Tungsten Market to Reach $9.65B by 2032, Driven by Industrial and Strategic Demand | Nippon Tungsten Co Ltd., Umicore N.V., Global Tungsten & Powders and Almonty Industries Inc.

The Tungsten Market was valued at US$ 5.16 billion in 2024 and is projected to reach US$ 9.65 billion by 2032, expanding at a CAGR of 8.14% from 2025 to 2032.

The Tungsten Market report by DataM Intelligence provides comprehensive insights and analysis on key market trends, growth opportunities, and emerging challenges. With a commitment to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. By combining qualitative and quantitative research methodologies, the firm delivers in-depth reports that help clients navigate complex market dynamics, drive strategic growth, and seize new opportunities in an ever-evolving global landscape.

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Market Drivers
a) Industrial Demand Across Multiple Sectors:
• Automotive: Tungsten carbide tools and components are vital for machining, engine parts, and transmission systems. The rise of electric vehicles is amplifying this demand.
• Electronics & IoT: Its use in capacitors, electrodes, semiconductors, and heat-management elements in smartphones, displays, and other compact devices reinforces demand.

b) Aerospace, Defense & Strategic Uses:
• Tungsten is essential for armor-piercing ammunition, missile systems, satellite and aircraft components, and counterweights, thanks to its high density and heat resistance.
• Military demand and strategic stockpiling are intensifying, especially in Western countries aiming to diversify sources.

c) Geopolitical Tensions and Supply Chain Security:
• Chinese dominion: China controls approximately 80-85% of global tungsten production.
• Trade actions: The U.S. has imposed tariffs (25%) on Chinese tungsten, while China has tightened export controls and licensing for key tungsten products.
• Strategic investments: Western governments are funding alternate mines such as Sangdong (South Korea) and Mactung (Canada), and enforcing phased bans on military-use tungsten from China and Russia.

d) Environmental & Regulatory Pressures:
• Tungsten extraction and processing generate significant environmental impacts including pollution, habitat disruption, and toxic byproducts prompting stricter regulations in many countries.
• Regulatory frameworks like the EU's chemical laws (e.g., REACH) and sustainability expectations are pushing the industry toward cleaner methods.

e) Recycling and Sustainable Sourcing:
• Growing emphasis on recycling tungsten from industrial trash helps enhance supply resilience and environmental responsibility.
• While recycling currently meets only a portion of global demand, ongoing advancements aim to improve recovery efficiency.

Geographical Share of the Tungsten Market:

Asia-Pacific (APAC): This region is by far the dominant player in the global tungsten market. Estimates vary between 45% to 55% of the total market share, with China leading production and consumption thanks to vast reserves, extensive mining activity, and thriving industrial sectors such as electronics and automotive

North America: Contributing between 15% to 30% of the market, North America's share is propelled by its aerospace, defense, automotive, and energy sectors. Recent government strategies to reduce reliance on Chinese tungsten further support growth.

Europe: Holding approximately 15% to 25% of the market, Europe's demand is driven by its advanced manufacturing industries, including precision machinery, automotive, and sustainable technologies. Supportive policies for critical materials and recycling reinforce its position.

Latin America, Middle East & Africa (LAMEA): Together, these regions account for about 5% to 10% of the global market. Growth is emerging from infrastructure investments, resource development efforts, and an increasing industrial base, especially in construction and mining equipment.

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Strategic Players Driving the Tungsten Market: China Minmetals Non-Ferrous Metals Co., Ltd., China Molybdenum Co. Ltd., ChinaTungsten, Jiangxi Tungsten Holding Group Co., Ltd., Jiangxi Yaosheng Tungsten, Xiamen Tungsten Co., Ltd., Nippon Tungsten Co., Ltd., Umicore N.V., Global Tungsten & Powders and Almonty Industries Inc.

Mergers & Acquisitions:

✅ EQ Resources → Tungsten Metals Group (TMG):

In November 2024, EQ Resources entered a binding agreement to acquire Tungsten Metals Group (which owns the largest ferrotungsten plant outside China, in Vietnam), for A$13.5 million (~USD), involving cash and share issuance. The deal is set to close in H1 2025, pending approvals.

✅ Pure Tungsten + GBI Merger:

A merger between Pure Tungsten and GBI (which operates the Ssangjon mine in South Korea and holds interest in the Maykhura project) will create a "multi-asset" tungsten producer aimed at restarting Ssangjon and advancing Maykhura. GBI shareholders will hold 75%, and the combined entity will position itself as a strategic non-Chinese supply alternative.

Research Methodology:

The global Tungsten Market research report employs a comprehensive dual-source approach, integrating both primary and secondary data collection methods to ensure robust market analysis. Our research framework systematically evaluates multiple industry-influencing variables, including regulatory frameworks and government policies, prevailing market conditions, competitive intensity levels, historical performance data, current market positioning, technological innovations and disruptions, emerging industry developments, cross-sector business impacts, market volatility patterns, growth prospects, potential market barriers, and strategic challenges facing industry participants.

Segment Covered in the Tungsten Market:

By Type (Foils, Ribbons)

By Product (Carbides, Tungsten Alloys, Tungsten Mill Products, Tungsten Chemicals, Others)

By Application (Automotive, Aerospace, Electrical & Electronics, Machine Tool & Equipment, Others)

By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)

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Regional Analysis for Tungsten Market:

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Most Frequently Asked Questions in the Tungsten Market Research Industry:

➠ Who leads the Tungsten industry and what's their competitive positioning regarding capacity, performance, and profitability?

➠ What growth opportunities and market challenges do Tungsten market vendors face?

➠ Which segments show the highest growth potential and market share distribution?

➠ What factors are driving or limiting Tungsten market growth?

➠ What are the dominant sales and distribution strategies in the Tungsten industry?

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