advanced Electrical Steel and Their Applications in Emerging Technologies will propel the Growth of the Global Electrical Steel Market

• Dove IQ Turn: An innovative dovetail pocket combined with a lever clamping mechanism provides very firm and rigid insert clamping for heavy turning. • Dove IQ Grip: This line of tools has a unique frontal locking mechanism designed for deep heavy grooving applications with unobstructed chip flow. • Penta IQ Grip: This remarkable design of small pentagonal inserts with five cutting edges is intended for deeper and more accurate grooving and parting applications. • Heli IQ Mill 390: Milling inserts with three cutting edges and advanced cutting geometries function with reduced cutting forces and lower power consumption. This is an economical advantage vs. inserts with two edges. • Dove IQ Mill: Milling insert features a unique design with 8 cutting edges for a wide range of 45o face milling applications, roughing and finishing operations on a wide range of materials. • FlashTurn: A wide range of IsoTurn small size inserts that provide an economical advantage regarding cost per cutting edge. They are available in a wide range of geometries, corner radii, chipformers and the most advanced carbide grades. • Deca IQ Thread: This unique geometry is a 16mm round insert with five double-sided corners that provide 10 cutting corners. The new geometry provides the most economical price per threading corner compared to three cornered laydown inserts. • Do-Grip Jet Line: The coolant stream of the JHP (high-pressure) tools is directed precisely between the insert rake face and the flowing chip. This results in superb chip evacuation which provides extended tool life. • Cham IQ Drill 700: Features a unique design, utilising the carbide flexibility for self-locking, eliminating the need for clamping accessories. Extremely accurate and provides high cylindricity due to an advanced self-centering edge geometry. • SumoCham IQ: Expanded SumoCham drilling head options, featuring a revolutionary drilling head geometry that features concave cutting edges which substantially enhance the self-centering capability of the drill. No pilot hole is necessary. • Sumo Unicham: Drills without a flange, for adjustable protrusion lengths and chamfering operations by using the standard ChamRing modular chamfering drill holders. • SumoGun: Based on the SUMOCHAM insert geometry, for deep drilling applications of a diameter range of 10 to 25.9mm (total length of up to 800mm). SumoGun enables replacement of the drilling head inside the machine – no need to remove the drill for head indexing. • OneTap: A new family of taps that feature an optimised cutting geometry for universal use on all types of materials. • Tang-Grip IQ: Single-ended parting inserts with an unbeatable clamping method featuring a flat blade, thus eliminating chip obstruction. • Swisscut Innoval: Upgraded SwissCut line with new inserts that feature an innovative oval-shaped hole. The new clamping design uses a special screw that can be accessed and operated from both tool sides, preventing the risk of falling parts. • MillShred P290: The ideal solution for machining very high shoulders. The tools and wavy edged inserts reduce chatter and enable optimal machining for a large variety of materials. • Helido 690 Line: New family of tools for 90°milling. The H690 features a triangular insert with six helical right-hand cutting edges. The helical design provides extremely high durability and very stable performance. • SPINJET: Coolant-driven HSM spindles 20 000, 30 000 and 40 000 rpm for small diameter tools.

Tungsten has the highest melting point of any metal element, a density that is close to that of gold, a hardness that is very high, and a tungsten carbide hardness that is almost as hard as diamond. In addition, tungsten is frequently used in alloys, electronics, and the chemical industry and has an excellent electrical and thermal conductivity in addition to having a low coefficient. Since tungsten has a very high hardness that is comparable to that of gold, it can increase the strength, hardness, and wear resistance of steel. It is a key alloying component and is used extensively in the production of all kinds of steel. High-speed steel, tungsten steel, and tungsten cobalt magnetic steel are common types of tungsten steel, and these steels are primarily used to create a variety of tools like drills, milling cutters, wire drawing dies, die and molds, etc. Wrought compounds, such as tungsten sulfide, which is used as a lubricant and catalyst in the synthesis of gasoline. Tungsten oxide, which is used in painting, and calcium or magnesium tungsten, which is used in fluorescent powder, are used as inorganic colors and catalysts. Because of its similar thermal expansion to borosilicate glass, it is used to create glass or metal seals. Tungsten is used to create high-purity tungsten jewelry because of its low sensitivity. In addition, some instruments will use tungsten wire, which was previously used in radioactive medicine.

Electrical Steel Market: Information by Type (Grain Oriented, Non-Grain Oriented, and Others), Application (Inductors, Transformers), and Regions-Forecast till 2031

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New York, United States, June 15, 2023 (GLOBE NEWSWIRE) -- Tungsten, also known as wolfram, is widely used in a variety of end-use industries due to its inherent properties, such as a high melting point, low vapor pressure, and high tensile strength. Furthermore, tungsten has high corrosion resistance and is thus resistant to acid attacks. Increasing investments in mining and construction activities, driven by technological innovation in machine equipment and the growth of the urban middle class, are expected to drive significant growth in global tungsten demand during the forecast period. On the other hand, tungsten carbide decomposes at higher temperatures, reverting to its original form as carbide and tungsten, which may limit the market growth.

North American region is the highest contributor to the market and is expected to grow at a healthy CAGR during the forecast period. North American market growth is anticipated to be fueled by economic stability in the United States and Canada. The United States was one of the largest mining countries, contributing about 11.5% of all mining activity worldwide, according to World Mining Data. Additionally, according to Select USA, the aerospace industry in the United States is one of the most competitive in the world and generated about USD 151 billion in revenue in 2018. The US Geological Survey estimates that mines in the US produced mineral commodities worth about $90.4 billion in 2021, an increase of $9.7 billion over the revised total of $80.7 billion in 2020. Other industrial mineral resources, natural aggregates, nonferrous and ferrous metals, and other non-fuel mineral commodities totaling $90.4 billion were produced by US mines in 2021. In 2021, the US was expected to produce industrial minerals worth $56.6 billion, or 63% of the total value of US mine production. With 21% of the value of all mine production, crushed stone was the first non-fuel mineral product produced in the United States in 2021. The USA's expanding mining sector will therefore fuel the global tungsten market over the course of the forecast period.

The new tools focus on increased productivity with smart insert locking mechanisms, which, therefore, create a more stable machining process. Iscar has responded to the new market demands that resulted from the trend toward high-speed machining and mill-turn machining centers, with upgrades in both tools and insert geometries, leading to less machine downtime and less labour.

During the anticipated period, the Tungsten market is anticipated to expand rapidly in Europe. In logging equipment, as well as in the production of automotive parts, tooling, and die casting, tungsten is used as a counterweight. Being one of the most significant globally, the European automobile industry is anticipated to significantly contribute to the growth momentum, along with the rising demand for automobiles. According to figures provided by the European Automobile Manufacturers Association, over 9.9 million passenger cars will be produced in the EU in 2021. This demonstrates the enormous potential of materials like tungsten, which are used in the production of automobiles and their components.

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In today’s economy with tight resources, lean operations and challenging demands, manufacturers need more support from their supply partners. The new innovative tool families, under the IQ Startup campaign, assist the user to increase profitability by employing leading-edge engineering solutions. These new Iscar tools will enable manufacturers to continue to improve their efficiency in metalworking by using modern machining strategies.

Tungsten carbide is extremely resistant to wear and impact due to its strength, hardness, and toughness. Steel is being replaced by tungsten carbide in the mining industry because it increases tool life, cost-effectiveness, and productivity. Tungsten is predominantly used in blast hole drilling, haul road maintenance, bulk handling, mineral processing, longwall extraction, roof bolting, and room and pillar extraction. Tungsten carbide is one of the most long-lasting and cost-effective chemical compounds available for use in manufacturing. The material, which is made up of equal parts tungsten and carbon, is found in powder form and is then shaped using the sintering process. Tungsten Carbide has been used in machines with critical functionality for years due to its high tolerance for heat and pressure, and it is slowly making its way into the mining industry. Tungsten Carbides are used as tip attachments to reduce wear on the machine's metallic body when compared to simply using a metallic body. A down-the-hole drilling unit is more difficult to replace than a tip. Tungsten Carbides are used in the mining industry as small button inserts or large attachments.

Tungsten Carbide Market : Information by Grade (General Purpose, Metal Forming and Wear, Submicron, Corrosion Resistant), Application, End-Use Industry, and Region — Forecast till 2030

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At the Iscar stand, which will emphasise the theme ‘Machining Intelligently’, leading-edge tools will be displayed. These tools help customers adapt to high-speed and high-feed machining, minimum quantity lubrication (MQL) and other modern machining strategies. Iscar continues to expand its existing array of products, which have established many benchmarks in the global metalworking industry.