Tungsten Market Size, Share & Trends Analysis Report 

The global tungsten market size was estimated at USD 34.6 million in 2023 and is projected to grow at a CAGR of 4.9% from 2024 to 2030. Rising demand for tungsten-based products in the automotive and electronics industry is projected to remain a key growth factor for the market.

Tungsten has a high melting point, density, and tensile strength and is a key material required in manufacturing components that demand durability, heat resistance, and reliability. In the electronics industry, tungsten's conductivity and resistance to thermal expansion make it ideal for use in semiconductor manufacturing and as contacts in electronic devices, driving its demand due to the increasing global dependence on digital technology. The push towards miniaturization of electronic devices that can withstand high temperatures and maintain performance is expected to further augment growth in electronics.

Drivers, Opportunities & Restraints

In the automotive industry, the shift towards electric vehicles (EVs) and the demand for more efficient, lightweight designs are expected to contribute to the demand for tungsten. Its strength and density are utilized in manufacturing wear-resistant parts that are crucial for the longevity and performance of vehicles, such as brake pads and engine components. In addition, as automotive manufacturers seek to improve battery technology for EVs, applications such as battery electrodes and contacts are likely to observe growing demand.

Recycling of tungsten is a major opportunity for sustainable growth in the industry. Owing to stringent environmental concerns and regulations, the adoption of recycling practices will help to reduce the environmental impact as well as ensure a more stable supply chain by mitigating the risks associated with tungsten mining. Continuous research and development for new applications such as in medical imaging devices, renewable energy technologies, and as a catalyst in chemical manufacturing also represents significant opportunities for market vendors.

Global Tungsten Market Report Segmentation

Grand View Research has segmented the global tungsten market report based on end-use, and region.

• End-use Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)
  • Aerospace & Defense
  • Construction
  • Automotive
  • Mining & Energy
  • Electronics & Robotics
  • Others
• Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • Russia
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Central & South America
    • Brazil
  • Middle East & Africa

Key Tungsten Company Insights

Some key players operating in the market include A.L.M.T. Corp. Sandvik Group, Global Tungsten & Powders, and Umicore N.V.

• L.M.T. Corp., a subsidiary of Sumitomo Electric Industries, is a Japanese company specializing in advanced materials, including tungsten and tungsten alloys. The company offers a wide range of tungsten products, such as powders, rods, and high-precision components, catering to the electronics, automotive, and aerospace sectors.
• Sandvik Group, a global engineering company headquartered in Sweden, is a key player in the tungsten market, particularly through its Sandvik Machining Solutions division. The company produces tungsten carbide tools and components for metal cutting, mining, and construction applications.

Key Tungsten Companies:

The following are the leading companies in the tungsten market. These companies collectively hold the largest market share and dictate industry trends.

• A.L.M.T. Corp.
• ATI
• Buffalo Tungsten Inc. (Sandvik Group)
• China Tungsten & Hightech
• Global Tungsten & Powders
• H.C. Stark GmbH
• Plansee Group
• BETEK GmbH & Co. KG
• Umicore N.V.
• Sandvik Group

Recent Developments

• In May 2024, Mitsubishi Materials Corporation (MMC) announced its agreement with Masan High-Tech Materials Corporation (MHT) to acquire all shares of H.C. Starck Holding GmbH, a leading manufacturer of tungsten, alloys, and tungsten carbide materials.
• In December 2023, Sandvik Group completed the acquisition of Buffalo Tungsten, Inc. With this acquisition, the company plans to expand its footprint in the North American region. Buffalo Tungsten, Inc. is one of the leading producers of tungsten metal and carbide powder in North America.

Order a free sample PDF of the Tungsten Market Intelligence Study, published by Grand View Research.