Tungsten carbide market seen reaching $21.2 billion by 2031

Mordor Intelligence says the global tungsten carbide market is set to rise from $17.23 billion in 2026 to $21.20 billion by 2031, driven by industrial demand, recycling, and supply-chain diversification. The forecast points to steady growth in mining, construction, automotive and machining, even as China’s influence on supply and workplace safety pressures shape the market.

Why it matters: - Tungsten carbide is a core material for cutting tools, mining, construction, automotive and precision machining. - The market forecast points to steady demand growth even as manufacturers face raw-material volatility and tighter supply-chain scrutiny. - Recycling and domestic sourcing are becoming more important as businesses try to reduce costs, emissions and dependence on newly mined tungsten.

What happened: - Mordor Intelligence projected the global tungsten carbide market will grow from $17.23 billion in 2026 to $21.20 billion by 2031. - The report implies a compound annual growth rate of 4.23% over the forecast period. - The Hyderabad-based research firm pointed to rising industrial demand, APAC manufacturing expansion, infrastructure activity and 3D printing as key growth drivers. - The report also highlighted defense spending and recycling trends as additional supports for market expansion.

The details: - Mining, construction, automotive and machining remain the biggest end-use anchors for tungsten carbide demand. - Advanced PVD and CVD coatings are gaining traction because they extend cutting tool life. - Western manufacturers are diversifying sourcing beyond China to improve supply-chain resilience. - Recycled tungsten is becoming more important as manufacturers look to cut raw material use and environmental impact. - CERATIZIT and Sandvik are developing recycling solutions that lower emissions and reduce dependence on newly mined tungsten. - Take-back programs and recycled material targets are gaining popularity as companies focus on sustainability and cost control. - China’s dominant role in tungsten supply leaves prices exposed to export restrictions and policy changes. - Those swings can raise production costs and pressure margins, especially for smaller manufacturers. - Alternative mining projects and recycling initiatives may improve supply stability. - Companies with integrated operations are better positioned to absorb price volatility. - Stricter workplace safety rules are increasing pressure to control exposure to cobalt-tungsten carbide dust. - Ventilation, dust collection and protective measures can add costs, especially for smaller businesses. - Alternative binders may reduce health risks, but performance limits remain a barrier to wider use. - The report breaks the market down by product type, application and geography. - Product types include cemented carbide, coatings and alloys. - Applications include aerospace and defense, automotive, mining and construction, electronics and others such as medical and sports. - The geography split includes Asia-Pacific, North America, Europe, South America, and the Middle East and Africa.

Between the lines: - The market story is shifting from pure demand growth to supply-chain management. - China’s market influence is pushing buyers to think more about sourcing, recycling and domestic production. - The rise of recycling and take-back programs suggests tungsten carbide is moving toward a more circular supply model. - Safety regulation is becoming a cost factor, not just a compliance issue, for producers.

What's next: - Mordor Intelligence said Asia-Pacific will remain the leading region, supported by manufacturing, electronics and machining growth in China, India and Southeast Asia. - North America is expected to benefit from automotive, aerospace and industrial demand, plus US trade policies that encourage alternative suppliers. - The report said South Korea’s mining developments could help diversify regional tungsten supplies. - Recent developments include Project 74, launched in April 2026 by Tungco, The Chem-Met Company and Syram Corporation to produce sodium tungstate from US industrial scrap. - In August 2026, the US Department of Commerce introduced restrictions requiring covered sales of tungsten waste and scrap to be allocated to US buyers, subject to exceptions and authorization requirements. - The company made the report available in Japanese, French, German, Spanish and Portuguese. - More information is available in the full report.