The tungsten market size has grown strongly in recent years
It will grow from $5.66 billion in 2024 to $6.22 billion in 2025 at a compound annual growth rate (CAGR) of 9.8%
The growth in the historic period can be attributed to increased industrial applications, global economic growth, automotive industry demand, increased military and defence applications, mining and drilling operations
Tungsten Market Growth Forecast
The tungsten market size is expected to see strong growth in the next few years
It will grow to $8.92 billion in 2029 at a compound annual growth rate (CAGR) of 9.4%
The growth in the forecast period can be attributed to electrification of vehicles, biomedical applications, focus on critical minerals, infrastructure development, high-performance computing, recycling initiatives. Major trends in the forecast period include technological innovations in tungsten processing, strategic stockpiling by end-users, advancements in tungsten carbide, international collaborations, green energy technologies
