PUBLISHER: The Business Research Company | PRODUCT CODE: 1695205
PUBLISHER: The Business Research Company | PRODUCT CODE: 1695205
Tungsten is a rare and robust metal with a distinctive steel-grey color, primarily found naturally on Earth as compounds with other elements. In its raw form, tungsten is often brittle and challenging to work with. Tungsten is widely employed in various applications, including the production of light bulbs, high-strength steel alloys, and electrical components.
The main product types of tungsten include carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. Tungsten carbide (WC) is renowned for its exceptional hardness and finds applications in diverse industrial uses, including cutting instruments, abrasives, and jewelry. Tungsten is available in various forms such as foils, ribbons, wires, and tubes, catering to different end-user industries, including automotive, aerospace, machine tools and equipment, electrical and electronics, among others.
The tungsten market research report is one of a series of new reports from The Business Research Company that provides tungsten market statistics, including tungsten industry global market size, regional shares, competitors with a tungsten market share, detailed tungsten market segments, market trends, and opportunities, and any further data you may need to thrive in the tungsten industry. This tungsten market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The tungsten market size has grown strongly in recent years. It will grow from $5.66 billion in 2024 to $6.22 billion in 2025 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to increased industrial applications, global economic growth, automotive industry demand, increased military and defense applications, mining and drilling operations.
The tungsten market size is expected to see strong growth in the next few years. It will grow to $8.92 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%. The growth in the forecast period can be attributed to electrification of vehicles, biomedical applications, focus on critical minerals, infrastructure development, high-performance computing, recycling initiatives. Major trends in the forecast period include technological innovations in tungsten processing, strategic stockpiling by end-users, advancements in tungsten carbide, international collaborations, green energy technologies.
The rapid expansion of the automotive sector is anticipated to drive the growth of the tungsten market in the future. The automotive industry encompasses a range of companies and organizations involved in the design, development, manufacturing, marketing, sales, repair, and modification of motor vehicles. Tungsten alloys play a crucial role in this sector by reducing the weight of automotive components, providing radiation shielding, and enhancing durability, all of which contribute to improved vehicle performance, such as better handling, reduced noise and vibration, and increased engine efficiency. For example, a report from the National Association of Insurance Commissioners, a US-based non-profit organization, indicated in December 2022 that there could be 3.5 million autonomous vehicles on American roads by 2025 and 4.5 million by 2030. Therefore, the rapid growth of the automotive sector is propelling the tungsten market forward.
The increasing mining activities are projected to drive the growth of the tungsten market in the future. Mining involves extracting valuable minerals or geological materials from the earth, including metals, coal, oil shale, and gemstones. Tungsten is used to manufacture various mining equipment, such as drilling bits, cutting tools, and wear-resistant coatings, making it a critical material in the mining industry due to its strength, hardness, and toughness. For instance, in February 2023, the United States Geological Survey (USGS), a government agency, reported that US mines produced $98.2 billion in nonfuel mineral commodities in 2022, marking an estimated increase of $3.6 billion from the revised total of $94.6 billion in 2021. Consequently, the rise in mining activities is fueling the growth of the tungsten market.
Prominent entities within the tungsten market are actively engaged in pioneering innovative solutions, particularly the development of advanced tungsten powders such as Starck2print powders, leveraging 3D printing technology to bolster market revenues. These specialized materials serve as feedstock for 3D printers employing powder bed fusion techniques, including selective laser sintering (SLS) or selective laser melting (SLM). For example, in March 2023, Masan High-Tech Materials, a Vietnam-based tungsten material manufacturer, unveiled Starck2Print tungsten powders alongside associated innovation services targeting additive manufacturing, notably popularized by 3D printing technologies. The distinctive characteristics of Starck2Print powders, marked by high flowability and tailored particle size distribution, make them exceptionally compatible with additive manufacturing methods such as powder bed-based laser beam melting (LPBF) or selective electron beam, augmenting their utility in these processes.
In November 2022, Plansee Group, a metalworking machinery manufacturing company based in Austria, successfully acquired Mi-Tech Tungsten Metals for an undisclosed amount. This strategic move by Plansee is geared towards enhancing its market position in the North American tungsten materials sector. The acquisition is expected to offer future customers a wider range of goods and services. Mi-Tech Tungsten Metals LLC, based in the United States, specializes in the production of high-precision, ready-to-use tungsten materials and products.
Major companies operating in the tungsten market report are CMOC Group Ltd., Sandvik AB, Xiamen Tungsten Co. Ltd., Umicore N.V., IMC International Metalworking Companies B.V., Plansee SE, Kennametal Inc., China Tungsten & Hightech Materials Co. Ltd., Masan High-Tech Materials Corporation, Chongyi Zhangyuan Tungsten Co. Ltd., Global Tungsten & Powders Corp., Betek GmbH & Co. KG, Guangdong XiangLu Tungsten Co. Ltd., Treibacher Industrie AG, H.C. Starck GmbH, Nippon Tungsten Co. Ltd., A.L.M.T. Corp., Elmet Technologies LLC, T&D Materials Manufacturing LLC, Almonty Industries Inc., Wolf Minerals Limited, Woltech Korea Co. Ltd., Buffalo Tungsten Inc., WOLFRAM Company JSC, Federal Carbide Company, QuesTek Innovations LLC, Tungco Inc., Tungsten Heavy Powder Inc., Midwest Tungsten Service Inc., Tungsten West PLC
Asia-Pacific was the largest region in the tungsten market in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the tungsten market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the tungsten market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The tungsten market consists of sales of tungsten rods and tungsten electrodes. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Tungsten Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on tungsten market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for tungsten ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The tungsten market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.