세계의 텅스텐 시장 규모, 점유율, 동향 분석 보고서 : 형태별, 최종 용도별, 지역별, 부문 예측(2025-2033년)

Tungsten Market Summary

The global tungsten market size was estimated at USD 1.86 billion in 2024 and is projected to reach USD 2.84 billion by 2033, growing at a CAGR of 4.7% from 2025 to 2033. The strong growth is largely driven by the critical use of tungsten in hard metals and tooling applications.

Tungsten carbide, a compound made by combining tungsten with carbon, is one of the hardest known materials and is widely used in manufacturing cutting tools, drill bits, mining equipment, and industrial machinery. These tools are essential in the automotive, aerospace, construction, and general manufacturing sectors.

Its superior density, hardness, and high melting point make tungsten indispensable in the defense and aerospace sectors. In 2024, increased global defense spending, particularly by the U.S., China, and India, amplified the demand for tungsten-based armor-piercing projectiles, missile components, and aircraft counterweights. For instance, India's Ministry of Defence allocated higher funds for indigenous ammunition production, which includes tungsten carbide-based penetrators. Similarly, the aerospace sector in 2025 saw a surge in aircraft manufacturing, with Boeing and Airbus increasing deliveries, further boosting demand for tungsten alloys in control surfaces, engine components, and balance weights.

In the automotive industry, especially in high-performance and electric vehicles, tungsten usage is expanding due to its exceptional thermal and wear resistance. In 2024, global electric vehicle (EV) production reached 17.3 million units, marking a 25% increase compared to the previous year. China remained dominant, accounting for over 70% of global EV production, with around 12.4 million electric cars manufactured. This surge significantly boosted the need for tungsten-based components such as electrodes for precision welding, electrical contacts, and vibration-damping parts. Notably, Tesla expanded its use of tungsten alloys in motor assemblies and battery connectors. In 2025, luxury and performance vehicle manufacturers, including Porsche, BMW, and NIO, further integrated tungsten-heavy materials into brake systems and turbochargers to meet the growing demand for high-performance EVs across Europe and East Asia.

Tungsten is also vital for manufacturing drill bits, wear parts, and cutting tools used in mining and oil & gas exploration. In 2024, with oil prices stabilizing and exploration activities picking up, tungsten carbide tools saw a revival in demand, especially in North America and the Middle East. For example, Saudi Aramco's intensified deep drilling activities relied on advanced tungsten-based tools to withstand extreme temperatures and pressures. In 2025, the mineral exploration boom in South America, particularly for lithium and copper, further lifted demand for these durable tools used in rock fragmentation and ore extraction.

Carbide tools dominate the cutting tools industry due to their superior hardness and wear resistance. The resurgence of industrial manufacturing in 2024, especially in countries like China, Germany, and Vietnam, spurred tooling demand. For instance, China's push toward advanced manufacturing under its "Made in China 2025" policy led to increased consumption of tungsten-based inserts and end mills. In 2025, additive manufacturing also began using tungsten powders for precision components, further diversifying applications and adding a new growth dimension to the market.

Global Tungsten Market Report Segmentation

This report forecasts revenue and volume growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2021 to 2033. For this study, Grand View Research has segmented the global tungsten market report based on form, end use, and region:

• Form Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)
• Powder
• Mill Products
• Tungsten Carbide Components
• Others
• End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)
• Aerospace & Defense
• Construction
• Automotive
• Mining & Energy
• Electronics & Robots
• Others
• Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)
• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
• Middle East & Africa

Table of Contents

Chapter 1. Methodology and Scope

• 1.1. Market Segmentation & Scope
• 1.2. Market Definition
• 1.3. Information Procurement
  • 1.3.1. Information Analysis
  • 1.3.2. Data Analysis Models
  • 1.3.3. Market Formulation & Data Visualization
  • 1.3.4. Data Validation & Publishing
• 1.4. Research Scope and Assumptions
  • 1.4.1. List of Data Sources

Chapter 2. Executive Summary

• 2.1. Market Outlook
• 2.2. Segmental Outlook
• 2.3. Competitive Outlook

Chapter 3. Market Variables, Trends, and Scope

• 3.1. Market Outlook
• 3.2. Industry Value Chain Analysis
  • 3.2.1. Sales Channel Analysis
• 3.3. Technology Overview
• 3.4. Regulatory Framework
• 3.5. Market Dynamics
  • 3.5.1. Market Driver Analysis
  • 3.5.2. Market Restraint Analysis
• 3.6. Industry Trends
  • 3.6.1. ESG Analysis
  • 3.6.2. Economic Trends
• 3.7. Porter's Five Forces Analysis
  • 3.7.1. Bargaining Power of Suppliers
  • 3.7.2. Bargaining Power of Buyers
  • 3.7.3. Threat of Substitution
  • 3.7.4. Threat of New Entrants
  • 3.7.5. Competitive Rivalry
• 3.8. PESTLE Analysis
  • 3.8.1. Political
  • 3.8.2. Economic
  • 3.8.3. Social Landscape
  • 3.8.4. Technology
  • 3.8.5. Environmental
  • 3.8.6. Legal

Chapter 4. Tungsten Market: Form Estimates & Trend Analysis

• 4.1. Tungsten Market: Form Movement Analysis, 2024 & 2033
• 4.2. Powder
  • 4.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 4.3. Mill Products
  • 4.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 4.4. Tungsten Carbide Components
  • 4.4.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 4.5. Others
  • 4.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)

Chapter 5. Tungsten Market: End Use Estimates & Trend Analysis

• 5.1. Tungsten Market: End Use Movement Analysis, 2024 & 2033
• 5.2. Aerospace & Defense
  • 5.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 5.3. Construction
  • 5.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 5.4. Automotive
  • 5.4.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 5.5. Mining & Energy
  • 5.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 5.6. Electronics & Robots
  • 5.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
• 5.7. Others
  • 5.7.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)

Chapter 6. Tungsten Market: Regional Estimates & Trend Analysis

• 6.1. Regional Analysis, 2024 & 2033
• 6.2. North America
  • 6.2.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
  • 6.2.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
  • 6.2.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.2.4. U.S.
    • 6.2.4.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
    • 6.2.4.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.2.4.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.2.5. Canada
    • 6.2.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
    • 6.2.5.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.2.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.2.6. Mexico
    • 6.2.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
    • 6.2.6.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.2.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
• 6.3. Europe
  • 6.3.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
  • 6.3.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
  • 6.3.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.3.4. Germany
    • 6.3.4.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
    • 6.3.4.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.3.4.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.3.5. UK
    • 6.3.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
    • 6.3.5.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.3.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.3.6. France
    • 6.3.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
    • 6.3.6.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.3.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
• 6.4. Asia Pacific
  • 6.4.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
  • 6.4.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
  • 6.4.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.4.4. China
    • 6.4.4.1. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.4.4.2. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.4.5. India
    • 6.4.5.1. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.4.5.2. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.4.6. Japan
    • 6.4.6.1. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.4.6.2. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.4.7. South Korea
    • 6.4.7.1. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.4.7.2. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
• 6.5. Latin America
  • 6.5.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
  • 6.5.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
  • 6.5.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
  • 6.5.4. Brazil
    • 6.5.4.1. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
    • 6.5.4.2. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)
• 6.6. Middle East & Africa
  • 6.6.1. Market estimates and forecasts, 2021 - 2033 (USD Million) (Kilotons)
  • 6.6.2. Market estimates and forecasts, by form, 2021 - 2033 (USD Million) (Kilotons)
  • 6.6.3. Market estimates and forecasts, by end use, 2021 - 2033 (USD Million) (Kilotons)

Chapter 7. Competitive Landscape

• 7.1. Recent Developments & Impact Analysis, By Key Market Participants
• 7.2. Company Categorization
• 7.3. Heat Map Analysis
• 7.4. Vendor Landscape
  • 7.4.1. List of distributors
• 7.5. List of prospective end users
• 7.6. Strategy Initiatives
• 7.7. Company Profiles/Listing
  • 7.7.1. China Minmetals Corporation
    • 7.7.1.1. Company Overview
    • 7.7.1.2. Financial Performance
    • 7.7.1.3. Product Benchmarking
  • 7.7.2. Cleveland Tungsten, Inc.
    • 7.7.2.1. Company Overview
    • 7.7.2.2. Financial Performance
    • 7.7.2.3. Product Benchmarking
  • 7.7.3. Almonty Industries Inc.
    • 7.7.3.1. Company Overview
    • 7.7.3.2. Financial Performance
    • 7.7.3.3. Product Benchmarking
  • 7.7.4. TUNGSTEN WEST
    • 7.7.4.1. Company Overview
    • 7.7.4.2. Financial Performance
    • 7.7.4.3. Product Benchmarking
  • 7.7.5. Kennametal Inc.
    • 7.7.5.1. Company Overview
    • 7.7.5.2. Financial Performance
    • 7.7.5.3. Product Benchmarking
  • 7.7.6. Sandvik AB
    • 7.7.6.1. Company Overview
    • 7.7.6.2. Financial Performance
    • 7.7.6.3. Product Benchmarking
  • 7.7.7. Element Six UK Ltd.
    • 7.7.7.1. Company Overview
    • 7.7.7.2. Financial Performance
    • 7.7.7.3. Product Benchmarking
  • 7.7.8. Buffalo Tungsten Inc.
    • 7.7.8.1. Company Overview
    • 7.7.8.2. Financial Performance
    • 7.7.8.3. Product Benchmarking
  • 7.7.9. BETEK GMBH & CO. KG
    • 7.7.9.1. Company Overview
    • 7.7.9.2. Financial Performance
    • 7.7.9.3. Product Benchmarking
  • 7.7.10. EQ Resources Limited
    • 7.7.10.1. Company Overview
    • 7.7.10.2. Financial Performance
    • 7.7.10.3. Product Benchmarking