Tungsten Market Set for Strong Growth to USD 9.65 Billion by 2032, Led by Asia Pacific's 50% Global Market Share | DataM Intelligence​

The Global Tungsten Market reached USD 5.16 billion in 2024 and is expected to reach USD 9.65 billion by 2032, growing at a strong CAGR of 8.14% during 2025-2032.

Market growth is driven by increasing demand for tungsten in automotive, aerospace, mining, and electronics applications due to its exceptional hardness, density, and heat resistance. Expanding use of tungsten in cutting tools, wear-resistant components, and electrical contacts further boosts adoption. Additionally, rising industrialization, advancements in metal processing technologies, and growing defense sector requirements are contributing to sustained market expansion.

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United States: Key Industry Developments
✅ June 2025: Almonty Industries advanced its plans to supply tungsten concentrate and downstream products to U.S. defense and aerospace customers under new offtake and financing arrangements, supporting domestic supply security amid tighter Chinese export controls and rising strategic stockpiling demand.​

✅ May 2025: Several U.S.-based oilfield service and cutting‐tool manufacturers expanded long‐term procurement contracts for tungsten carbide tools and wear‐resistant components in response to higher drilling activity and elevated tungsten prices, aiming to secure stable input costs and avoid supply disruptions.​

✅ February 2025: The U.S. government intensified critical‐minerals policy actions around tungsten, including ongoing tariff measures on Chinese tungsten‐containing products and support for domestic and allied mining projects, to reduce dependence on Chinese concentrates and intermediates for defense and advanced manufacturing applications.​

Asia Pacific / Japan: Key Industry Developments
✅ July 2025: South Korea's Sangdong tungsten mine moved toward the start of commercial production in the second half of 2025, positioning Asia Pacific with a new non‐Chinese source of high‐grade concentrate to serve regional cemented‐carbide, electronics, and defense manufacturers.​

✅ May 2025: Tungsten producers and processors across China, Japan, and Southeast Asia implemented price increases and revised contract terms after sharp rises in concentrate and APT prices, prompting downstream tool, drill, and machining‐equipment makers to adjust product pricing and inventory strategies.​

✅ February 2025: China introduced tighter export controls on tungsten intermediates while encouraging higher‐value exports of finished tungsten products, driving Asian cemented‐carbide and drilling‐tool exporters-particularly in China, Vietnam, and Japan-to upgrade product portfolios and target higher‐margin export markets.​

Key Merges and Acquisitions(2025):
✅ Sandvik (Sandvik Mining and Rock Solutions & Sandvik Machining Solutions) - continued to integrate its 2023 acquisition of Buffalo Tungsten (U.S. tungsten metal and carbide powder producer), using the acquired powder capabilities to expand high-performance tungsten carbide tooling and wear parts offerings across North America in 2025, strengthening vertical integration in the tungsten value chain.​

✅ Plansee Group - built on its earlier acquisition of Mi-Tech Tungsten Metals (U.S.) by channeling 2024-2025 capex into expanding high-precision tungsten-heavy alloy and thermal management components capacity for electronics, aerospace, and defense customers, consolidating its position as a key tungsten materials supplier in Europe and North America.​

✅ Elemental Altus (now Elemental Royalty Corp) - advanced its 2025 merger-backed growth strategy by deploying fresh equity capital from the EMX Royalty combination and institutional investors into royalty and streaming deals focused on tungsten and other critical mineral projects, reinforcing its exposure to upstream tungsten production without operating mine risk.​

Market Segmentation Analysis:
-By Type: Foils vs Ribbons
Foils account for an estimated 60% of the tungsten market by type as of 2024-2025, supported by their intensive use in electronics, lighting, shielding, and high-temperature barriers where thin, dense layers are required.​
Ribbons hold the remaining 42%, catering to applications needing elongated, formable shapes such as filaments, heating elements, and specialized electronic components, though their total volume and value trail foil demand.​

-By Product: Carbides, Alloys, Mill Products, Chemicals, Others
Carbides lead the product mix with about 50% market share, driven by cutting tools, drilling bits, mining equipment, and wear‐resistant components that rely on tungsten carbide's exceptional hardness and durability.​
Tungsten Alloys contribute roughly 18%, used in aerospace, defense, medical, and balancing weights where high density and mechanical strength are critical.​
Tungsten Mill Products (bars, rods, plates, wires) represent around 22%, supplying semifinished materials for machining, electrodes, furnace parts, and structural components.​
Tungsten Chemicals account for approximately 9%, serving catalysts, pigments, lubricants, and electronics, while Other products (e.g., specialty powders, oxides beyond standard grades) collectively hold about 7% and focus on niche and emerging applications.​

-By Application: Automotive, Aerospace, Electrical & Electronics, Machine Tool & Equipment, Others
Automotive represents about 28% of demand, using tungsten and its carbides in engine parts, braking systems, tire studs, balance weights, and increasingly in EV components needing high temperature and wear resistance.​
Aerospace accounts for roughly 17%, leveraging high‐density alloys and carbides for turbine components, ballast weights, radiation shielding, and kinetic‐energy systems.​
Electrical & Electronics holds around 22%, reflecting usage in contacts, semiconductors, interconnects, filaments, and heat spreaders where high melting point and conductivity are vital.​
Machine Tool & Equipment captures about 26%, underpinned by cutting inserts, drills, milling tools, and forming dies that depend on tungsten carbide's tool‐life and precision advantages.​
Other applications (construction, mining & energy, medical, defense, and general industrial uses) make up the remaining 12%, forming a diverse, steadily expanding demand base.​

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Growth Drivers:
-Rising adoption of green technologies and electrification, including electric vehicles, renewable energy systems, and advanced power electronics that rely on tungsten for high-temperature and high-conductivity components.​

-Expanding aerospace and defense applications, where tungsten's high density, hardness, and heat resistance support demand for turbine components, armor‐piercing ammunition, radiation shielding, and high‐performance structural parts.​

-Increasing use of tungsten in electronics and semiconductor manufacturing, driven by integrated circuits, miniaturization of electronic components, and advanced display technologies that require reliable, high‐performance interconnect and contact materials.​

-Growth in industrial manufacturing, mining, and construction activities, boosting consumption of tungsten carbide and related products for cutting tools, drilling equipment, wear‐resistant parts, and precision engineering applications.​

-Strong demand from Asia Pacific and other rapidly industrializing regions, supported by government initiatives, infrastructure expansion, and investment in EVs, aerospace, and electronics, which collectively lift both primary tungsten production and downstream processing.​

Regional Insights:
-Asia Pacific currently dominates the global tungsten market, accounting for roughly 50% of total demand in value terms, led by China's role as the largest producer and consumer as well as strong usage in automotive, electronics, mining, and aerospace supply chains. Rapid industrialization, expansion of EV and battery manufacturing, and large-scale infrastructure and construction projects across China, India, Japan, and South Korea continue to concentrate both mining and downstream processing capacity in this region, giving Asia Pacific the clear lead in market share and growth momentum.​

-Europe is generally estimated to hold the second-largest share of the tungsten market, in the range of about 25% of global revenues, supported by deeply entrenched precision engineering, cutting tools, and aerospace and defense manufacturing clusters in countries such as Germany, the UK, France, and Italy. The region's focus on high-performance tooling, industrial machinery, and renewable energy applications (including wind and other power equipment) helps sustain relatively high value-added consumption, even though local mining capacity is more limited and dependent on imports from Asia and selective projects in countries like Spain, Portugal, and the UK.​

-North America follows closely behind Europe, with an estimated tungsten market share on the order of 20%, underpinned by demand from aerospace and defense, oil and gas drilling, automotive, and advanced manufacturing sectors in the United States, Canada, and Mexico. Recent policy moves to reshore critical mineral supply chains and strengthen domestic processing, alongside continued investment in high-end cutting tools, wear parts, and mill products, are expected to support steady growth in North American tungsten consumption, even though the region remains structurally reliant on concentrates and intermediates imported from Asia.​

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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 | Almonty Industries Inc.

Key Highlights (Top 5 Key Players) for Tungsten Market:
-China Minmetals Corporation generated consolidated revenues of over RMB 200 billion (around USD 30+ billion) in 2024 from its diversified mining and metals portfolio, underpinning its position as one of the largest global tungsten producers by capacity and integrated supply.​

-China Molybdenum Co. Ltd. (CMOC) reported total revenue of about RMB 213 billion (roughly USD 30 billion) in 2024, with tungsten output exceeding 8,000 tonnes, making it one of the world's leading multi‐metal miners with significant exposure to the tungsten value chain.​

-Xiamen Tungsten Co., Ltd. reported multi‐billion‐RMB operating revenues from hard metals, tungsten products, and related materials, ranking among the top Chinese tungsten producers with sizable market share in powders, carbides, and downstream applications.​

-Jiangxi Tungsten Holding Group Co., Ltd. recorded strong annual sales revenues in the hundreds of millions of USD equivalent from mining, smelting, and deep‐processed tungsten products, securing a leading position in China's tungsten mining and processing cluster.​

-Umicore N.V. reported group revenues in the multi‐billion‐euro range, with its recycling and catalytic materials divisions including high‐value tungsten‐containing products that contribute meaningfully to its advanced materials revenue mix.​

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