The global Defence Critical Minerals Market was valued at USD 4.56 billion in 2025. It is estimated to reach USD 7.54 billion in 2026 and is projected to grow to USD 12.91 billion by 2036, at a CAGR of 5.5% during the forecast period. Volumes are provided by mineral; defence demand for tungsten, for example, is projected to grow from 17,865 tonnes in 2026 to 34,268 tonnes in 2036. This report offers a detailed look at the market, covering mineral criticality and supply concentration, the defence supply chain, policy and regulation, stockpiling programmes, pricing, recycling and substitution, investment, demand by platform and programme, forecast scenarios, competitive activity, and future growth opportunities.
Defence critical minerals are processed minerals that are essential to defence systems and have limited substitutes or concentrated supply. They include tungsten for penetrators and munitions, titanium, nickel, and cobalt for airframes and engines, antimony for ammunition, rare earth elements for magnets, beryllium for optics and structures, gallium and germanium for radars and sensors, tantalum and niobium for electronics and alloys, and lithium and graphite for batteries and high-temperature components. The market measures spending by defence manufacturers and stockpiling agencies on these materials as refined metals, compounds, alloys, and powders.
China controls most processing of tungsten, rare earths, gallium, germanium, and antimony and introduced export licensing or bans on all of them between 2023 and 2025, which raised prices outside China to record levels. At the same time, world military expenditure reached USD 2.88 trillion in 2025, NATO members agreed to spend 5% of GDP on defence and security by 2035, and the U.S. will prohibit Chinese-origin rare earth magnets, tungsten, and tantalum in defence systems from January 2027.
The report examines market drivers, restraints, opportunities, challenges, and trends, mineral criticality, the defence value chain, the policy and regulatory landscape, stockpiling programmes, pricing by mineral, recycling and substitution, investment and funding, the market ecosystem, defence demand by platform and programme, procurement practices, regional supply and demand, materials and process innovation, volume outlook by mineral, supply outside China, Porter's five forces, forecast scenarios, strategic implications, and case studies. It explains why lithium, rare earths, batteries, and space and C4ISR systems are growing faster than the overall market and how growth shifts from prices to volumes. It also provides market forecasts in value and, by mineral, in volume, segment-level insights, and regional analysis across 5 regions and 24 countries and sub-regions to support business, investment, and procurement decisions.
Processing capacity outside China is limited, and new separation, refining, and alloying plants take years to build and qualify. Prices are volatile, which complicates fixed-price defence contracts and the economics of new projects, and defence demand is small and fragmented. In addition, long qualification and certification timelines, limited market transparency, and environmental and permitting constraints remain challenges.
Allied and domestic supply chains, recycling and secondary supply, drones, robotics, and electrified systems, and advanced materials and processes offer significant opportunities. Meanwhile, two-tier pricing for Chinese and non-Chinese material, the growing role of the state as investor and buyer, munitions-led demand, and the shift toward electrified and unmanned systems are shaping the market.
Based on mineral, the market is segmented into tungsten, titanium, nickel, antimony, cobalt, rare earth elements, beryllium, gallium and germanium, tantalum and niobium, lithium, graphite, and other critical minerals, with values for all minerals and volumes in tonnes. In 2026, tungsten is expected to account for the largest share of the market, driven by penetrators, munitions, and record prices outside China. Lithium is expected to grow the fastest in value, and rare earth elements the fastest in volume.
Based on form, the market is segmented into refined metals; oxides, compounds, and other forms; and alloys, powders, and magnet alloys. In 2026, alloys, powders, and magnet alloys are expected to hold the largest share and to grow the fastest, driven by tungsten heavy alloy powders, titanium alloy ingot, superalloy master alloys, magnet production outside China, and additive manufacturing.
Based on application, the market is segmented into permanent magnets and motors, superalloys and high-performance alloys, armor and penetrators, electronics, semiconductors, and optics, batteries and power storage, munitions, propellants, and energetics, and other applications. In 2026, armor and penetrators is expected to hold the largest share, reflecting tungsten penetrators and record tungsten prices. Batteries and power storage is expected to grow the fastest, driven by drones, unmanned underwater vehicles, and soldier systems.
Based on defence platform, the market is segmented into combat aircraft and engines, missiles and munitions, naval vessels and submarines, armored and land systems, and space, C4ISR, and electronic warfare. In 2026, missiles and munitions is expected to hold the largest share, supported by ammunition and interceptor production ramp-ups. Space, C4ISR, and electronic warfare is expected to grow the fastest, driven by radar, electronic warfare, satellites, and sensors.
Based on end user, the market is segmented into defense prime contractors and OEMs, tier suppliers and component manufacturers, and government stockpiling agencies. In 2026, tier suppliers and component manufacturers are expected to hold the largest share and to grow the fastest, while government stockpiling agencies became a major buyer after their purchases more than doubled between 2024 and 2026.
In 2026, North America is expected to account for the largest share of the global market, with the U.S. as the largest country market in the world, reflecting its position as the largest defence producer, its purchases at prices outside China, and its stockpile programmes. Canada is expected to grow faster than the U.S. in the region.
Latin America is expected to grow the fastest during the forecast period from a small base, led by Brazil. In Europe, Russia is the largest market and Poland is expected to grow the fastest; in Asia-Pacific, China is the largest market and India is expected to grow the fastest; and in the Middle East & Africa, Israel is the largest market and Saudi Arabia, the fastest-growing country market in the world, is expected to grow the fastest.
The market is fragmented, and competition takes place mineral by mineral. In 2025, Plansee led tungsten, Precision Castparts led titanium and nickel, Materion led beryllium, Umicore led gallium and germanium, Global Advanced Metals led tantalum and niobium, China Northern Rare Earth led rare earths, and Glencore led cobalt. Agreements and partnerships, expansions, funding and approvals, and product launches are the main strategies, including the MP Materials partnership with the U.S. Department of War, the start of mining at Sangdong by Almonty Industries, and the first heavy rare earth production outside China by Lynas.
The competitive benchmarking compares companies across tungsten, titanium and superalloys, rare earths, antimony, gallium, germanium, and beryllium, and tantalum, niobium, and cobalt. Companies compete on qualified products, access to feedstock outside China, processing and alloying capability, compliance with sourcing rules, and government partnerships.
Key companies profiled in the report include MP Materials Corp. (U.S.), Lynas Rare Earths Ltd. (Australia), Neo Performance Materials Inc. (Canada), China Northern Rare Earth (Group) High-Tech Co., Ltd. (China), Plansee Group (Austria), Xiamen Tungsten Co., Ltd. (China), Almonty Industries Inc. (Canada), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), VSMPO-AVISMA Corporation (Russia), Toho Titanium Co., Ltd. (Japan), IperionX Limited (U.S.), Materion Corporation (U.S.), Umicore SA (Belgium), 5N Plus Inc. (Canada), United States Antimony Corporation (U.S.), Perpetua Resources Corp. (U.S.), Global Advanced Metals (U.S.), CBMM (Brazil), and Glencore plc (Switzerland).
Defence critical minerals are processed minerals that are essential to defence systems and have limited substitutes or concentrated supply. They include tungsten for penetrators and munitions, titanium, nickel, and cobalt for airframes and engines, antimony for ammunition, rare earth elements for magnets, beryllium for optics and structures, gallium and germanium for radars and sensors, tantalum and niobium for electronics and alloys, and lithium and graphite for batteries and high-temperature components. The market measures spending by defence manufacturers and stockpiling agencies on these materials as refined metals, compounds, alloys, and powders.
China controls most processing of tungsten, rare earths, gallium, germanium, and antimony and introduced export licensing or bans on all of them between 2023 and 2025, which raised prices outside China to record levels. At the same time, world military expenditure reached USD 2.88 trillion in 2025, NATO members agreed to spend 5% of GDP on defence and security by 2035, and the U.S. will prohibit Chinese-origin rare earth magnets, tungsten, and tantalum in defence systems from January 2027.
The report examines market drivers, restraints, opportunities, challenges, and trends, mineral criticality, the defence value chain, the policy and regulatory landscape, stockpiling programmes, pricing by mineral, recycling and substitution, investment and funding, the market ecosystem, defence demand by platform and programme, procurement practices, regional supply and demand, materials and process innovation, volume outlook by mineral, supply outside China, Porter's five forces, forecast scenarios, strategic implications, and case studies. It explains why lithium, rare earths, batteries, and space and C4ISR systems are growing faster than the overall market and how growth shifts from prices to volumes. It also provides market forecasts in value and, by mineral, in volume, segment-level insights, and regional analysis across 5 regions and 24 countries and sub-regions to support business, investment, and procurement decisions.
Market Dynamics
Rising defence spending and rearmament programmes are the main force behind market growth, as NATO members, Asia-Pacific countries, and Middle Eastern states expand defence production. The ramp-up of munitions production, Chinese export controls and the resulting security-of-supply premium, sourcing rules for defence supply chains, and government stockpiling and strategic investment reinforce demand.Processing capacity outside China is limited, and new separation, refining, and alloying plants take years to build and qualify. Prices are volatile, which complicates fixed-price defence contracts and the economics of new projects, and defence demand is small and fragmented. In addition, long qualification and certification timelines, limited market transparency, and environmental and permitting constraints remain challenges.
Allied and domestic supply chains, recycling and secondary supply, drones, robotics, and electrified systems, and advanced materials and processes offer significant opportunities. Meanwhile, two-tier pricing for Chinese and non-Chinese material, the growing role of the state as investor and buyer, munitions-led demand, and the shift toward electrified and unmanned systems are shaping the market.
Segment Analysis
The report analyzes the market by mineral, form, application, defence platform, end user, and geography, helping stakeholders identify the most promising growth opportunities.Based on mineral, the market is segmented into tungsten, titanium, nickel, antimony, cobalt, rare earth elements, beryllium, gallium and germanium, tantalum and niobium, lithium, graphite, and other critical minerals, with values for all minerals and volumes in tonnes. In 2026, tungsten is expected to account for the largest share of the market, driven by penetrators, munitions, and record prices outside China. Lithium is expected to grow the fastest in value, and rare earth elements the fastest in volume.
Based on form, the market is segmented into refined metals; oxides, compounds, and other forms; and alloys, powders, and magnet alloys. In 2026, alloys, powders, and magnet alloys are expected to hold the largest share and to grow the fastest, driven by tungsten heavy alloy powders, titanium alloy ingot, superalloy master alloys, magnet production outside China, and additive manufacturing.
Based on application, the market is segmented into permanent magnets and motors, superalloys and high-performance alloys, armor and penetrators, electronics, semiconductors, and optics, batteries and power storage, munitions, propellants, and energetics, and other applications. In 2026, armor and penetrators is expected to hold the largest share, reflecting tungsten penetrators and record tungsten prices. Batteries and power storage is expected to grow the fastest, driven by drones, unmanned underwater vehicles, and soldier systems.
Based on defence platform, the market is segmented into combat aircraft and engines, missiles and munitions, naval vessels and submarines, armored and land systems, and space, C4ISR, and electronic warfare. In 2026, missiles and munitions is expected to hold the largest share, supported by ammunition and interceptor production ramp-ups. Space, C4ISR, and electronic warfare is expected to grow the fastest, driven by radar, electronic warfare, satellites, and sensors.
Based on end user, the market is segmented into defense prime contractors and OEMs, tier suppliers and component manufacturers, and government stockpiling agencies. In 2026, tier suppliers and component manufacturers are expected to hold the largest share and to grow the fastest, while government stockpiling agencies became a major buyer after their purchases more than doubled between 2024 and 2026.
Regional Analysis
The report covers North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America, spanning 24 countries and sub-regions. Country markets are measured on a sales basis, as defence manufacturing consumption including imports plus national stockpile purchases, and the regional analysis considers defence spending, munitions and platform production, stockpiling, sourcing rules, and access to non-Chinese supply.In 2026, North America is expected to account for the largest share of the global market, with the U.S. as the largest country market in the world, reflecting its position as the largest defence producer, its purchases at prices outside China, and its stockpile programmes. Canada is expected to grow faster than the U.S. in the region.
Latin America is expected to grow the fastest during the forecast period from a small base, led by Brazil. In Europe, Russia is the largest market and Poland is expected to grow the fastest; in Asia-Pacific, China is the largest market and India is expected to grow the fastest; and in the Middle East & Africa, Israel is the largest market and Saudi Arabia, the fastest-growing country market in the world, is expected to grow the fastest.
Competitive Landscape
The report provides a detailed review of the competitive landscape, covering key growth strategies, competitive benchmarking by mineral, the competitive dashboard, and market share analysis by mineral, together with profiles of leading companies including their financial performance, product portfolios, strategy and defence relevance, strategic developments, and SWOT analyses.The market is fragmented, and competition takes place mineral by mineral. In 2025, Plansee led tungsten, Precision Castparts led titanium and nickel, Materion led beryllium, Umicore led gallium and germanium, Global Advanced Metals led tantalum and niobium, China Northern Rare Earth led rare earths, and Glencore led cobalt. Agreements and partnerships, expansions, funding and approvals, and product launches are the main strategies, including the MP Materials partnership with the U.S. Department of War, the start of mining at Sangdong by Almonty Industries, and the first heavy rare earth production outside China by Lynas.
The competitive benchmarking compares companies across tungsten, titanium and superalloys, rare earths, antimony, gallium, germanium, and beryllium, and tantalum, niobium, and cobalt. Companies compete on qualified products, access to feedstock outside China, processing and alloying capability, compliance with sourcing rules, and government partnerships.
Key companies profiled in the report include MP Materials Corp. (U.S.), Lynas Rare Earths Ltd. (Australia), Neo Performance Materials Inc. (Canada), China Northern Rare Earth (Group) High-Tech Co., Ltd. (China), Plansee Group (Austria), Xiamen Tungsten Co., Ltd. (China), Almonty Industries Inc. (Canada), ATI Inc. (U.S.), Carpenter Technology Corporation (U.S.), VSMPO-AVISMA Corporation (Russia), Toho Titanium Co., Ltd. (Japan), IperionX Limited (U.S.), Materion Corporation (U.S.), Umicore SA (Belgium), 5N Plus Inc. (Canada), United States Antimony Corporation (U.S.), Perpetua Resources Corp. (U.S.), Global Advanced Metals (U.S.), CBMM (Brazil), and Glencore plc (Switzerland).
How This Report Helps
- Provides reliable market size estimates and long-term forecasts in value, and in volume by mineral, for the global defence critical minerals market.
- Explains how defence spending, munitions production, export controls, sourcing rules, and stockpiling affect market growth.
- Identifies high-growth opportunities across mineral, form, application, defence platform, end user, and region.
- Analyzes supply concentration, the defence value chain, policy, stockpiles, pricing, recycling, investment, and forecast sensitivities shaping the market.
- Benchmarks leading companies based on their mineral positions and market share by mineral.
- Supports sourcing strategy, partnership and acquisition evaluation, investment planning, and market entry decisions.
- Delivers practical market insights for miners and processors, alloy and powder producers, component manufacturers, defence prime contractors, government agencies, and investors.
Key Questions Answered
- How big is the global defence critical minerals market today, and how will it grow through 2036?
- How are defence spending, munitions production, and Chinese export controls driving demand and prices?
- What are the main drivers, restraints, opportunities, and challenges shaping the industry?
- Which mineral, form, application, defence platform, end-user, and regional segments will grow the fastest?
- How will defence demand for each mineral develop in volume, and how sensitive is the forecast to tungsten prices and export controls?
- How are sourcing rules, stockpiles, price floors, and government investments changing supply chains?
- Which regions and countries offer the most attractive business opportunities?
- Who are the leading companies for each mineral, and what strategies are they following?
- What recent partnerships, expansions, and funding approvals are shaping the competitive landscape?
Table of Contents
1. Introduction
2. Research Methodology
4. Market Overview
5. Defence Critical Minerals Market, by Mineral
6. Defence Critical Minerals Market, by Form
7. Defence Critical Minerals Market, by Application
8. Defence Critical Minerals Market, by Defence Platform
9. Defence Critical Minerals Market, by End User
10. Defence Critical Minerals Market, by Geography
11. Competitive Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Companies Mentioned
- MP Materials Corp.
- Lynas Rare Earths Ltd.
- Neo Performance Materials Inc.
- China Northern Rare Earth
- Plansee Group
- Xiamen Tungsten Co., Ltd.
- Almonty Industries Inc.
- ATI Inc.
- Carpenter Technology Corporation
- VSMPO-AVISMA Corporation
- Toho Titanium Co., Ltd.
- IperionX Limited
- Materion Corporation
- Umicore SA
- 5N Plus Inc.
- United States Antimony Corporation
- Perpetua Resources Corp.
- Global Advanced Metals
- CBMM
- Glencore plc (Switzerland).
