Tungsten Market benefits from strong defense procurement activities

The global tungsten market size was valued at USD 1.86 billion in 2024 and is projected to reach USD 2.84 billion by 2033, advancing at a CAGR of 4.7% from 2025 to 2033. This growth is primarily fueled by the rising adoption of tungsten in hard metals, tooling applications, and industrial manufacturing processes where durability and heat resistance are critical.

Key Market Trends & Insights

• Asia Pacific held the largest revenue share of 54.1% in 2024, supported by robust manufacturing output across China, Japan, and South Korea.
• In the U.S., the tungsten market is anticipated to grow at a significant CAGR of 3.9% from 2025 to 2033.
• By form, mill products dominated the market with more than 43.0% share in 2024.
• By end use, electronics & robotics is projected to record the fastest CAGR of 4.6% from 2025 to 2033, driven by rapid automation and semiconductor advancements.

Market Size & Forecast

• 2024 Market Size: USD 1.86 Billion
• 2033 Projected Market Size: USD 2.84 Billion
• CAGR (2025–2033): 4.7%
• Largest Regional Market (2024): Asia Pacific

Tungsten carbide, formed by combining tungsten with carbon, remains one of the hardest engineered materials used in cutting tools, drill bits, mining machinery, and industrial equipment. It plays an indispensable role across the automotive, construction, aerospace, and general manufacturing industries due to its hardness, wear resistance, and high melting point.

Tungsten’s superior density and mechanical strength also make it a strategic material in defense and aerospace. In 2024, rising global defense expenditure from the U.S., China, and India contributed to heightened demand for tungsten-based armor-piercing projectiles, missile components, and aircraft counterweights. India’s Ministry of Defence, for example, expanded funding for domestic ammunition production, including tungsten carbide penetrators. Further, the aerospace sector experienced increased aircraft production in 2025, with higher deliveries from Boeing and Airbus, boosting demand for tungsten alloys used in engine parts, control systems, and balance weights.

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Key Tungsten Company Insights

• China Minmetals Corporation: A major state-owned Chinese enterprise founded in 1950, operating across 30+ countries with 38 mines (15 overseas). It holds one of the world’s largest tungsten reserve bases and manages a broad metals portfolio covering copper, nickel, zinc, antimony, molybdenum, manganese, chromium, and others.
• Kennametal Inc.: A U.S.-based manufacturer specializing in advanced tooling, wear-resistant materials, ceramics, and industrial coatings. The company is known for its innovation-driven portfolio under brands such as Kennametal, WIDIA, and Stellite, along with its long-standing commitment to safety, sustainability, and operational excellence.

Leading Tungsten Market Companies

• China Minmetals Corporation
• Cleveland Tungsten, Inc.
• Almonty Industries Inc.
• TUNGSTEN WEST
• Kennametal Inc.
• Sandvik AB
• Element Six UK Ltd.
• Buffalo Tungsten Inc.
• BETEK GMBH & CO. KG
• EQ Resources Limited

Conclusion

The tungsten market is positioned for steady growth through 2033, driven by expanding industrial manufacturing, rising adoption of tungsten carbide in tooling applications, and heightened defense and aerospace requirements. With Asia Pacific leading production and consumption and global manufacturers scaling innovation in robotics, electronics, and aviation, tungsten will remain a critical strategic material in high-performance industrial ecosystems.

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