CSE : MAXM   |   FWB: R7V

News alerts
Presentation

CSE : MAXM

FWB : R7V  |  OTC : MXMGF

Maxus mining

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

Source 1: ITIA – Supply Circularity – Link   
Source 2: Sky Quest – Tungsten Market –  Link   
Source 3: ITIA – Tungsten Applications – Link

HISTORICAL TUNGSTEN DEMAND WORLDWIDE, 1985-2021 3

Historical tungsten demand worldwide 1985 to 2021 bar chart showing min and max demand ranges — Maxus Mining

GLOBAL TUNGSTEN MARKET BY APPLICATION 2

Global tungsten market by application pie chart showing metal alloys 36%, tungsten carbide 32%, mill products 32% — Maxus Mining

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.

China dominates global tungsten supply, accounting for more than 80% of the world’s mining and processing in 2023, as well as 58% of the world’s reserves at 2.3 million metric tons. Tungsten is recognized as a critical mineral in Canada, US, EU, China, UK, Australia & Japan. In total, countries classified as “politically unstable” and “extremely unstable” account for 96% of supply.5

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

eading countries in tungsten reserves 2023 bar chart showing China at 2.3 million metric tons — Maxus Mining

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

GLOBAL MARKET SIZE

$ 0 B

LARGEST SEGMENT

metal alloys

fastest growth

TUNGSTEN CARBIDE

growth rate

% 0 CAGR

Frequently Asked Questions — Tungsten Market

Tungsten is a critical metal used extensively across defense, aerospace, automotive, electronics, mining, and construction industries. Its primary applications include tungsten carbide cutting tools, armor-piercing projectiles, aerospace components, and high-performance metal alloys. Tungsten carbide is the largest and fastest-growing segment of the tungsten market, valued for its extraordinary hardness, high melting point, and resistance to heat and corrosion.
Tungsten is recognized as a critical mineral by Canada, the United States, the European Union, the UK, Australia, and Japan. China dominates global tungsten supply, accounting for more than 80% of world mining and processing in 2023 and holding 58% of global reserves at 2.3 million metric tons. In total, countries classified as politically unstable account for 96% of global tungsten supply, making western domestic exploration a strategic priority for governments and defense industries.
China announced new export controls on 25 rare metals including tungsten in retaliation to US tariffs, further concentrating supply risk. Recent market volatility has been driven by conflict and political instability in producing regions, declining ore grades, environmental restrictions, and limited production investment outside of China. These factors have accelerated government and private sector interest in developing domestic tungsten supply chains in North America and Europe.
The global tungsten market was valued at USD 5.13 billion in 2023 and is projected to grow to USD 10.26 billion by 2032, at a compound annual growth rate of 8% during the forecast period 2025 to 2032, according to Sky Quest. The metal alloys segment is the largest application, while tungsten carbide is the fastest growing segment. Growth is driven by increasing demand from defense, aerospace, and industrial manufacturing sectors globally.
Maxus Mining Inc. (CSE: MAXM | OTC: MXMGF | FWB: R7V) holds the 3,054-hectare Lotto Tungsten Project in the Trail Creek Mining Division of British Columbia — a prolific mineral district with well-developed infrastructure. The project contains the Lotto 3 showing, a scheelite-bearing quartz vein where a 1980 grab sample assayed 10.97% WO₃. The project is road accessible and located less than 20 kilometres from Castlegar, BC, along the Crowsnest Highway.
Investors
quarry Antimony
alturas antimony
hurley antimony
lotto tungsten
Maxus mining

Subscribe To
Our Newsletter

Get notified about the latest company news and updates by signing up below.