Core Viewpoint - The price of tungsten has reached historical highs due to supply-demand dynamics, with black tungsten concentrate prices rising by 18.2% from April to May 2023, and ammonium paratungstate (APT) prices increasing by 17% in the same period [1][2]. Supply Dynamics - The overall supply of tungsten raw materials is decreasing, primarily due to a reduction in mining quotas and declining ore grades in existing mines. The first batch of tungsten mining quotas for 2025 has been set at 58,000 tons, a decrease of 4,000 tons from the previous year [2][3]. - Major tungsten production regions in China, such as Jiangxi and Hunan, are experiencing quota reductions, with Jiangxi's quota down by 2,370 tons compared to the previous year [2]. - The tightening of mining regulations and the decline in ore grades from older mines are significant factors contributing to the reduced supply [3]. Demand Potential - There is potential for growth in tungsten demand across various sectors, including PCB cutting tools, low-altitude economy, and emerging technologies like controlled nuclear fusion and additive manufacturing [3][4]. - The rapid development of new energy vehicles is expected to drive demand for tungsten in specific applications, despite a potential short-term decline in demand from the steel metallurgy sector [4]. Industry Outlook - Industry experts maintain an optimistic outlook for the tungsten sector, anticipating continued price increases due to limited supply and rising production costs [5][6]. - The current price levels are seen as undervalued, with expectations for tungsten prices to stabilize around a new higher price center [6]. - The demand for tungsten in photovoltaic applications is also expected to grow, contributing to a positive long-term outlook for the tungsten industry [6].

Core Insights - The global thermal spray equipment market is projected to reach USD 420 million by 2031, with a compound annual growth rate (CAGR) of 2.0% in the coming years [2]. Market Overview - The leading manufacturers in the global thermal spray equipment market include Oerlikon Metco, Praxair Surface Technologies, Lincotek Equipment, GTV Verschleißschutz GmbH, and United Coatings, with the top five companies holding approximately 63.0% market share in 2024 [6]. - Plasma spraying is the dominant product type, accounting for about 31.2% of the market share [9]. - The power generation sector is the largest downstream market, representing approximately 18.0% of demand [11]. Market Drivers - Industrial development demands: Thermal spray equipment enhances the performance and lifespan of aerospace engine components and improves the reliability and durability of automotive parts [15]. - Technological advantages: The equipment can spray on various substrates, ensuring high precision and uniformity in coatings, which can be tailored for specific applications [15]. - Environmental policy promotion: As traditional surface treatment processes face restrictions due to pollution, thermal spray technology emerges as a greener alternative [15]. - Emerging field developments: In renewable energy sectors, thermal spray equipment protects critical components from corrosion and wear, extending their lifespan [15]. Market Challenges - Cost constraints: The high price of equipment and operational costs due to the need for specialized machinery limit adoption, especially among small and medium enterprises [16]. - High technical requirements: Skilled personnel are necessary for operation, but there is a shortage of qualified technicians in the market [16]. - Environmental impact: The thermal spraying process generates smoke and dust, necessitating investment in environmental compliance, which increases production costs [16]. - Intense industry competition: Numerous companies are entering the thermal spray equipment market, leading to price reductions and compressed profit margins [16].