Tungsten Global Market Report 2026

Tungsten is a rare and robust metal with a distinctive steel-grey color, primarily found naturally on Earth as compounds with other elements. In its raw form, tungsten is often brittle and challenging to work with. Tungsten is widely employed in various applications, including the production of light bulbs, high-strength steel alloys, and electrical components.

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.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report's Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

Tariffs on tungsten and tungsten-based products have disrupted supply chains and increased costs across tungsten carbides, alloys, and chemical segments, particularly in asia-pacific, europe, and north america. The tariffs have slowed adoption in automotive, aerospace, and electrical sectors, but have also driven local production initiatives, encouraged cost optimization, and promoted innovation in high-performance tungsten applications.

The tungsten market research report is one of a series of new reports from The Business Research Company 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 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.

Tungsten Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses tungsten market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for tungsten ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The tungsten market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Product: Carbides; Tungsten Alloys; Tungsten Mill Products; Tungsten Chemicals
• 2) By Form: Foils; Ribbons; Wires; Tubes
• 3) By End-User Industry: Automotive; Aerospace; Machine Tools And Equipment; Electrical And Electronics; Other End-User Industries
• Subsegments:
• 1) By Carbides: Tungsten Carbide Powder; Tungsten Carbide Tools
• 2) By Tungsten Alloys: Heavy Metal Alloys; Electrical Contacts Alloys
• 3) By Tungsten Mill Products: Tungsten Rods; Tungsten Sheets; Tungsten Wire
• 4) By Tungsten Chemicals: Tungsten Oxides; Tungsten Salts; Tungsten Trioxide
• Companies Mentioned: 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
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain.
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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