Tungstic Acid Market: Overview
In 2020, the overall sales of the tungstic acid witnessed a massive decline due to the Covid-19 crisis as lockdown was implemented and all the factorial units were closed which led the manufacturing companies to face immense losses. Now in 2021, the global manufacturers are giving entire focus on improving their sales and profitability through product innovations and upgrades.
Leading corporations including Mubychem, H.C. Starck, Almonty Industries, Helix Multichem, Otto Chemie Pvt Ltd, Tomiyama Pure Chemical and others are making high investments in the establishment of research institutes in different regions to come up with improvements in their offerings.
They are adopting business strategies such as sales contracts, strategic alliances, acquiring technical expertise, product approvals, patents and events, joint ventures, partnership agreements, collaborations, digital marketing, mergers and acquisitions, capacity utilisations, technological advancements etc to lead the global market for tungstic acid with largest market share.
For instance, H. C. Starck Tungsten Powders, a subsidiary of Masan High-Tech Materials, is researching technology to recycle cobalt from scrap metal. The project is intended to lead to a pilot process within two years.
The innovative project is being funded by the German State of Lower Saxony with a contribution of €800,000. The company has recycled a tungsten for many decades and has expertise in recovering cobalt. The main aim of the current project is to replace the traditional process with a comparatively more efficient process.
Asia Pacific region is expected to show a significant growth owing to the emergence of new players and adoption of various policies by the governments of various countries. India is expanding the chemical industry and is likely to become the leader in the asian market. The North American and European region is projected to be lucrative through 2030. All the other key regions are driving the market growth and opening various opportunities for manufacturers.
About the Report
The global tungstic acid market is anticipated to progress at a moderate CAGR of over 3% from 2021 to 2031, and reach a market valuation of close to US$ 50 Mn by 2031-end. As far as application of tungstic acid is concerned, chemical production is projected to end up with a three-fourth market share by 2031.
Tungstic acid has myriad functions in a majority of manufacturing industries. It is used as a mordant, analytical reagent, catalyst, water treatment agent, manufacture of fireproof and waterproof materials, phosphotungstate, boron tungstate, etc. Tungstic acid hold huge potential in the global catalyst market with a competitive value market share over other catalyst substitutes available in the market. Moreover, extensive application of tungstic acid as a reagent will be witnessed over the long-run forecast period.
Apart from its application in the chemical industry, it is used to manufacture ammonium paratungstate, which, in turn, is used to manufacture a bundle of tungsten products ranging from tungsten powders, wires, sodium tungstate, and others.
In a recently published report by Fact.MR, insights regarding key factors fueling market growth have been offered for the next ten years. The report tracks trends in 20+ high-growth countries, with the regions of Asia, North America, and Europe leading the way. The impact of the COVID-19 pandemic has also been detailed in the report, with exhaustive insights into what the years ahead will offer market players.
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Historical Trends Vs Future Projections
From 2016 to 2020, the global tungstic acid market experienced a sluggish CAGR of 1.7%, with the chemical industry, especially catalysts for the production of zinc pyrithione, driving overall growth. Deep dive historical analysis with key insights driving the demand and supply of tungstic acid has been provided in the published report of Fact.MR
COVID-19 has been observed as an unexpected barrier where manufacturers failed to brace up and ended with high inventory volumes and lower sales over Q2 and Q3 of FY2020. Moreover, reduced shelf life and reduced procurement of older batches negatively affected sales of firms post restarting of industries across the regions.
With the restarting of industries across the globe, tungstic acid demand has picked pace and is set to reach a nominal growth rate by Q2 of FY2021. Moreover, recovery of the personal care industry has cascaded the effect to personal care active ingredients, which include zinc pyrithione, providing a domino effect to the tungstic acid industry.
Post COVID era, the market can be bifurcated into three periodic terms - short-term, medium-term, and long-term forecast period.
- Short-run: Recovery of the market is set to be observed by Q2 of FY2021, and nominal growth is set to be observed till Q3 of FY2022.
- Medium-run: Price moderation and anticipated entrance of the product in oil & gas as a phase transfer agent is set to be observed over this period.
- Long-run: Inflation rates in addition to spike in market set prices of tungstic to affect demand of the product over the long-run forecast period.
Which Regions have Greater Potential for Tungstic Acid Sales?
East Asia, especially China has substantial supply of tungsten and tungstic acid. Presence of key suppliers of tungsten and tungstic acid manufacturers in country is favoring the economies of density in the country.
Apart from the front-end analysis of the supply chain of tungstic acid, tail end of the supply chain also has strong concentration in the region of East Asia, with major suppliers and distributors of tungstic acid in the region.
Presence of major consumers such as zinc pyrithione, dye/mordant manufacturers in the region will complement demand growth for tungstic acid over the forecast period in the region.
Apart from growing potential of tungstic acid across applications in the region, key factors describing the price trends and product policy structure in the region have been provided in detail in the report by Fact.MR.
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What are the Main Trends in the Tungstic Acid Landscape?
Tungstic acid is an essential element used in manufacturing zinc pyrithione. It acts as a catalyst for the same. The ratio of the catalyst used in manufacturing zinc pyrithione is 1:40 or 1:50 depending on the manufacturer’s capability of producing zinc pyrithione.
Assessing the overall market potential of zinc pyrithione, the market has burgeoned at a high CAGR over the past half-decade. Extensive utilization, being an integral part of the personal care active ingredients industry, has helped the market undergo rapid growth.
Zinc pyrithione market growth has a proportional effect on the demand for tungstic acid. Tungstic acid is an essential component used in stage-1 of manufacturing this essential industrial chemical, and has not been substituted by any other product.
Over the medium- and long-term forecast period, the probability of finding a better substitute for tungstic acid as a catalyst in manufacturing zinc pyrithione is low. Therefore, rising production of zinc pyrithione is set to have a direct impact on demand for tungstic acid.
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Why is China Dominating Global Tungstic Acid Production?
China has strong tungsten mine producing capacity (69 Kilo Tons in FY2020), and holds more than 80% of global tungsten supply across the globe. Apart from tungsten supply domination by the country, tungsten product manufacturing also captures a major share as compared to other countries.
This leads us to a conclusion that the local market is supported by the economies of density and transportation.
Also, the above reasons reflect the positioning key manufacturers of tungstic acid in the country, such as Ganzhou CF Tungsten, to be a prime factor for market growth.
Why is India Speculated to Become a Hub for Tungstic Acid Demand?
Over the past-half decade, India has picked pace in the chemical industry and is set to become a leader in the Asian market in terms of growth. Rising Foreign Direct Investment (FDI) in India, post-COVID era, will create strong demand waves across domains, including the catalyst and textile dye industries. Impact on these industries will cascade the effect to the tungstic acid market.
In the published report by Fact.MR, India has been emphasised as one of the key countries, and deep insights about pricing, current trends, and other factors have been provided in detail.
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Why is the Textile Industry Anticipated to Create Demand Waves for Tungstic Acid?
Tungstic acid has a good track record in the chemical industry for its extensive usage in manufacturing dyes and mordants. Tungstic acid is used along with phosphoric acid to create a compound - phospo-tungstic acid.
Tungstic acid composition is comparatively low owing to the cost of the product. Moreover, tungstic acid is recovered from the spent solution and is used multiple times for dyeing fabric. The textile industry is the backbone for tungstic acid demand, as the industry uses this as a mordant substance and intermediate material in dyeing wool.
Tungstic acid is used as a coloring agent while dyeing the fabric. Along with its coloring property, it also imparts heavy weight, which is desired in fabric production. After mixing it with the fabric, tungstic acid gives waterproofing and fireproofing properties to the fabric.
This fabric can be made of rayon or fireproof rayon. The purpose of using tungstic acid in textiles is to provide proper texture and enhance the weighing property of fabric. All in all, growth of the textile industry is set to bolster demand for tungstic acid over the coming years.
Historical Data Available for
US$ Mn for Value & Tons for Volume
Key Regions Covered
Key Countries Covered
Key Segments Covered
Key Companies Profiled
Key Market Segments Covered in Report
- Tungstic Acid Monohydrate
- Tungstic Acid Dihydrate
- Chemical Production
- Tungsten Products
- Textile Production
- Chemical Production
- North America
- East Asia
- South Asia & Oceania
- Rest of the World
Tungstic Acid Market- Scope of Report
A recent study by Fact.MR on the tungstic acid market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market.
This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with the development of tungstic acid.
The study also provides the dynamics that are responsible for influencing the future status of the market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.
A list of prominent companies operating in the tungstic acid market, along with their product portfolios, enhances the reliability of this comprehensive research study.
The study offers comprehensive analysis on diverse features, including production capacity, demand, product developments, revenue generation, and sales of tungstic acid across the globe.
A comprehensive estimate on the market has been provided through an optimistic scenario as well as a conservative scenario, taking into account the sales of tungstic acid during the forecast period. Price point comparison by region with global average price is also considered in the study.
Inspected Assessment on Regional Segments
Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the tungstic acid market during the forecast period.
Country-specific valuation on demand for tungstic acid has been offered for each regional market, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.
Detailed breakup in terms of value & volume for emerging countries has also been included in the report.
In-depth Analysis on Competitive Landscape
The report sheds light on the leading manufacturers of tungstic acid, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in the production of tungstic acid has been brought with the help of a detailed dashboard view.
Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.
- FAQs -
Market to record a CAGR over 3% across the 2021-2031 assessment period. Higher penetration in chemical & textile industries will bolster demand over the coming years.
East Asia is expected to hold a crucial role in driving the market for tungstic acid. Surge in demand from chemical and related industries is set to be observed across the region.
The market is highly consolidated in nature, with only limited players portraying oligarchy across regions. Apart from maintenance of oligarchy, manufacturers have adopted a conservative strategy to gain from rising market prices.
Tungsten production and tungstic acid supply go hand in hand in terms of pricing and overall supply of products.
COVID-19 had a major impact on the tungstic acid market with manufacturing units closed globally due to imposed lockdowns by regulating authorities, projecting a significant drop from the demand side in Q1 & Q2 of 2020. Reopening of the markets has
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