Tungsten Market Report 2026

The tungsten market size has grown strongly in recent years. It will grow from $6.12 billion in 2025 to $6.66 billion in 2026 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to growing demand for tungsten carbide tools, rising use in automotive manufacturing, adoption in electrical and electronics industry, expansion in aerospace components, increasing industrial machinery applications.

The tungsten market size is expected to see strong growth in the next few years. It will grow to $9.62 billion in 2030 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to rising adoption in precision engineering applications, growth in renewable energy and power generation sectors, increasing demand for high-performance alloys, expansion in medical and healthcare equipment, growing tungsten chemical applications in electronics. Major trends in the forecast period include high-performance tungsten alloys, advanced machining applications, miniaturization of components, increasing use in electrical contacts, expansion in aerospace and automotive applications.

The rapid growth of the automotive sector is expected to drive the growth of the tungsten market in the coming years. The automotive sector encompasses the design, manufacturing, sale, and maintenance of motor vehicles. Its growth is primarily fueled by rising global demand for vehicles, driven by expanding urbanization and increasing consumer purchasing power. Tungsten supports this growth by providing high-strength, wear-resistant materials that improve vehicle durability, efficiency, and performance, while enabling lightweight component design. For example, in March 2025, the European Automobile Manufacturers' Association (ACEA), a Europe-based automobile industry association, reported that in 2024, global car sales reached 74.6 million units, a 2.5% increase from 2023, with global car production totaling 75.5 million units. China, which saw a 5.2% increase, remained the world’s largest car producer with a 35.4% market share. In 2024, South American car production rose 1.7% compared to 2023, driven by Brazil’s 6.3% increase, producing around 1.9 million cars. Consequently, the rapid growth of the automotive sector is driving the growth of the tungsten market.

Prominent entities within the tungsten market are actively engaged in pioneering innovative solutions, particularly the development of advanced tungsten powders such as Starck2print powders, leveraging 3D printing technology to bolster market revenues. These specialized materials serve as feedstock for 3D printers employing powder bed fusion techniques, including selective laser sintering (SLS) or selective laser melting (SLM). For example, in March 2023, Masan High-Tech Materials, a Vietnam-based tungsten material manufacturer, unveiled Starck2Print tungsten powders alongside associated innovation services targeting additive manufacturing, notably popularized by 3D printing technologies. The distinctive characteristics of Starck2Print powders, marked by high flowability and tailored particle size distribution, make them exceptionally compatible with additive manufacturing methods such as powder bed-based laser beam melting (LPBF) or selective electron beam, augmenting their utility in these processes.

In June 2025, United States Antimony Corporation, a U.S.-based critical minerals and mining company, acquired 100% ownership of the Fostung Tungsten Property in Ontario, Canada, for approximately $5 million in cash, plus royalty considerations. With this acquisition, United States Antimony aimed to secure key tungsten assets to strengthen its position in critical mineral supply chains, diversify its resource base, and support production growth in high-demand industrial and defense markets. The Fostung Tungsten Property is a Canada-based mining asset covering over 1,114 hectares of tungsten-rich terrain near Sudbury, Ontario, recognized for its potential high-value tungsten mineralization.

Major companies operating in the tungsten market report are CMOC Group Ltd., Sandvik AB, Xiamen Tungsten Co. Ltd., Umicore N.V., IMC International Metalworking Companies B.V., Plansee SE, Kennametal Inc., China Tungsten & Hightech Materials Co. Ltd., Masan High-Tech Materials Corporation, Chongyi Zhangyuan Tungsten Co. Ltd, Global Tungsten & Powders Corp., Betek GmbH & Co. KG, Guangdong XiangLu Tungsten Co. Ltd., Treibacher Industrie AG, H.C. Starck GmbH, Nippon Tungsten Co. Ltd., A.L.M.T. Corp., Elmet Technologies LLC, T&D Materials Manufacturing LLC, Almonty Industries Inc., Wolf Minerals Limited, Woltech Korea Co. Ltd., Buffalo Tungsten Inc., WOLFRAM Company JSC, Federal Carbide Company, QuesTek Innovations LLC, Tungco Inc., Tungsten Heavy Powder Inc., Midwest Tungsten Service Inc., Tungsten West PLC.

Asia-Pacific was the largest region in the tungsten market in 2025. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the tungsten market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the tungsten market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The tungsten market consists of sales of tungsten rods and tungsten electrodes. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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