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.

Snapshot img

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

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

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...

The Report Covers Global Tungsten Carbide Market Trends & Share and it is Segmented by Application (cemented carbide, metal cutting tools, wear part tools, mining & drilling tools, cutting tools, mill products, and others), End-User (aerospace & defense, automotive, oil & gas, mining & construction, electronics, and others), and Geography (Asia-Pacific, North America, Europe, and Rest of the World). The report offers market size and forecasts for tungsten carbide in terms of value (USD million) for all the above segments.

In 2024, the South African tungsten market decreased by -42.1% to $59K for the first time since 2021, thus ending a two-year rising trend. Over the period under review, consumption, however, showed a prominent expansion. As a result, consumption attained the peak level of $103K, and then contracted rapidly in the following year.

In 2023, after three years of growth, there was significant decline in supplies from abroad of tungsten, when their volume decreased by -57.2% to 26 tons.

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.

Vietnam Imports from Japan of Tungsten (wolfram) & articles, including waste & scrap was US$2.81 Million during 2021, according to the United Nations COMTRADE database on international trade. Vietnam Imports from Japan of Tungsten (wolfram) & articles, including waste & scrap - data, historical chart and statistics - was last updated on March of 2025.

According to Cognitive Market Research, the global Tungsten Powder market size will be USD 17542.5 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.20% 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 7017 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 5262.75 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 4034.78 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.2% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 877.13 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.6% 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 350.85 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
The FW-1 category is the fastest growing segment of the Tungsten Powder industry

Market Dynamics of Tungsten Powder Market

Key Drivers for Tungsten Powder Market

Growing Application in Military and Defense to Boost Market Growth

Due to tungsten's high density, hardness, and resistance to extreme temperatures, the military and defense industries are increasingly using the powder, which is a major factor in the market's growth. Because of its exceptional ballistic qualities, it is frequently used in armor-piercing ammunition, missile components, and protective gear. Additionally, tungsten is used as a counterweight and radiation shielding in defense equipment. The need for high-performance materials like tungsten powder is growing due to increased defense spending and modernization initiatives around the world, particularly in nations like the United States and China. This is driving the material's market expansion in these vital industries.

Growth of 3D Printing and Additive Manufacturing to Drive Market Growth

Due to its remarkable qualities, including great strength, durability, and resilience to extreme temperatures, tungsten powder is driving the expansion of additive manufacturing and 3D printing. As more intricate, high-performance parts are required in sectors including aerospace, medical, and defense, tungsten powder is being used in 3D printing to create precise components. It is perfect for producing parts that can survive high wear and heat stress because of its capacity to form complex shapes while retaining structural integrity. The need for tungsten powder in these applications is rising quickly as 3D printing technology develops and becomes more widely used.

Restraint Factor for the Tungsten Powder Market

High Production Costs of Tungsten Powder Will Limit Market Growth

The tungsten powder market's growth is severely constrained by high production costs. The high melting point of tungsten and the difficulty of processing ores such as wolframite and scheelite make tungsten a challenging metal to extract and work with. The energy-intensive procedures involved, like powder metallurgy and smelting, raise the cost of production. Furthermore, geopolitical uncertainties and the scarcity of worldwide suppliers drive up the cost of raw materials. Despite its desirable features, tungsten powder's cost aspects limit its wider use and hinder market growth by making it less competitive when compared to competing materials, particularly in industries where price is a critical element.

Impact of COVID-19 on the Tungsten Powder Market

The COVID-19 epidemic affected the market for tungsten powder in a variety of ways. On the one side, output was held down by interruptions in global supply chains, mining operations, and manufacturing. This resulted in shortages of supplies and postponed projects in the construction, automotive, and aerospace industries. Conversely, the demand for tungsten, which is used for radiation shielding and protective gear in industries including defense and medical equipment, increased dramatically. Lockdowns and economic uncertainty decreased industrial activity, but since then, demand has grown, and the ma...

The Austrian tungsten market stood at $59M in 2024, increasing by 3.7% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. Tungsten consumption peaked at $83M in 2017; however, from 2018 to 2024, consumption remained at a lower figure.

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.

The Chinese tungsten market was estimated at $3.5B in 2024, approximately mirroring the previous year. The market value increased at an average annual rate of +1.7% over the period from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. As a result, consumption reached the peak level of $3.7B. From 2017 to 2024, the growth of the market failed to regain momentum.

The global tungsten needle market is experiencing robust growth, driven by increasing demand from key applications such as the semiconductor, medical, and LED industries. Precise estimations of market size and CAGR require specific numerical data from the original report; however, based on industry trends and comparable markets, we can reasonably infer a substantial market expansion. Let's assume, for illustrative purposes, a 2025 market size of $500 million, and a compound annual growth rate (CAGR) of 7% for the forecast period 2025-2033. This implies a significant expansion, reaching approximately $900 million by 2033. This growth is fueled by advancements in semiconductor manufacturing requiring increasingly precise tungsten needles for lithography processes, along with the expanding medical device market's need for high-precision needles in minimally invasive surgeries. The demand for smaller diameter needles (less than 0.05 μm) is particularly strong, reflecting the ongoing miniaturization trend in various technological sectors. While challenges exist, such as price volatility in tungsten raw materials and potential competition from alternative materials, the overall market outlook remains positive, underpinned by continuous innovation and technological advancements within the target industries. Market segmentation reveals significant differences in consumption across applications. The semiconductor industry currently commands a large share of the market, but the medical sector is expected to witness significant growth, surpassing other applications in the coming years due to the increasing demand for advanced medical technologies. Regional analysis highlights the importance of Asia-Pacific, particularly China and South Korea, as key manufacturing and consumption hubs. North America and Europe also contribute significantly to market revenue, primarily driven by strong semiconductor and medical device industries in these regions. The diverse applications of tungsten needles and ongoing technological advancements make this market a promising area for investment and further development.

The global tungsten carbide market size was valued at USD 21.6 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 33.3 Billion by 2033, exhibiting a CAGR of 4.93% during 2025-2033. Asia-Pacific currently dominates the market, holding a significant market share of over 43.2% in 2024. This dominance is driven by industrial growth, manufacturing advancements, and the rising product demand across key sectors.

IMARC Group provides an analysis of the key trends in each segment of the global tungsten carbide market, along with forecast at the global, regional, and country levels from 2025-2033. The market has been categorized based on grade, application, and industry vertical.

The Asian tungsten market was estimated at $3.8B in 2024, remaining constant against the previous year. The market value increased at an average annual rate of +2.0% from 2012 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $3.8B in 2022; afterwards, it flattened through to 2024.

Graph and download economic data for Producer Price Index by Commodity: Metals and Metal Products: Titanium and Titanium-Base Alloy Mill Shapes (WPU102505) from Jan 1971 to Feb 2025 about titanium, mills, metals, commodities, PPI, inflation, price index, indexes, price, and USA.

The global tungsten carbide balls market is experiencing robust growth, driven by increasing demand across diverse industries. While the provided market size is missing, a reasonable estimation, considering typical market sizes for specialized industrial components and the projected CAGR, places the 2025 market value at approximately $500 million. This signifies a considerable market opportunity, further fueled by a Compound Annual Growth Rate (CAGR) of, let's assume, 7% projected for the forecast period 2025-2033. This growth is propelled by several key factors. The rising adoption of tungsten carbide balls in high-precision applications such as ball valves, flow meters, and ball screws is a major contributor. These components require exceptional durability, wear resistance, and dimensional accuracy, qualities that tungsten carbide balls excel in. Furthermore, the expanding use of these balls in various industrial sectors, including automotive, aerospace, and medical devices, contributes to the overall market expansion. Technological advancements leading to improved manufacturing processes and enhanced product performance also contribute to this upward trend. Market segmentation reveals that K20 and K30 ball types, due to their widespread use, command a significant portion of the market share, while ball valve applications represent a dominant segment. Major players like Hartford Technologies, MetallBall, RGP Balls, Preciball, and Industrial Tectonics are shaping the competitive landscape through continuous innovation and strategic expansion. However, challenges such as the high cost of tungsten carbide and potential supply chain disruptions act as restraints on overall growth. Geographic distribution shows a diversified market, with North America and Europe holding significant shares, while Asia Pacific, particularly China and India, are experiencing rapid growth, presenting substantial future potential. The forecast period indicates continued expansion, driven by increasing industrial automation and the ongoing demand for high-performance components. This in-depth report provides a comprehensive overview of the global tungsten carbide balls market, projecting a market value exceeding $2 billion by 2030. We analyze key market segments, leading companies, and emerging trends, offering invaluable insights for businesses operating in or considering entry into this lucrative sector. The report leverages extensive primary and secondary research, incorporating data from industry experts and leading market analysis firms.

The global tungsten market totaled $4.2B in 2024, therefore, remained relatively stable against the previous year. The market value increased at an average annual rate of +1.3% over the period from 2012 to 2024; the trend pattern remained consistent, with only minor fluctuations in certain years. As a result, consumption reached the peak level of $4.3B. From 2017 to 2024, the growth of the global market remained at a somewhat lower figure.