Tungsten Market - Growth, Trends, COVID-19 Impact, and Forecasts (2025 - 2030)

The tungsten market by form (foils, ribbons, wires, and tubes), by product (carbides, tungsten alloys, tungsten mill products, and tungsten chemicals), by end-use industry (automotive, aerospace, machine tools and equipment, electrical and electronics, and other end-user industries), and by geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market sizes and forecasts for the tungsten market in revenue (USD million) for all the above segments.

Tungsten Market - Growth, Trends, COVID-19 Impact, and Forecasts (2025 - 2030)

Tungsten Market Size

Tungsten Market Summary
Study Period 2019 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
CAGR 8.00 %
Fastest Growing Market North America
Largest Market Asia-Pacific
Market Concentration Low

Major Players

Tungsten Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Tungsten Market Analysis

The Tungsten Market is expected to register a CAGR of greater than 8% during the forecast period.

The market was negatively impacted due to COVID-19. Due to the pandemic scenario, several countries around the world went into lockdown to curb the spread of the virus. The shutdown of numerous companies and factories disrupted worldwide supply networks and harmed global production, delivery schedules, and product sales. Currently, the market has recovered from the COVID-19 pandemic and is increasing at a significant rate.

  • Over the short term, the worldwide tungsten market is predicted to be driven by growing end-use sectors such as automotive, aerospace, electrical, and electronics, as well as a rise in the need for wear-resistant materials. Tungsten is utilized in electronic and electrical components such as electron emitters, lead-in wires, and electrical contacts, which is driving the global market's expansion throughout the forecasted period.
  • However, increasing demand and supply gaps, as well as toxicity caused by the use of tungsten carbide, will limit the expansion of the tungsten market in the coming years.
  • Nevertheless, tungsten's melting nature makes it an attractive material for the mining industry, which is expected to create major opportunities for market growth. Increased demand for tungsten carbide in cutting tools and precision equipment enhances market share by driving growth.
  • The Asia-Pacific region dominates the global market, with the largest consumption being registered in China.

Tungsten Industry Overview

  • The global tungsten market is fragmented, with a very small number of large players and a large number of small players operating. Some of the major companies are Buffalo Tungsten Inc., Wolfram, ATI (Allegheny Technologies Incorporated), Umicore N.V., and A.L.M.T. Corp., among others (in no particular order).

Tungsten Market Leaders

  1. Umicore N.V.

  2. A.L.M.T. Corp.

  3. Wolfram

  4. ATI - Allegheny Technologies Incorporated

  5. Buffalo Tungsten Inc.

  6. *Disclaimer: Major Players sorted in no particular order
Tungsten Market Concentration
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Tungsten Market News

  • January 2022: The Plansee Group reached a formal agreement to buy the Indianapolis-based Mi-Tech Tungsten Metals. Mi-Tech, which employs almost 100 people, is regarded as one of the main providers of tungsten-based products in the United States.
  • September 2021: Kennametal Inc. introduced KAR85-AM-K, their most corrosion-resistant tungsten carbide grade for metal additive manufacturing. It is only accessible in conjunction with Kennametal's binder jet 3D printing capability to generate completely completed wear components.

Table of Contents

1. INTRODUCTION

  • 1.1 Study Assumptions
  • 1.2 Scope of the Study

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

  • 4.1 Drivers
    • 4.1.1 Growing End-use Sectors such as Automotive, Aerospace, Electrical and Electronics, as well as a rise in the need for Wear-resistant Material
    • 4.1.2 Utilization of Tungsten in Electronic and Electrical Components such as Electron Emitters, Lead-in Wires, and Electrical Contacts
  • 4.2 Restraints
    • 4.2.1 Increasing demand and Supply Gaps, as well as Toxicity caused by the Usage of Tungsten Carbide
    • 4.2.2 Other Restaints
  • 4.3 Industry Value Chain Analysis
  • 4.4 Porter's Five Forces Analysis
    • 4.4.1 Bargaining Power of Suppliers
    • 4.4.2 Bargaining Power of Buyers
    • 4.4.3 Threat of New Entrants
    • 4.4.4 Threat of Substitute Products and Services
    • 4.4.5 Degree of Competition

5. MARKET SEGMENTATION (Market Size in Value)

  • 5.1 Type
    • 5.1.1 Foils
    • 5.1.2 Ribbons
    • 5.1.3 Wires
    • 5.1.4 Tubes
  • 5.2 Product
    • 5.2.1 Carbides
    • 5.2.2 Tungsten Alloys
    • 5.2.3 Tungsten Mill Products
    • 5.2.4 Tungsten Chemicals
  • 5.3 End-user Industry
    • 5.3.1 Automotive
    • 5.3.2 Aerospace
    • 5.3.3 Electrical and Electronics
    • 5.3.4 Machine Tools and Equipment
    • 5.3.5 Other End-user Industries
  • 5.4 Geography
    • 5.4.1 Asia-Pacific
    • 5.4.1.1 China
    • 5.4.1.2 India
    • 5.4.1.3 Japan
    • 5.4.1.4 South Korea
    • 5.4.1.5 Rest of Asia-Pacific
    • 5.4.2 North America
    • 5.4.2.1 United States
    • 5.4.2.2 Canada
    • 5.4.2.3 Mexico
    • 5.4.3 Europe
    • 5.4.3.1 Germany
    • 5.4.3.2 United Kingdom
    • 5.4.3.3 Italy
    • 5.4.3.4 France
    • 5.4.3.5 Rest of Europe
    • 5.4.4 Rest of the World
    • 5.4.4.1 South America
    • 5.4.4.2 Middle-East
    • 5.4.4.3 Africa

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Market Share (%) **/Rank Analysis**
  • 6.3 Strategies Adopted by Leading Players
  • 6.4 Company Profiles
    • 6.4.1 A.L.M.T. Corp.
    • 6.4.2 Allegheny Technologies Incorporated
    • 6.4.3 Almonty Industries Inc.
    • 6.4.4 Betek GmbH & Co. KG
    • 6.4.5 Buffalo Tungsten Inc.
    • 6.4.6 China Minmetals Non-Ferrous Metals Co., Ltd.
    • 6.4.7 China Molybdenum Co., Ltd.
    • 6.4.8 China Tungsten and Hightech
    • 6.4.9 Chongyi Zhangyuan Tungsten Co., Ltd
    • 6.4.10 Global Tungsten and Powders
    • 6.4.11 Guangdong XiangLu Tungsten Co. Ltd.
    • 6.4.12 H.C. Starck GmbH
    • 6.4.13 International Metalworking Companies
    • 6.4.14 Jiangxi Tungsten Holding Group Co., Ltd.
    • 6.4.15 Jiangxi Yaosheng Tungsten
    • 6.4.16 Kennametal, Inc.
    • 6.4.17 Nippon Tungsten Co., Ltd.
    • 6.4.18 Ormonde Mining plc
    • 6.4.19 Plansee Group
    • 6.4.20 QuesTek Innovations, LLC
    • 6.4.21 Sandvik Group
    • 6.4.22 Treibacher Industrie
    • 6.4.23 Umicore N.V.
    • 6.4.24 Wolf Minerals Limited
    • 6.4.25 WOLFRAM Company JSC
    • 6.4.26 Xiamen Tungsten Co., Ltd.
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  • 7.1 Rising Mining Industry due to Increased demand for Tungsten Carbide in Cutting Tools and Precision Equipment
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Tungsten Industry Segmentation

Tungsten, often known as wolfram, is a chemical element that has the symbol W and the atomic number 74. Tungsten is a rare metal that occurs nearly entirely in nature in compounds with other metals.

The tungsten market is segmented by form, products, end-user industry, and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). By form, the market is segmented into foils, ribbons, wires, and tubes. By products, the market is segmented into carbides, tungsten alloys, tungsten mill products, and tungsten chemicals. By end-user industry, the market is segmented into automotive, aerospace, machine tools and equipment, electrical and electronics, and other end-user industries. The report also covers the market size and forecasts for the concrete bonding agent market in 11 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).

Type Foils
Ribbons
Wires
Tubes
Product Carbides
Tungsten Alloys
Tungsten Mill Products
Tungsten Chemicals
End-user Industry Automotive
Aerospace
Electrical and Electronics
Machine Tools and Equipment
Other End-user Industries
Geography Asia-Pacific China
India
Japan
South Korea
Rest of Asia-Pacific
North America United States
Canada
Mexico
Europe Germany
United Kingdom
Italy
France
Rest of Europe
Rest of the World South America
Middle-East
Africa
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Frequently Asked Questions

What is the current Tungsten Market size?

The Tungsten Market is projected to register a CAGR of greater than 8% during the forecast period (2025-2030)

Who are the key players in Tungsten Market?

Umicore N.V., A.L.M.T. Corp., Wolfram, ATI - Allegheny Technologies Incorporated and Buffalo Tungsten Inc. are the major companies operating in the Tungsten Market.

Which is the fastest growing region in Tungsten Market?

North America is estimated to grow at the highest CAGR over the forecast period (2025-2030).

Which region has the biggest share in Tungsten Market?

In 2025, the Asia-Pacific accounts for the largest market share in Tungsten Market.

What years does this Tungsten Market cover?

The report covers the Tungsten Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Tungsten Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

Tungsten Industry Report

Statistics for the 2025 Tungsten market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tungsten analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.