Tungsten Market

Global Tungsten Market Overview

The tungsten market size was valued at USD 4.75 Billion in 2023. The tungsten industry is projected to grow from USD 5.13 Billion in 2024 to USD 9.49 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.00% during the forecast period (2024 - 2032). Due to its special properties, tungsten can be used in various industrial applications. X-ray tubes, bulb filaments, radiation shielding, super alloys, penetrating projectiles, gas tungsten arc welding, and industrial catalysts are examples of these uses. Some current uses include filaments in light bulbs and cathode ray tubes, electrodes, heating components, and field emitters. Tungsten is typically found in heavy metal alloys like high-speed steel, which are used to produce cutting tools. Additionally, it is utilized to create wear-resistant coatings for so-called super alloys. As tungsten's applications continue to rise, the world market for metal is anticipated to expand. More tempered metals are used in mining, oil & gas, aerospace, automotive, and oil & gas sectors. This is especially true for manufacturing, which uses tougher metals and cemented carbides. Following sintering, tungsten is easily incorporated into the mixture. It is also used more frequently in construction and metal-related applications because of its hardness (9 on the Mohs scale). The factor that drives the  market during the forecast period is the unique nature of tungsten makes it a suitable material for a wide variety of industrial applications. Furthermore, tungsten produces carbides, which are frequently used in drill bits, cutting tools, and other high-strength and high-temperature applications. While the chemical sector uses tungsten salts, sulfides, or oxides to make lubricants, catalysts, etc., pure tungsten is employed in the electronic industry. These main elements will propel the  market's expansion over the coming years.

COVID-19 Impact Analysis

Since COVID-19 started in Wuhan (China) in December 2019, it has spread rapidly worldwide. As far as confirmed cases and reported deaths are concerned, the US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the most affected countries. Businesses have been shut down, and lockdowns have occurred across several countries as COVID-19 affects different economies and industries. As a result of plant shutdowns and factory closures, the  supply chains have been affected, and manufacturing, delivery schedules, and sales of products have been negatively impacted. It is already apparent that a few businesses may suffer from delays in their product deliveries and a decline in their future sales.

Tungsten Market Dynamics

In the coming years, the  market is expected to grow as end-use industries such as automotive, aerospace, electrical, and electronics grow and wear-resistant materials become increasingly popular. Since tungsten is used in electronic and electrical components such as electron emitters, lead-in wires, and electrical contacts, the market has increased. Additionally, tungsten is used to manufacture carbides, which are used as cutting tools, drill bits, and other high-temperature and high-strength applications. The chemical industry uses tungsten salts, sulfides, or oxides to produce lubricants, catalysts, etc., while the electronics industry uses pure tungsten for its electronic applications. As a result, these factors will likely drive market growth during the forecast period.

Market Drivers

• Tungsten's application in mining

Among the main factors contributing to the growth in market share is its melting nature in the mining industry. The growing demand for cutting tools and precision equipment made from tungsten carbide is a significant factor that boosts the market share. In addition, Tungsten is also used in the electronic industry to enrich growth. The use of tungsten as a metal alloy is expected to be one of the main factors driving the growth of the metal. As a result, this factor is calculated as the dominant growth factor during the forecast period.

Market Restraints

• A growing demand-supply gap is expected to restrain the market growth

The tungsten industry has many restraints that hamper its growth, such as the supply gap caused by the lockdown. Inferior transportation is a major obstacle to the growth of the industry. The lack of raw materials is the main reason for the slow growth. As a result, the growth of the market was restrained.

Market Opportunities

• Usage in mining industries

The melting nature of tungsten makes it an ideal material for the mining industry, which drives its market share growth. Increasing demand for tungsten carbide in cutting tools and precision equipment boosts market share by driving growth. In addition, Tungsten is also used in the electronic industry, which enhances its growth. The use of tungsten as a metal alloy is expected to be one of the main factors driving the growth of the metal.

Tungsten Market Segmentation

Form Insights

Based on form, the  tungsten market segmentation is foils, ribbons, wires, and tubes. The  tungsten market growth was prominently high under the foils category in 2021, as stamped and drawn foil is ideal for applications that require high temperatures, including vacuum furnaces, coatings, and electronic and semiconductor components. Tungsten foil is used to construct heat shields, heating elements, and vacuum furnace carriers. Due to their high heat resistance in high-temperature environments, tungsten foils are used in high-temperature environments.

Product Insights

The  tungsten market segmentation, based on products, is carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. In 2021, the carbides segment accounted for the largest market share of the  market due to the replaceable cutting tools and inserted widely used them. It is expected that tungsten alloys will show the fastest growth, largely due to the growth of aerospace manufacturing. In addition to using tungsten in electrical and electronic equipment, mill products containing the metal will demonstrate steady growth. As a result, the carbide segment in the  market is expected to grow in the coming years.

End-use Industry Insights

Based on end-use industry, the  market is divided into automotive, aerospace & defense, and electrical & electronics. The automotive category dominated the market for Tungsten in 2021. Different applications of tungsten are found in the production and assembly of automobiles. Many automotive parts are made from tungsten or its alloys, including studs for tires, ball joints, brakes, crankshafts in performance vehicles, and other mechanical parts subject to heavy use or extreme temperatures. As a result, the  market is expected to grow during the forecast period.

Global Tungsten Market Share, by Region, 2021 (%)Tungsten Market Overview, by Region

By region, the  tungsten market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific accounted for the most extensive market share. North America will exhibit the highest CAGR during the forecast period.

Asia-Pacific

Asia-Pacific dominated the market share in 2021. Despite its vast tungsten reserves and government support of the tungsten products industries, China continues to dominate the market in terms of supply and consumption of tungsten. As a result of these factors, the Asia-Pacific region will dominate the market over the forecast period.

North America

North America will exhibit the highest CAGR during the forecast period. As construction spending in the region rises, the market in North America is expected to grow. The North American region is expected to grow rapidly in the  market during the forecast period because of this factor.

Tungsten Market Competitive Landscape

The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reached with diverse product portfolios. Companies such as Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, and China Minmetals corporation dominate the market due to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on supporting research and development. Furthermore, they embrace strategic growth initiatives, such as development, product introduction, joint ventures, and partnerships, to strengthen their market position and capture an extensive customer base.

Prominent players in the  tungsten market research include Xiamen tungsten co limited, Buffalo tungsten inc, Federal carbide company, China Minmetals corporation,  tungsten and powders corporation, Wolfram bergbau-und Hutten AG, Tungsten Mining NL, Tejing Tungsten.

Scope of the Tungsten Market Report

Form Outlook

• Foils
• Ribbons
• Wires
• Tubes

Product Outlook

• Carbides
• Tungsten Alloys
• Tungsten Mill Products
• Tungsten Chemicals

End-use Industry Outlook

• Automotive
• Aerospace & Defense
• Electrical & Electronics

Region Outlook

• North America
  • US
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia and New Zealand
  • Rest of Asia-Pacific
• Rest of the World
  • South America
  • Middle East
  • Africa

Objectives of the Study

The objectives of the study are summarized in 5 stages. They are as mentioned below:

Tungsten Market Forecast & Size:

To identify and estimate the market size for the  tungsten market report segmented by form, product, and end-use industry, by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the  tungsten market forecast between 2022 and 2030

Market Landscape and Trends:

To identify and infer the drivers, restraints, opportunities, and challenges in the  tungsten market growth

Recent Development

Masan High-Tech Materials Corporation (MHT) announced its agreement with Mitsubishi Materials Corporation (MMC) to acquire all shares of H.C Starck Holding, which was established in May 2024. H.C. Starck Holding is a prominent player in tungsten and its carbides as well as alloys market.

MHT is a key market player, and it manufactures ores and tungsten, which are used for a wide array of applications. Earths Minerals and Gold, which is also in the business of tungsten, copper, lithium and silver exploration, announced an update on the Pilot Mountain Project. The formal announcement was made in March 2024. They were also successful in raising £750,000, which was a strategic move to ensure that their stakes remain intact.

Another key acquisition was the one completed by Sandvik Group in December 2023, wherein Buffalo Tungsten Inwas incorporated into their organization. Post the acquisition the company aimed at expanding its operations in North America. Post-acquisition, Buffalo Tungsten Inwas able to establish itself as a key producer of carbide and tungsten powder in the North American market.

Another pivotal development that came in September 2023 was by Bright Laser Technologies. The focus was on tungsten pastes which are able to enhance the appearance of different metals and their alloys.

To strengthen their foothold in the tungsten trading business, Masan High-Tech Materials Corporation and EQ Resources Limited formed a working relationship in April 2023. The MOU focused on targets wherein investment in the new projects was made a point of discussion along with assessing the viability of dormant tungsten mines.

The plan to explore the rare earth materials in Laos was finalized by Xiamen Tungsten and Chifeng Jilong Gold Mining in September 2022.

Additionally, in July 2022, H.C Starck announced the investment deal, which was in the shape of agreements with Nyobolt that invested around USD 52 million, which are popular for creating tungsten-intensive batteries.

At the beginning of the year, specifically in the month of January, a report about the Plansee Group and its intent to acquire the company Mi-Tech Tungsten Metals, located in Indianapolis, was prepared. Mi-Tech Tungsten is recognized to be among the foremost tungsten materials suppliers in the US and has a workforce of 100 employees.

Kennametal Inc. revealed their most corrosion-resistant tungsten carbide grade which is only used for metal additive manufacture known as, as well as the invention of a new add-on blade in set, the KAR85-AM-K, on September 2021. This product is only sold as an option with the complete wear parts that Kennametal's binder jet 3D printer can make.

Intended Audience

• Tungsten producers
• Raw material suppliers
• Retailers, wholesalers, and distributors
• Governments, associations, and industrial bodies
• Investors and traders