Tungsten Industry Sector Forecast 2025 | Mining, Manufacturing, M&A Activity in Metals Sector | Global Leading Companies - Jiangxi Yaosheng Tungsten, Xiamen Tungsten Co., Ltd., Nippon Tungsten Co., Ltd, China Minmetals Non-Ferrous Metals Co., Ltd., China

Tungsten Market reached US$ 5.16 billion in 2024 and is expected to reach US$ 9.65 billion by 2032, growing with a CAGR of 8.14% during the forecast period 2025-2032.

DataM Intelligence has published a new research report on "Tungsten Market Size 2025". The report explores comprehensive and insightful Information about various key factors like Regional Growth, Segmentation, CAGR, Business Revenue Status of Top Key Players and Drivers. The purpose of this report is to provide a telescopic view of the current market size by value and volume, opportunities, and development status.

Product and Technology Innovations

There is ongoing R&D investment in tungsten carbide materials and high-performance alloys used in automotive, aerospace, and industrial tooling. The tungsten carbide market is projected to grow from $24.6 billion in 2025 to $50.7 billion by 2035 at a CAGR of 7.5%.​

Innovations include sustainability efforts, process efficiency improvements, and digital supply chain integration leveraging IoT and analytics, areas where tungsten producers are increasingly focused to reduce costs and improve reliability.

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Latest M&A Highlights

Elemental Altus Royalties merged with EMX Royalty in September 2025 to form Elemental Royalty Corp, supported by a $100 million investment from Tether Investments aimed at growth in tungsten, rare earths, and other critical minerals royalties.​

American Tungsten Corp. (TUNG) is gaining investor confidence and focusing on advancing domestic tungsten resources in the US, with ongoing technical and regulatory milestones as part of supply chain localization efforts.​

Strategic mining ventures and acquisitions are expected to increase, especially by Western companies seeking to reduce reliance on Chinese tungsten supply.

Key Players:

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.

Latest News and Investments

The Trump administration is actively supporting a US company's bid to develop one of the world's largest untapped tungsten deposits in Kazakhstan, a move seen as critical to securing US supply chains for defense and advanced manufacturing.​

American Tungsten completed a $16.8 million private placement in October 2025 to finance accelerated development and technical studies for its Idaho asset.​

Rising tungsten prices have been reported globally due to supply constraints and surging industrial demand, with spot prices in the USA hitting upwards of $88,805/MT in Q2 2025, and substantial price volatility driven by global geopolitical and environmental factors.​

Stocks of tungsten-focused companies like Elemental Altus and American Tungsten have shown strong upward momentum, reflecting investor enthusiasm amid tightening markets and strategic supply plays.

Growth Forecast Projected:

The Global Tungsten Market is anticipated to rise at a considerable rate during the forecast period, between 2025 and 2032. In 2024, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Tungsten Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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Key Segments:

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)

Regional Analysis for 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)

Benefits of the Report:

Chapter 1: Sets the stage by outlining the report's coverage, summarizing key market segments by region, product type, and application. Presents a snapshot of market sizes, growth potential across segments, and anticipated industry evolution both short and long term.

Chapter 2: Highlights pivotal market insights and uncovers the most significant emerging trends driving change within the industry.

Chapter 3: Offers an in-depth look at the competitive landscape among Tungsten producers, including revenue shares, strategic moves, and recent mergers and acquisitions.

Chapter 4: Presents comprehensive profiles of the market's key players, delving into details such as revenue, profit margins, product portfolios, and company milestones.

Chapters 5 & 6: Analyze Tungsten revenue at both regional and country levels, providing quantitative breakdowns of market sizes, growth opportunities, and development prospects worldwide.

Chapter 7: Focuses on different market segments by type, examining their individual sizes and potential, guiding readers toward high-impact, untapped market areas.

Chapter 8: Explores segmentation by application, evaluating industry growth potential in various downstream markets and pinpointing promising sectors for expansion.

Chapter 9: Provides a thorough review of the industry's supply chain mapping out both upstream and downstream activities.

Chapter 10: Concludes with a summary of the report's key findings and highlights the most critical takeaways for industry stakeholders.

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FAQ's

Q: How fast is the Tungsten Market growing?

A: The Market is on an impressive growth trajectory, expected to expand at a CAGR of 8.14% from 2025 to 2032

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