United States Tungsten-Based Materials Market 2031 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Tungsten-Based Materials Market reached US$ 5.9 billion in 2023 and is expected to reach US$ 9.4 billion by 2031, growing with a CAGR of 6.1% during the forecast period 2024-2031.

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Key Development:

United States: Recent Developments

✅ In November 2025, Global Tungsten & Powders was awarded a grant by the U.S. Department of Energy to support advanced recycling of tungsten‐carbide materials, aiming to reduce dependence on raw mining and promote circular supply chains.

✅ In October 2025, researchers published a study showing that ultrasound‐assisted cold‐spray processing significantly improves the plastic deformation and self‐diffusivity of pure tungsten, opening up new pathways for additive manufacturing and coating of tungsten components for aerospace and defense use.

✅ In June 2025, a new tungsten‐based ultra‐high‐temperature ceramic (UHTC) composite using WB2‐SiC with La2O3 doping was demonstrated to achieve exceptional hardness (~26.9 GPa) and ablation resistance at 2273 K, promising for extreme‐environment applications.

✅ In May 2025, scientists published a review highlighting emerging tungsten‐based materials for rechargeable metal‐ion batteries, noting improved structural stability and promising electrochemical performance pointing to tungsten's expanding role beyond traditional cutting and wear tools.

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Japan: Recent Developments

✅ In July 2025, Sumitomo Electric Industries commercialized a new tungsten recycling technology to efficiently recover tungsten from used cutting tools, helping secure stable supply for domestic manufacturing without reliance on imports.

✅ In June 2025, Mitsubishi Materials Corporation in collaboration with Japan New Metals announced expansion of its tungsten‐recycling capacity, as part of a broader national push to improve resource efficiency and reduce environmental impact by 2030.

✅ In April 2025, Japanese researchers working under government‐backed programs began exploring advanced tungsten‐based ceramics for extreme-temperature environments, including potential use in next‐gen nuclear fusion and high‐stress industrial systems.

✅ In March‐April 2025, academic simulations revealed that tungsten grain‐boundary self‐healing (driven by interstitial migration) at moderate temperatures could mitigate radiation‐induced defects a breakthrough relevant for fusion reactors and radiation‐hard materials.

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Key Players:

=> Plansee Group, A.L.M.T. Corporation, Buffalo Tungsten Inc., Global Tungsten & Powders, Wolfram Company, Aero Industries Inc., Novotec BV, Elmet Technologies, Midwest Tungsten Service and Masan High-Tech Materials Corporation.

Key Segments:

By Type

Powder dominates the market with 40% share, primarily used in powder metallurgy, high-performance alloys, and radiation shielding applications. Rods account for 25%, widely applied in filaments, electrodes, and structural components. Sheets contribute 20%, mainly used in electrical, electronics, and thin-layer applications. Others (wires, foils, and specialized forms) hold 15%, serving niche applications such as medical devices and custom aerospace components.

By Material

Tungsten Metal holds 35%, favored for high melting point applications like filaments, electrodes, and radiation shielding. Tungsten Carbide contributes 45%, dominating cutting tools, mining, and wear-resistant applications due to its exceptional hardness. Tungsten Alloys account for 20%, used in aerospace, defense, and medical applications where density and mechanical performance are critical.

By Application

Filaments represent 20%, primarily for lighting and electronic components. Heaters account for 15%, used in industrial and aerospace heating elements. Electrodes contribute 15%, essential for welding, spark plugs, and electrical applications. Sputtering Targets hold 10%, serving semiconductor and thin-film deposition. Cutting Tools dominate with 25%, driven by tungsten carbide and alloy applications. Radiation Shielding represents 10%, largely in medical and defense sectors. Others (niche industrial uses) account for 5%.

By End-User

Aerospace & Defense represents 25%, using tungsten alloys and metals in high-performance structural and shielding applications. Automotive contributes 15%, mainly in cutting tools, sensors, and lighting components. Electrical & Electronics holds 20%, covering filaments, electrodes, and specialty electronics. Construction accounts for 10%, primarily in heavy machinery and tooling. Mining represents 10%, leveraging tungsten carbide tools and wear-resistant components. Medical & Healthcare contributes 10%, focusing on radiation shielding and surgical instruments. Others hold 10%, including custom industrial and research applications.

By Region

North America - 30% Share
Driven by aerospace, defense, and advanced manufacturing applications.

Europe - 25% Share
Supported by automotive, cutting tool, and electronics industries, with strong R&D initiatives.

Asia Pacific - 30% Share
High growth due to industrial manufacturing, automotive, electronics, and mining sectors, led by China, Japan, and India.

South America - 7% Share
Growing demand from mining, construction, and industrial applications.

Middle East & Africa - 8% Share
Opportunities in defense, healthcare, and mining-related applications.

FAQ

What is the current size of the Tungsten-Based Materials Market?

A: In 2023, the Tungsten-Based Materials Market was valued at US$ 5.9 billion , reflecting its strong industry presence.

Q2: How large is the Tungsten-Based Materials Market expected to be by 2031?

A: By 2031, industry forecasts suggest the Tungsten-Based Materials Market will grow to around US$ 9.4 billion , demonstrating significant expansion.

Q3: What is the growth rate of the Tungsten-Based Materials Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 6.1% during the forecast period from 2024 to 2031.

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