Tungsten Global Market Report 2024

The tungsten market size has grown rapidly in recent years. It will grow from $5.11 billion in 2023 to $5.66 billion in 2024 at a compound annual growth rate (CAGR) of 10.9%. The growth observed during the historic period can be attributed to various factors, including increased industrial applications of tungsten, overall global economic growth, demand from the automotive industry, heightened usage in military and defense applications, and increased activities in mining and drilling operations that require tungsten.

The tungsten market size is expected to see strong growth in the next few years. It will grow to $8.11 billion in 2028 at a compound annual growth rate (CAGR) of 9.4%. The anticipated growth in the forecast period can be attributed to several factors, including the electrification of vehicles, increased use in biomedical applications, a focus on critical minerals, ongoing infrastructure development, the demand for high-performance computing, and recycling initiatives that involve tungsten. Major trends expected in the forecast period include technological innovations in tungsten processing, strategic stockpiling by end-users, advancements in tungsten carbide applications, international collaborations in the tungsten industry, and the integration of tungsten in green energy technologies.

The anticipated swift expansion within the automotive sector is set to be a significant driver propelling the growth trajectory of the tungsten market in the forthcoming period. This industry encompasses a broad spectrum of entities engaged in designing, producing, marketing, and servicing motor vehicles. Tungsten alloys play a pivotal role in this sector, contributing to weight reduction in automotive components, radiation shielding, and enhancing durability. These properties significantly elevate overall vehicle performance, including improvements in handling, diminished noise and vibration, and heightened engine efficiency. Notably, data from the Bureau of Transportation Statistics (BTS) in April 2022 revealed a surge in new vehicle sales, escalating from 11,041 in 2020 to 11,741 in 2021, underscoring the automotive sector's rapid growth that acts as a catalyst for the tungsten market.

The escalating trend in mining activities stands as another crucial factor driving the upward momentum of the tungsten market in the foreseeable future. Mining, involving the extraction of valuable minerals and materials from the earth or celestial bodies, encompasses various elements such as metals, coal, oil shale, and gemstones. Tungsten holds significant importance in the mining industry, contributing to the production of vital equipment such as drilling bits, cutting tools, and wear-resistant coatings. Its inherent strength, hardness, and toughness make tungsten indispensable in mining operations. Notably, data from Statistics Botswana in April 2022 exhibited a substantial annual growth in the Index of Mining Production, rising from 64.0 in the fourth quarter of 2020 to 82.0 in the fourth quarter of 2021, underscoring the surge in mining activities that drive the growth of the tungsten market.

The potential impact of supply chain disruptions poses a significant constraint on the projected growth of the tungsten market within the forecasted period. These disruptions, characterized by unforeseen events or issues interrupting the regular flow of goods, services, information, or finances within a supply chain network, can result in supply shortages, price instability, production delays, and present challenges for industries reliant on tungsten products. Notably, in August 2023, the Official Journal of the European Union highlighted concerns in tungsten mining businesses due to supply chain difficulties, primarily attributed to China's overwhelming dominance, accounting for over 80% of the world's tungsten supply. Consequently, these supply chain disruptions act as a limiting factor restraining the progression 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 November 2022, Plansee Group, a metalworking machinery manufacturing company based in Austria, successfully acquired Mi-Tech Tungsten Metals for an undisclosed amount. This strategic move by Plansee is geared towards enhancing its market position in the North American tungsten materials sector. The acquisition is expected to offer future customers a wider range of goods and services. Mi-Tech Tungsten Metals LLC, based in the United States, specializes in the production of high-precision, ready-to-use tungsten materials and products.

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 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the tungsten market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the tungsten market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, 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 main product types of tungsten include carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. Tungsten carbide (WC) is renowned for its exceptional hardness and finds applications in diverse industrial uses, including cutting instruments, abrasives, and jewelry. Tungsten is available in various forms such as foils, ribbons, wires, and tubes, catering to different end-user industries, including automotive, aerospace, machine tools and equipment, electrical and electronics, among others.

The tungsten market research report is one of a series of new reports that provides tungsten market statistics, including tungsten industry global market size, regional shares, competitors with a tungsten market share, detailed tungsten market segments, market trends, and opportunities, and any further data you may need to thrive in the tungsten industry. This tungsten market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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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