In 2024, the average price of tungsten was around 250 U.S. dollars per metric ton unit of tungsten trioxide, a decrease of some three percent in comparison to the previous year. Tungsten is a rare metal that has the highest melting and boiling point of all known elements. Global tungsten market In the past, tungsten was mainly used for making the filaments of old-style incandescent light bulbs. Today, tungsten and its alloys such as tungsten carbide, also known as wolfram carbide, are used in many high-temperature applications such as arc welding electrodes and heating elements. As of 2023, the global market value of tungsten amounted to over 5.5 billion U.S. dollars. Leading tungsten producers Global tungsten production amounted to around 81,000 metric tons in 2024. China is by far the leading producer of tungsten, with a production volume of some 67,000 metric tons in 2024, accounting for more than 80 percent of the global tungsten production that year. Vietnam ranked in a distant second place, having produced 3,400 metric tons of tungsten. Meanwhile, countries classified as politically unstable accounted for around 81,917 metric tons of the tungsten produced worldwide in 2022.

During the last quarter of 2024, the tungsten prices in the USA reached 86,200 USD/MT in December. The market remained steady, with a slight price increase in spite of local production limitations and trade worries. Although it increased somewhat, manufacturing activity was still below ideal levels. Moreover, the supply landscape became more constrained due to maintenance shutdowns and limited mining production.

Explore IMARC’s newly published report, titled “Tungsten Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” offers an in-depth analysis of tungsten pricing, covering an analysis of global and regional market trends and the critical factors driving these price movements.

In March 2023, the tungsten price stood at $40,020 per ton (FOB, China), approximately mirroring the previous month.

The Pakistani tungsten market amounted to $1.1K in 2024, growing by 9.2% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, recorded a mild reduction. Tungsten consumption peaked at $3.9K in 2015; however, from 2016 to 2024, consumption failed to regain momentum.

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Tungsten Market Size 2025-2029

The tungsten market size is forecast to increase by USD 2.61 billion at a CAGR of 7.4% between 2024 and 2029.

The market is experiencing significant growth, driven primarily by the increasing demand for this versatile metal in the electronics industry. Tungsten's unique properties, including its high melting point and excellent electrical conductivity, make it an essential component in the miniaturization of electronic components, particularly in the production of integrated circuits. However, market expansion is not without challenges. Stringent environmental and safety regulations, such as the European Union's RoHS directive and the Restriction of Hazardous Substances, pose significant hurdles for manufacturers. These regulations limit the use of certain chemicals in the production process, necessitating the adoption of more sustainable and cost-effective alternatives. Companies seeking to capitalize on market opportunities and navigate these challenges effectively must stay informed of regulatory developments and invest in research and development to find innovative solutions. The evolving regulatory landscape and the continued demand for smaller, more efficient electronic components create both opportunities and risks for market participants. Companies that can successfully navigate these challenges and innovate in response to market trends will be well-positioned for growth in the market.

What will be the Size of the Tungsten Market during the forecast period?

Request Free SampleThe market encompasses various applications, including blast hole drilling, construction activities, and the production of industrial catalysts, super alloys, and metal alloys. Tungsten's unique properties, such as high melting point, exceptional wear resistance, and superior impact strength, make it an essential element in numerous industries. Tungsten's demand is driven by its use in tungsten carbide for drilling tools and wear-resistant parts, as well as its application in x-ray tubes, bulb filaments, and radiation shielding. Additionally, tungsten's use in aerospace components, automotive parts, logging equipment, and renewable energy technologies continues to expand. The market's size is significant, with continuous growth attributed to the increasing demand for tungsten in various industries. Its corrosion resistance and resistance to acid attacks make it a popular choice for high-performance applications, such as penetrating projectiles and cathode ray tubes. Moreover, tungsten's role in the production of super alloys and its use in electrodes for electric arc welding further strengthens its market position. The ongoing advancements in technology and the growing focus on sustainability are expected to create new opportunities for tungsten in various industries.

How is this Tungsten Industry segmented?

The tungsten industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. ProductHard metalSteel and alloysMill productsOthersApplicationAutomotiveAerospace and defenseElectrical and electronicsMachine tools and equipmentHealthcareGeographyAPACAustraliaChinaIndiaJapanVietnamEuropeAustriaNorth AmericaUSCanadaMiddle East and AfricaSouth AfricaSouth America

By Product Insights

The hard metal segment is estimated to witness significant growth during the forecast period.Tungsten, a heavy, blue-gray metal, is widely used in the production of hard metal products, primarily cemented carbides. Cemented carbides are formed by bonding hard tungsten carbide grains in a cobalt or nickel alloy matrix through liquid phase sintering. These hard metal products offer superior strength, hardness, transverse rupture strength, and fracture toughness compared to other hard materials like hardened steel, high-strength titanium alloys, and fiber-reinforced composites. Cemented carbides are essential in various industries, including construction, mining, and manufacturing. They are used in applications such as wear-resistant coatings, tungsten carbide tools, and industrial catalysts. In addition, tungsten's high melting point, heat tolerance, and pressure tolerance make it suitable for high-performance applications in the electronics, power, and aerospace industries. Tungsten's unique properties make it an indispensable element in numerous applications, from blasting hole drilling and haul road maintenance to bulb filaments and electron tubes.

Get a glance at the market report of share of various segments Request Free Sample

The Hard metal segment was valued at USD 1.98 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 73% to the growth of the global market during the forecast period

According to Cognitive Market Research, the global Tungsten Carbide Bits market size is USD 18,245.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 7.00% from 2024 to 2031. North America held the major market share for more than 40% of the global revenue with a market size of USD 7,298.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.2% from 2024 to 2031. Europe accounted for a market share of over 30% of the global revenue with a market size of USD 5473.56 million. Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 4196.40 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.0% from 2024 to 2031. Latin America had a market share for more than 5% of the global revenue with a market size of USD 912.26 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.4% from 2024 to 2031. Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 364.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.7% from 2024 to 2031. The Rectangular Cutter held the highest Tungsten Carbide Bits market revenue share in 2024. Market Dynamics of Tungsten Carbide Bits Market Key Drivers for Tungsten Carbide Bits Market Increasing Demand from Mining Sector to Increase the Demand Globally Increasing demand from the mining sector is a key driver propelling the Tungsten Carbide Bits market forward. As global industrialization continues, there's heightened demand for minerals and metals used in manufacturing, infrastructure development, and consumer goods. Tungsten carbide bits are essential tools for efficient drilling and excavation in both surface and underground mining operations. Their ability to withstand harsh conditions, maintain sharpness over extended use, and provide cost-effective solutions for extracting resources contributes significantly to their adoption. Moreover, advancements in bit design and materials enhance performance, reducing downtime and operational costs for mining companies. As mining activities expand globally to meet rising mineral demands, the Tungsten Carbide Bits market is poised for continued growth, driven by ongoing exploration and extraction efforts across diverse mineral deposits. Expansion in Oil and Gas Exploration to Propel Market Growth Expansion in oil and gas exploration is a major driver of the Tungsten Carbide Bits market due to the increasing global demand for energy resources. Tungsten carbide bits are critical tools used in drilling operations for both conventional and unconventional oil and gas reserves. These bits offer superior hardness, wear resistance, and thermal stability, making them ideal for drilling through various rock formations and geological conditions encountered in exploration and production activities. As oil and gas companies venture into deeper offshore and challenging onshore locations, there is a growing need for high-performance drilling tools that can withstand extreme pressures, temperatures, and abrasive environments. The continuous advancement in tungsten carbide bit technology further enhances drilling efficiency, reduces downtime, and lowers overall drilling costs, thereby fueling the demand and adoption in the market. Restraint Factor for the Tungsten Carbide Bits Market High Initial Investment Cost to Limit the Sales High initial investment is a significant restraint in the Tungsten Carbide Bits market due to several factors. Firstly, the cost of tungsten carbide materials and advanced manufacturing processes contributes to the high price of these bits compared to traditional drilling tools. This upfront cost can be prohibitive for smaller exploration and mining companies with limited capital budgets. Additionally, the specialized nature of tungsten carbide bits requires investments in machinery, technology, and skilled labor for production and maintenance, further adding to the initial investment barrier. Moreover, economic uncertainties and fluctuating commodity prices can deter investments in new equipment, including high-cost drilling tools. Overcoming these barriers involves educating stakeholders on the long-term benefits of tungsten carbide bits in terms of durability, performance, and operational efficiency, thereby mitigating concerns over initial costs and enhancing market adoption. Impact of Covid-19 on the Tungsten Carbide Bits Ma...

Explore the factors influencing ferro tungsten prices, including market demand, geopolitical influences, and production levels in key regions like China. Discover how energy costs and global trade policies impact pricing, and learn why investors are advised to monitor these variables closely for informed decisions.

Tungsten Price in the United States - 2023. Find the latest marketing data on the IndexBox platform.

This statistic displays the market value of tungsten (also known as wolfram) in the United States from 2014 to 2018, and forecast figures from 2019 to 2025. By 2025, the market value of tungsten in the U.S. is expected to reach some 1.25 billion U.S. dollars.

The global market value of tungsten amounted to a total of 5.55 billion U.S. dollars in 2023. It is forecast to reach over 9.5 billion U.S. dollars in 2030. Tungsten is one of the strongest materials found in nature.

The Qatari tungsten market skyrocketed to $9.5K in 2024, picking up by 18% against the previous year. In general, consumption saw significant growth. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

The tungsten market by form (foils, ribbons, wires, and tubes), by product (carbides, tungsten alloys, tungsten mill products, and tungsten chemicals), by end-use industry (automotive, aerospace, machine tools and equipment, electrical and electronics, and other end-user industries), and by geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report offers market sizes and forecasts for the tungsten market in revenue (USD million) for all the above segments.

Tungsten Price in Hungary - 2023. Find the latest marketing data on the IndexBox platform.

For the fourth consecutive year, India recorded growth in overseas purchases of tungsten, which increased by 168% to 178 tons in 2023.

The global tungsten heavy alloys market is experiencing robust growth, driven by increasing demand across diverse sectors. While the exact market size for 2025 isn't explicitly provided, considering a plausible CAGR (let's assume a conservative 5% based on industry growth trends for similar materials) and a starting point (let's assume a 2019 market size of $500 million, a reasonable estimate given the market's established presence), we can project a 2025 market value of approximately $638 million. This growth is fueled by the unique properties of tungsten heavy alloys, including their high density, strength, and resistance to wear and corrosion, making them essential components in various high-tech applications. Key drivers include the expansion of the electronics industry, particularly in areas such as smartphones and other portable devices requiring miniaturization and increased durability. Furthermore, growth in the medical, aerospace, and oil & gas sectors, where tungsten heavy alloys are crucial for specialized tools and components, are significant contributors to market expansion. The market is segmented by type (tungsten nickel-iron alloys, tungsten nickel-copper alloys, tungsten carbide, and others) and application (electronics, medical industry, oil & gas, nuclear industry, aerospace, and others). The electronics segment currently holds a significant market share, but the medical and aerospace sectors are projected to exhibit the fastest growth rates over the forecast period. While supply chain disruptions and fluctuations in raw material prices pose some challenges, ongoing research and development efforts focused on improving alloy properties and expanding applications will likely mitigate these restraints. The competitive landscape includes both established players like Nippon Tungsten and Kennametal, and emerging regional manufacturers, fostering innovation and price competitiveness. The projected CAGR of 5% suggests a continued upward trajectory for the market through 2033, with significant opportunities for market participants who can leverage technological advancements and cater to the growing demands of high-growth sectors. This makes the tungsten heavy alloys market an attractive investment opportunity with strong long-term growth potential.

The global tungsten crucible market is experiencing robust growth, driven by increasing demand from diverse industries. While the exact market size for 2025 isn't provided, considering a plausible CAGR of 6% (a conservative estimate given the growth in related materials and manufacturing sectors) and assuming a 2019 market size of $500 million (a reasonable starting point based on similar high-temperature material markets), the 2025 market size is estimated to be around $700 million. This growth is projected to continue through 2033, with the market poised to reach significant value. Key drivers include the expanding light industry, metallurgy industry, and mechanism process industry, all of which rely on tungsten crucibles for their high-temperature applications. The increasing adoption of advanced manufacturing techniques and the rising demand for high-purity materials further fuel market expansion. Specific application segments like semiconductor manufacturing and specialized metallurgical processes are showing particularly strong growth. However, the market also faces certain restraints. Fluctuations in tungsten prices and supply chain disruptions can impact profitability and availability. Moreover, the emergence of alternative materials and manufacturing processes presents a challenge to tungsten crucible producers. Nonetheless, the consistent demand for high-performance materials across several industries suggests sustained growth for the foreseeable future. The competitive landscape is marked by a mix of established players like Plansee and newer entrants, resulting in an innovative and dynamic market. Geographic expansion, particularly in rapidly developing economies in Asia-Pacific, presents lucrative opportunities for market players. Segmentation by type (welding, riveting, stamping) and application allows for targeted market strategies, facilitating growth across various niche segments. This in-depth report provides a comprehensive analysis of the global tungsten crucibles market, valued at approximately $350 million in 2023, projecting robust growth to surpass $500 million by 2028. This report delves into market segmentation, key players, emerging trends, and challenges to provide a 360-degree view of this crucial industrial component. The report uses rigorous data analysis and industry expertise to offer actionable insights for stakeholders across the value chain.

702 Global export shipment records of Tungsten Scrap with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

560 Global export shipment records of Tungsten Metal with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

6297 Global export shipment records of Tungsten,carbide with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

Tungsten Price in Switzerland - 2023. Find the latest marketing data on the IndexBox platform.