Tungstic Acid Market Size Worth $54.73 Million By 2032 | CAGR: 3.3%

The global tungstic acid market size is expected to reach USD 54.73 million by 2032, according to a new study by Poalris Market Research. The report “Tungstic Acid Market Share, Size, Trends, Industry Analysis Report, By Product Type (Monohydrate and Dihydrate); By Function; By Application; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The growing product demand across various industries due to their exceptional properties, including high hardness, heat resistance, and wear resistance and growing emphasis on sustainability and environmental concerns coupled with the rapid advancements in nanotechnology and the increasing product demand for nanomaterials, has been among the major factors propelling the market growth. Additionally, the introduction of improved extraction and purification techniques by major companies, leading to enhanced efficiency and cost-effectiveness in the production of tungstic acid, is positively influencing the demand and growth of the market.

For instance, in December 2022, United Wolfram, a leading manufacturer of tungsten in India, announced the start of its new state-of-the-art plant in Gujrat. With the start of this plant, the company will be able to cater to the ever-rising demand for their products on a global basis.

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Tungstic acid acts as a precursor for the production of tungsten-based materials including tungsten carbides, tungsten alloys, and tungsten oxide, as these materials possess excellent hardness, high-temperature resistance, and corrosion resistance, that makes them ideal for various applications such as cutting tools, wear-resistant coatings, and high-temperature components. Thereby, the increasing demand for high-performance materials in industries like aerospace, defense, and manufacturing presents lucrative growth opportunities for the market.

In addition, the shift towards different types of renewable energy sources such as wind and solar power, and surging prevalence regarding the use of tungsten-containing materials in the production of photovoltaic cells, wind turbine components, and energy storage systems, that are among the major components of the renewable energy sector, is likely to surpass market growth at significant pace. Research and development efforts in the market mainly focused on exploring new applications, improving production processes, and enhancing the properties of tungstic acid-based materials, is generating new growth potential over the years.

Tungstic Acid Market Report Highlights

• Monohydrate segment accounted for over largest global market share in 2022, which is mainly driven by its growing use in different types of applications like pigments, catalysts, and fireproofing agents
• Mordants / dyes segment held the maximum market revenue in 2022, owing to its ability to improve the colorfastness and durability of dyes, while maintaining the environmental sustainability
• Chemicals production segment is anticipated to grow at highest CAGR during the study period, mainly due to growing demand for chemicals from various industries such as aerospace and automotive
• North America region led the industry market with considerable share in 2022, on account of increasing development activities and robust presence of favorable government initiatives
• The global key market players include Palladium Chemicals, American Elements, Forbes Pharmaceuticals, Evans Chem India, Tungsten Compounds, Wolfram Company, and China Minmetals Corporation

Polaris Market Research has segmented the tungstic acid market report based on product type, function, application, and region:

Tungstic Acid, Product Type Outlook (Revenue - USD Million, 2019 - 2032)

• Monohydrate
• Dihydrate

Tungstic Acid, Function Outlook (Revenue - USD Million, 2019 - 2032)

• Reagent
• Intermediates
• Mordants / Dyes
• Others

Tungstic Acid, Application Outlook (Revenue - USD Million, 2019 - 2032)

• Chemicals Production
• Textile Production

Tungstic Acid, Regional Outlook (Revenue - USD Million, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Tungstic Acid Market Report Scope