Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Tungsten Market size is set to rise from USD 36.4 million in 2024 to USD 72.12 million by 2037, witnessing a CAGR of more than 5.4% throughout the forecast period, between 2025 and 2037. Currently in 2025, the industry revenue of tungsten is estimated at USD 37.78 million.
The tungsten production worldwide accounted for around 78,000 metric tons in 2023 and China being one of the leading producers of tungsten held over 80% of the global production share. Vietnam produced around 3,500 metric tons of tungsten in the year 2023. According to the analysis by the Observatory of Economic Complexity, the world trade of tungsten was valued at USD 1.48 billion in 2022. The exports of tungsten increased by 19.4% between 2021 to 2022. Furthermore, tungsten ranked 155th in the Product Complexity Index (PCI).
The rapidly increasing industrial activities are augmenting the sales of tungsten products, worldwide. Tungsten-based alloys and carbide are finding widespread applications in construction and mining industries due to their versatility and high performance. The high durability and hardness of tungsten are driving their use in tools and parts that are exposed to high wear and tear such as drilling equipment and cutting tools. For instance, the International Tungsten Industry Association reveals that tungsten carbide holds 65.0% of global tungsten consumption, and ferro tungsten used in the making of steel and alloys accounts for 14% of the global share.
Tungsten Market: Growth Drivers and Challenges
Growth Drivers
- Green technology and electrification trend: The rising adoption of electric vehicles, renewable energy sources, and energy-efficient technologies is boosting the demand for high-performance materials including tungsten. Tungsten is effective in battery production, energy storage systems, and power electronics owing to its high conductivity. For instance, Research Nester estimates that the global nanobolt lithium tungsten batteries market is expected to rise at a CAGR of 60.0% through 2036. This highlights that the use of tungsten in vehicle battery production is marking a boom. Furthermore, the International Energy Agency reveals that around 14 million electric cars were sold in 2023, dominated by China, Europe, and the United States. Thus, the continuous rise in the sales of EVs is creating a high-earning pool for tungsten manufacturers.
- Increasing use of tungsten defense & aerospace: Tungsten is finding high use in defense applications, particularly in the production of armor-piercing ammunition, radiation shielding, and aerospace components. For instance, Advanced Refractory Metals a leading producer of tungsten reveals that the American Polaris A-3 missile’s nozzles are made from high-temperature tungsten tubes, not only this the Apollo rockets are also manufactured using tungsten components. Governments across the globe are focusing on investing in tungsten-made components to make their defense mechanism more advanced. For instance, in October 2024, the U.S. Department of Defense revealed that defense spending increased by USD 50.5 billion in FY23 a rise of 8.9%. Such investments are set to augment the demand for tungsten components in the defense and aerospace sectors in the coming years.
Challenges
- Declining mine yields: Many major tungsten mines are reaching the end of their productive life or are in areas with complex geological and regulatory challenges, which makes mining difficult. This also makes tungsten more expensive than other metals, limiting their adoption in price-sensitive applications. Such challenges are hampering the tungsten market growth to some extent.
- Presence of alternatives: The easy availability of substitutes is expected to limit the sales of tungsten products such as alloys and carbide. Alternative materials such as high-performance composites and ceramics, which replace tungsten in some applications are challenging the profit growth of tungsten manufacturers. Titanium and molybdenum are also some materials that offer similar characteristics to tungsten.
Tungsten Market: Key Insights
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
5.4% |
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Base Year Market Size (2024) |
USD 36.4 million |
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Forecast Year Market Size (2037) |
USD 72.12 million |
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Regional Scope |
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Tungsten Segmentation
The mining & energy segment in tungsten market is anticipated to hold a major share of 25.5% throughout the projected period. Tungsten material’s high strength and durability are fueling its use in the production of drill bits and other components for the exploration, extraction, and processing of minerals. Its ability to withstand high pressures and temperatures is also augmenting its use in deep drilling operations, particularly oil and gas. The study by the International Tungsten Industry Association estimates that 62.0% of the tungsten products equipped with hard rock drills and road chisels are used in mining and construction fields, majorly in underground mining, tunneling, and road milling. Furthermore, the rising demand for clean and renewable energy is also increasing the use of tungsten in the manufacturing of turbine blades, generators, and high-performance electrical contacts. The booming demand for clean and advanced energy storage systems is set to fuel the use of tungsten in batteries.
Our in-depth analysis of the global tungsten market includes the following segments:
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End use |
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Customize this ReportTungsten Industry - Regional Scope
Asia Pacific Market Forecast
In tungsten market, Asia Pacific region is expected to dominate around 41.5% revenue share by the end of 2037. The rapidly increasing industrial activities, rising production of advanced electronics, and growing popularity of electric vehicles are augmenting the sales of tungsten products in the region. China, India, South Korea, and Japan are some of the most lucrative marketplaces for tungsten manufacturers.
China is the world’s largest exporter of tungsten, and in 2022, the country totaled USD 369 million in tungsten exports. The growing ownership of electric vehicles is also promoting the use of tungsten in advanced batteries. The International Energy Agency (IEA) reveals that China recorded 16.1 million battery electric vehicle sales in 2023.
India’s strategic location in the Asia Pacific tungsten market is driving high export opportunities for several minerals and metals including tungsten. The India Brand Equity Foundation reveals that in FY22, there were around 1319 reporting mines in the country out of which 545 were of metallic minerals and 775 non-metallic minerals. The mineral production index of the mining and quarrying industries accounted for 139.6 in February 2024. Furthermore, as per the analysis by the Observatory of Economic Complexity, India exported around USD 89.6 thousand of tungsten, in 2022.
North America Market Statistics
The North America tungsten market is projected to increase at a high pace during the forecast period. The rapidly expanding automotive sector, high investments in aerospace technologies, and innovations in electronics and robotics are fueling the sales of tungsten. The strong presence of tungsten reserves in both the United States and Canada is augmenting the regional tungsten market growth.
The U.S. is one of the topmost economies in terms of GDP and holds 2nd rank in exports. In 2022, around USD 145 million of tungsten was exported from the country. Between August 2023 and 2024, the tungsten ore export increased by 329%. The rising trade of automobiles and growing investments in advancing aerospace and defense components are further fueling the sales of tungsten products.
The report by the World Integrated Trade Solution reveals that around 199,741 kg of tungsten ores and concentrates were exported by Canada in 2022. Around USD 1.35 million of Canadian tungsten was exported in 2024. Thus, the swiftly expanding tungsten trade is positively influencing the overall tungsten market growth.
Companies Dominating the Tungsten Landscape
- Elmet Technologies
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Buffalo Tungsten Inc.
- Stanford Advanced Materials (SAM)
- Wolfram Bergbau und Hütten AG
- China Tungsten and Hightech Materials Co., Ltd.
- Global Tungsten & Powders Corp.
- Tejing Tungsten Co., Ltd
- Nui Phao Mining Company Limited
- Masan Resources Corporation
- Wolf Minerals Limited
- Almonty Industries Inc.
- H.C. Starck GmbH
- Plansee Group
- BETEK GmbH & Co. KG
- Umicore N.V.
- Sandvik Group
Key players in the tungsten market are employing innovation strategies to develop high-value, specialty products such as tungsten carbide, which are essential in industrial applications such as cutting tools, mining, and oil drilling. These products drive high profits compared to standard tungsten. Considering the high demand for tungsten alloys in aerospace, automotive, and electronics, industry giants are investing highly in enhancing the performance and precision of these materials. Leading companies are also forming strategic partnerships with original equipment manufacturers of the end use industries to boost the sales of tungsten products. Mergers and acquisitions are also aiding them to expand their product offerings and increase market reach.
Some of the key players in tungsten market includes:
In the News
- In November 2024, Stanford Advanced Materials (SAM) introduced its new polymer tungsten for radiation shielding. Through this move, the company is perfectly stepping a strong step towards sustainability.
- In November 2022, Elmet Technologies, a leading high-performance tungsten and molybdenum component manufacturer revealed that it supplied various parts for the Space Launch System (SLS) Rocket program, in the Orion Space Capsule. SLS is one of the most significant rockets produced to date.
Author Credits: Rajrani Baghel
- Report ID: 6785
- Published Date: Mar 19, 2025
- Report Format: PDF, PPT
