Tungsten Market Size - By Origin, By Product, By End Use, Industry Analysis, Share, Growth Forecast, 2026 - 2035

Tungsten Market Size

The global tungsten market was valued at USD 7.3 billion in 2025 and is poised to expand from USD 7.6 billion in 2026 to USD 11.6 billion by 2035, reflecting a 4.8% CAGR over 2026 to 2035 according to the latest report published by Global Market Insights Inc.
 

• Tungsten’s appeal is rooted in physical properties—extreme hardness, highest pure-metal melting point at 3,422°C, and exceptional density—that make the tungsten market sticky across end-uses where performance can’t be compromised. Global mine output reached about 81,000 metric tons (t) of tungsten content in 2024, up from roughly 79,500 t in 2023, with China supplying near 83% of production and continuing to anchor supply dynamics. Policy shifts—such as China’s extension of critical mineral export controls to tungsten in early 2025 and U.S. Section 301 tariffs of 25% on Chinese tungsten products effective January 2025—are reshaping trade flows and pushing buyers to deepen recycling and diversify sources.
   
• The tungsten industry is experiencing a fundamental transformation toward circular economy models, with recycling rates reaching unprecedented levels. CERATIZIT achieved a 91% tungsten recycling rate in 2024, while approximately 30% of U.S. tungsten consumption now comes from recycled sources. Recycling reduces energy consumption by up to 70% and CO2 emissions by 40% compared to primary production, while advanced thermal-mechanical zinc processes and chemical recycling technologies produce tungsten powder and carbide chemically identical to virgin material. Major industry players including Kennametal, which launched a closed-loop recycling program in August 2023, and Sandvik, which produced cutting tools from 100% recycled tungsten carbide in November 2023, are establishing comprehensive collection and processing networks.
   

Tungsten Market Trends

• The tungsten industry's pivot toward circular economy models represents a fundamental restructuring of supply chains, driven by economic incentives, environmental regulations, and supply security imperatives. CERATIZIT's achievement of a 91% tungsten recycling rate in 2024 demonstrates the technical feasibility of near-complete material recovery, while the Plansee Group's 88% rate and the industry average of approximately 30% U.S. consumption from recycled sources indicate substantial room for further adoption. The global carbide recycling market's projected growth from USD 1.2 billion in 2023 to USD 2.1 billion by 2033 at a 5.8% CAGR reflects both expanding collection infrastructure and improving processing economics.
   
• Advanced recycling technologies have achieved chemical equivalence between recycled and virgin tungsten materials, eliminating performance penalties that historically limited secondary material adoption. The thermal-mechanical zinc process selectively removes cobalt binder at 900-1,000°C, yielding tungsten carbide powder with identical crystalline structure and particle size distribution to primary material. Chemical recycling routes using hydrometallurgical processing produce tungsten compounds meeting ultra-high-purity specifications for semiconductor applications, though these processes require careful management of reagent consumption and wastewater treatment.
   
• The economic case for recycling has strengthened substantially, with energy consumption reductions up to 70% and CO2 emission reductions of approximately 40% compared to primary production translating to significant cost advantages, particularly in regions with high energy costs or carbon pricing mechanisms. The European Union's tungsten recycling rate of approximately 42% for end-of-life products reflects the impact of the Circular Economy Action Plan and extended producer responsibility regulations, providing a model for policy frameworks in other regions.
   
• Tungsten additive manufacturing has transitioned from laboratory curiosity to commercial viability through breakthrough developments that overcome the metal's extreme processing challenges. Oak Ridge National Laboratory's achievement in June 2024 of the first batch of defect-free 3D-printed tungsten parts using electron beam powder bed fusion in vacuum represents a watershed moment, solving the severe cracking problems that previously plagued tungsten additives due to thermal stresses during solidification from its 3,422°C melting point.
   

Tungsten Market Analysis

Based on origin the market is segmented as primary & secondary.
 

• Primary captured roughly 70.3% of the tungsten industry share in 2025, encompassing tungsten concentrates extracted from wolframite and scheelite ores through mining operations predominantly located in China, Vietnam, Russia, Australia, and several smaller producing nations. China's overwhelming dominance in primary production—accounting for approximately 83% of global mine output at 67,000 metric tons of 81,000 metric tons total in 2024—creates concentration risks that have prompted strategic responses including the U.S. Section 301 tariffs of 25% on Chinese tungsten products effective January 2025 and China's reciprocal extension of export controls to tungsten in early 2025.
   
• Secondary represents recycled tungsten recovered from end-of-life products, manufacturing scrap, and tungsten carbide cutting tools. The secondary segment's faster growth rate reflects multiple drivers including economic advantages with recycling energy consumption by up to 70% and CO2 emissions by approximately 40% compared to primary production, supply security benefits reducing dependence on geographically concentrated mining operations, regulatory mandates including EU Circular Economy Action Plan requirements, and technological advances achieving chemical equivalence between recycled and virgin materials.
   

Based on product the tungsten market is segmented as tungsten carbide, metal alloys, mill products, tungsten hexafluoride and others.
 

• Tungsten carbide dominates the application landscape with commanding 60% market share in 2025, projected to grow at 4.7% CAGR through 2035, reflecting its irreplaceable role in cutting tools, wear-resistant components, and drilling equipment across construction, metalworking, mining, and oil and gas sectors. Tungsten carbide's exceptional hardness—approaching diamond on the Mohs scale—combined with high compressive strength, wear resistance, and thermal stability makes it the material of choice for applications where tool life, precision, and performance under extreme conditions justify premium pricing.
   
• The growth of metal alloys is driven by expanding defense budgets globally, increasing medical imaging infrastructure particularly in emerging markets, aerospace industry growth, and substitution of lead-based materials with non-toxic tungsten alternatives in medical and consumer applications. The medical shielding market represents a particularly dynamic growth area, with tungsten aprons demonstrating superior radiation protection—reducing occupational exposure to 0.12±0.07 mSv per therapy session compared to 0.36±0.18 mSv with lead aprons—while offering improved ergonomics due to thinner profile requirements.
   

Based on end use the market is segmented as automotive parts, aerospace components, drilling, boring & cutting equipment, logging equipment, electrical & electronic appliances, semiconductor, others (catalyst, chemical, defense equipment, etc.).
 

• Drilling, boring & cutting equipment represented about 27.8% of the tungsten market in 2025, reflecting tungsten carbide's indispensable role in metalworking, mining, construction, and oil and gas drilling operations. This segment encompasses CNC machine tool inserts, mining drill bits and roof bolts, oil and gas drilling components, construction drilling equipment, and precision boring tools.
   
• Automotive parts representing applications including tungsten carbide tooling for component manufacturing, tungsten heavy alloy counterweights and vibration dampers, electrical contacts in power distribution systems, and wear-resistant components in transmissions and engines.
   

The U.S. tungsten market valued at USD 1.2 billion in 2025 and estimated to grow to almost USD 3 billion by 2035. North America holds around 18.9% of the market share in 2025.
 

• North America’s market is consumption-heavy and import-reliant, with the U.S. converting concentrates and scrap into powders and chemicals despite no commercial mining since 2015. The U.S. tungsten industry also reflects policy shifts—25% Section 301 tariffs on Chinese tungsten products effective Jan 2025—to encourage supply diversification and domestic capability. Canada’s demand ties to mining, energy, and manufacturing, while the U.S. Department of Energy’s materials roadmap underscores tungsten’s role in harsh environments and advanced reactors.
   
• Europe’s tungsten market combines active mining in Portugal/Spain/Austria with strong processing hubs in Germany, supported by leading recycling performance near the global high-water mark. Germany supplies a notable share of U.S. imports and hosts high-purity suppliers serving power semiconductor and specialty applications, including H.C. Starck Tungsten. The EU’s circular economy push propels collection networks and recycled content targets, and the UK/France/Germany aerospace base sustains carbide and superalloy demand in the Europe market. As policy tightens, recycled and ultra-pure products gain share.
   
• Asia Pacific dominates the tungsten market, with China accounting for about 83% of mine output and consuming most of the world’s supply while managing quotas and export controls. China’s dominance is matched by regional demand nodes—Taiwan and South Korea for semiconductors, Japan for advanced materials—while Vietnam and Australia lift non-Chinese supply. India’s manufacturing growth and infrastructure spend broaden carbide tooling needs in the Asia Pacific market, though import dependence remains high.
   

Tungsten Market Share

The global tungsten industry exhibits moderate concentration with the top five players (Xiamen Tungsten Co., Ltd., China Minmetals, H.C. Stark, Japan New Metals, Jiangxi Tungsten Corporation Limited) collectively holding approximately 40% market share in 2025, while the remaining 60% is distributed among numerous regional producers, processors, and specialized suppliers serving niche applications. This concentration level reflects the capital-intensive nature of tungsten mining and processing, technical barriers to entry including complex metallurgical processing requirements, and the strategic advantages of vertical integration from mining through downstream product manufacturing.
 

• Xiamen Tungsten Co., Ltd
  • Xiamen Tungsten Co., Ltd, headquartered in Xiamen, Fujian Province, China, leads the global market with 16.2% share through comprehensive vertical integration spanning tungsten mining, smelting, powder metallurgy, tungsten carbide production, and finished cutting tool manufacturing. The company operates multiple mining assets including the Xingluokeng tungsten-molybdenum mine and benefits from proximity to China's dominant tungsten reserves of approximately 2.4 million metric tons.
     
• Kennametal Inc
  • Kennametal Inc., based in Pittsburgh, Pennsylvania, USA, maintains global leadership in cemented carbide cutting tools and wear-resistant solutions with operations spanning over 60 manufacturing facilities in more than 20 countries. The company serves metalworking, infrastructure, and energy sectors with comprehensive product portfolios including turning, milling, drilling, and threading tools, mining and construction equipment, and specialized wear components. Kennametal launched a closed-loop recycling program in August 2023, establishing collection networks for used tungsten carbide tools and processing capabilities to recover tungsten for remanufacturing, addressing supply security concerns and sustainability objectives.
     
• China Minmetals Corporation
  • China Minmetals Corporation, a state-owned enterprise headquartered in Beijing, maintains substantial tungsten operations through its subsidiary China Tungsten & Hightech Materials Co., Ltd., with integrated mining, processing, and trading capabilities. The company's tungsten assets include multiple mining operations, processing facilities, and trading networks leveraging China's dominant position in global tungsten supply. China Minmetals benefits from government support, access to domestic reserves and production quotas, and integration with China's industrial base.
     

Tungsten Market Companies

Major players operating in the tungsten industry are: 

•  Chongyi ZhangYuan Tungsten Co., Ltd
• Kennametal Inc.
• Sumitomo Electric Industries, Ltd
• China Minmetals Corporation
• Global Tungsten & Powders
• H.C. Starck Tungsten GmbH
• Japan New Metals Co., Ltd
• Soloro S.L.U
• WOLFRAM Company JSC
• Buffalo Tungsten Inc.
• Elmet Technologies
• Betek GmbH & Co. KG
• Accumet Materials Co.
• Xiamen Tungsten Co., Ltd
• Cleveland Tungsten, Inc.
   

Tungsten Industry News

• In March 2025, American Tungsten signed a strategic partnership with J.A. Green & Co., a prominent Washington D.C. government relations firm led by a former Air Force Colonel. The aim is to bolster American Tungsten’s alignment with U.S. federal and defense policies to onshore tungsten capabilities and facilitate engagement with government stakeholders.
   
• In February 2025, American Tungsten announced a preliminary agreement with Contact Mining Co. to potentially process its tungsten ore at Contact's mill, which handles 1,000 tonnes per day and is equipped with gravity concentrators and flotation circuits. This step supports their IMA Mine Project strategy in Idaho.
   
• In October 2023, Sandvik announced its acquisition of Buffalo Tungsten Inc. (New York) to bolster its North American tungsten powder and carbide powder capacity.
   

The tungsten market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Tons) from 2022 to 2035, for the following segments:

Market, By Origin

• Primary
• Secondary

Market, By Product

• Tungsten Hexafluoride
• Tungsten carbide
• Metal alloys
• Mill Products
• Others

Market, By End Use

• Automotive parts
• Aerospace components
• Drilling, boring & cutting equipment
• Logging equipment
• Electrical & electronic appliances
• Semiconductor
• Others (catalyst, chemical, defense equipment, etc.)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • South Africa
  • Rest of Middle East & Africa