tungsten
market
tungsten
MARKET
SUPPLY & DEMAND
Primary Supply –
Deposits, reserves and mine production:
Tungsten carbide is used extensively in the automotive, electronics, sports, mining and construction, aerospace, and defense industries. Forming the primary drivers of growth for tungsten in the 21st century.
Secondary Supply –
Recycling:
Efforts to develop the tungsten industry towards circularity have strongly increased over the last few decades. Tungsten, with a recycling rate of around 35%, belongs to the group of metals with a recycling input rate above 25% which, according to an UNEP Report (2013), is only achieved by one-third of the 60 metals investigated.1
HISTORICAL TUNGSTEN DEMAND WORLDWIDE, 1985-2021 3
GLOBAL TUNGSTEN MARKET BY APPLICATION 2
IMPORTANCE IN METAL ALLOYS
The largest segment in the tungsten market is metal alloys. Tungsten is a crucial ingredient in the creation of metal alloys due to its extraordinary strength, high melting point, and great corrosion resistance. These alloys are widely used in sectors like:
Source 4: Sky Quest – Tungsten Market – Link
aerospace
automotive
electronics
buildings
Global Supply At Risk
China has announced new export controls on 25 rare metals, including tungsten, in retaliation to a new 10% tariff by Trump on all US imports from China.
Recent volatility in the tungsten market can be attributed to:
- Conflict and political instability
- Declining ore grades
- Environmental restrictions
- Limited production investment outside of China
LEADING COUNTRIES IN RESERVES OF TUNGSTEN, 2023 5
Source 5: Oregon Group – Tungsten Supply Crisis – Link
growing TUNGSTEN MARKET
Tungsten Market size was valued at USD 5.13 Billion in 2023 and is poised to grow from USD 5.54 Billion in 2024 to USD 10.26 Billion by 2032, growing at a CAGR of 8% during the forecast period (2025-2032). 1
Source 6: Sky Quest Tungsten Market – Link
