Refractory Metals Market Forecast to Hit $32.8 Billion by 2033: The Brainy Insights [Yahoo! Finance]
SUMITOMO ELEC INDUS ADR (SMTOY)
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Source: Yahoo! Finance
North America emerged as the largest global refractory metals market, with a 37.8% market revenue share in 2023. Newark, June 19, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 22.4 billion refractory metals market will reach USD 32.8 billion by 2033. Refractory metal is a combination of three elements from sixth group of periodic table namely tantalum, tungsten, and rhenium and two from fifth group namely niobium and molybdenum. These elements are resistant to high temperatures and wear, increasing their demand in the aviation and aerospace industry. The market for refractory metals is expected to grow during the forecast period as there is rapid growth in the aviation industry. Since mining operations are the primary usage for metals like tungsten, the demand for these metals has increased significantly in recent years. Refractory metals are mostly used by the iron and steel industry as they can sustain high temperatures without seeing a major change in their
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