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South Korea Tungsten Market Research Report By Form (Foils, Ribbons, Wires, Tubes), By Product (Carbides, Tungsten Alloys, Tungsten Mill Products, Tungsten Chemicals), and By End-use Industry (Automotive, Aerospace & Defense, Electrical & Electronics) - Forecast to 2035


ID: MRFR/CnM/45883-HCR | 200 Pages | Author: Chitranshi Jaiswal| July 2025

South Korea Tungsten Market Overview


The South Korea Tungsten Market Size was estimated at 213.75 (USD Million) in 2023.The South Korea Tungsten Industry is expected to grow from 230.85(USD Million) in 2024 to 1,055.33 (USD Million) by 2035. The South Korea Tungsten Market CAGR (growth rate) is expected to be around 14.817% during the forecast period (2025 - 2035).


Key South Korea Tungsten Market Trends Highlighted


The South Korea Tungsten Market is experiencing notable trends driven by various factors. The aerospace and automotive industries in South Korea are significant consumers of tungsten, primarily due to the metal's high melting point and strength properties. As these sectors increasingly emphasize lightweight materials to enhance fuel efficiency and reduce emissions, demand for tungsten is expected to grow. Furthermore, the government's push for advanced technology adoption in manufacturing, aligning with initiatives for achieving sustainable industrial practices, is fueling innovation in tungsten applications.  Opportunities in the South Korean tungsten market are expanding, particularly in the electronics industry, where tungsten is used in components like semiconductor manufacturing tools and electrical contacts.
The rise of renewable energy sources, such as solar and wind power, also presents new avenues for tungsten usage in production processes and specialized components. South Korea's focus on becoming a leader in technology and industrial sectors enhances these prospects further. Recent trends also indicate an increase in domestic production initiatives aimed at reducing reliance on imports. The government supports local businesses through investment in mining and processing facilities, which is expected to bolster the local tungsten supply chain. Additionally, environmental regulations are promoting the responsible sourcing and recycling of tungsten, aligning with global sustainability trends.
Overall, South Korea is positioning itself as a key player in the tungsten market, with increasing production capabilities and diverse application opportunities.


South Korea Tungsten Market size


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


South Korea Tungsten Market Drivers




  • Growing Demand in the Electrical and Electronics Sector




The South Korea tungsten market is predicted to rise significantly because of increased demand from the electronics and electrical industries. South Korea, as a hub for major technological businesses such as Samsung and LG, has consistently increased its electronic gadget output. According to South Korea's Ministry of Trade, Industry, and Energy, the electronics industry accounted for around 22% of the country's overall exports, totaling almost 40 billion USD in the previous fiscal year.
This increase in exports, together with technical developments inside these industries, necessitates the usage of high-performance materials such as tungsten, which expands its market in South Korea. The need for high-quality semiconductors and tungsten-based components will drive considerable expansion in the South Korean Tungsten Market Industry.


Expansion of Renewable Energy Projects


The South Korean government has been actively promoting renewable energy to decrease its reliance on fossil fuels. As part of its energy transition policy, South Korea has committed to sourcing 20% of its energy from renewable sources by 2030. This transition is expected to drive the demand for tungsten used in renewable energy technologies, including solar panels and wind turbines. The Ministry of Science and ICT reported a 12% increase in investment for renewable energy projects in 2022, reflecting the trend toward green technology adoption.
Such initiatives will contribute to the growth of the South Korea Tungsten Market Industry as tungsten plays a key role in the development of these energy solutions.


Increased Utilization in Aerospace and Defense


The aerospace and defense sector in South Korea is set for robust growth, which will positively impact the South Korea Tungsten Market Industry. With increasing geopolitical tensions and the subsequent rise in defense budgets, South Korea has allocated approximately 40 billion USD for military expenditures in the latest budget plan, which includes investments in advanced materials like tungsten. The Ministry of National Defense has been investing in new military technologies where tungsten is essential for creating durable and high-strength components.
This uptick in defense spending will likely drive the demand for tungsten, thereby fostering significant market growth in the region.


Technological Advancements in Mining and Processing


In South Korea, the tungsten mining and processing industry is benefiting from technological advancements, which are enhancing the efficiency and yield of tungsten extraction. Recent developments in mining technology, such as improved exploration tools and processing techniques, have increased tungsten yield by nearly 15% over the last three years, according to the Korea Institute of Geoscience and Mineral Resources. This increase in yield not only reduces production costs but also ensures a more stable supply of tungsten within the market.
Enhanced extraction methods will support the growth of the South Korea Tungsten Market Industry by making local production more competitive and sustainable.


South Korea Tungsten Market Segment Insights


Tungsten Market Form Insights  


The Form segment of the South Korea Tungsten Market encompasses several critical forms of tungsten, including foils, ribbons, wires, and tubes, which play vital roles in various industrial applications. The market is witnessing a significant transformation driven by the increasing demand for lightweight and heat-resistant materials, which tungsten offers. Foils and ribbons are often utilized in electronics and aerospace applications due to their excellent thermal properties and superior conductivity. These applications are critical in South Korea, a nation known for its advanced technology sectors.
Wires are essential in various industries, offering electrical and thermal conductivity, which are integral in manufacturing processes. Tubes, meanwhile, offer a unique mechanical strength and resistance to heat, making them valuable in industries such as aerospace and nuclear, where safety and durability are paramount. As the South Korean economy continues to evolve, the need for these tungsten forms is expected to grow, supporting the nation's ambitions in technological innovations and advanced manufacturing processes. The market trends indicate a rising interest in eco-friendly and efficient manufacturing practices, with tungsten playing a significant role due to its recyclability.
Furthermore, the evolving landscape of industrial applications amplifies the requirement for varied tungsten forms, solidifying their importance in the South Korea Tungsten Market. Industry players are actively exploring advanced production techniques to enhance the quality and performance of these tungsten forms, adapting to the environmental standards outlined by governmental bodies. Overall, the Form segment within the South Korea Tungsten Market is not only pivotal in addressing current industrial needs but also in paving the way for future advancements across multiple sectors.


South Korea Tungsten Market Segment


Source: Primary Research, Secondary Research, MRFR Database and Analyst Review


Tungsten Market Product Insights  


The South Korea Tungsten Market showcases diverse product segments, including Carbides, Tungsten Alloys, Tungsten Mill Products, and Tungsten Chemicals, each contributing to the overall industry dynamics. Carbides are particularly crucial in manufacturing cutting tools and wear-resistant applications, asserting their significance in the automotive and aerospace sectors. Tungsten Alloys, known for their high density and strength, find applications in radiation shielding and military equipment, making them vital for defense and safety industries. Tungsten Mill Products, which include various forms and dimensions of tungsten, support applications in electronics and lighting, reflecting the growing demand in the semiconductor industry.
Furthermore, Tungsten Chemicals play a pivotal role in multiple chemical processes and battery production, supporting the country's advancements in energy storage solutions. The South Korea Tungsten Market segmentation indicates a robust growth trajectory as enhanced industrial activities and technological advancements continue to foster demand across these segments. As industries increasingly prioritize sustainable and efficient materials, the significance of each product segment is expected to amplify, showcasing the integral role tungsten plays in both traditional and innovative applications.


Tungsten Market End-use Industry Insights  


The South Korea Tungsten Market exhibits significant activity across various end-use industries, crucially contributing to its overall growth and development. The automotive sector stands out due to its demand for high-strength materials that ensure durability and safety. This sector relies on tungsten for components such as high-performance bearings and valves, which are pivotal in enhancing vehicle efficiency and longevity. In the Aerospace and Defense industry, tungsten is recognized for its superior density and strength, making it essential for applications in military and commercial aviation as well as defense equipment.
Its utilization in creating robust and reliable systems is vital due to the critical nature of safety and performance in aviation and defense applications. Meanwhile, the Electrical and Electronics segment benefits from tungsten's excellent conductivity and thermal resistance, which positions it as a preferred choice for manufacturing various electronic components, including filaments and contacts. As the demand in these sectors continues to grow, propelled by advancements in technology and increasing industrial activities in South Korea, the tungsten market is expected to flourish, driven by the need for highly reliable and efficient materials across these critical industries.


South Korea Tungsten Market Key Players and Competitive Insights


The South Korea Tungsten Market is characterized by a dynamic competitive landscape with several players vying for market share amidst rising demand driven by multiple sectors such as electronics, manufacturing, and defense. The market exhibits a robust framework entailing diverse applications ranging from high-performance alloys to cutting tools, thereby influencing the competitive strategies adopted by firms. As South Korea continues to innovate and enhance its technological capabilities, the emphasis on acquiring high-purity tungsten for use in specialized applications has intensified competition. Companies are focusing on building extensive supply chains, investing in research and development, and adapting to market trends to maintain a competitive edge. This scenario is further complicated by fluctuations in raw material prices and international trade policies impacting import and export dynamics.
Jiangxi Tungsten Industry Group has established a significant presence in the South Korea Tungsten Market through its comprehensive approach to innovation and production efficiency. The company stands out with its strong capabilities in producing high-quality tungsten products, which cater to various industrial needs across different sectors. Jiangxi Tungsten Industry Group has effectively positioned itself as a reliable supplier, leveraging its advanced technological infrastructure and competent workforce to meet the evolving demands of the South Korean market. The firm’s emphasis on quality control and sustainable practices has won its commendations within the industry, enhancing its reputation and fostering long-term partnerships with local clients. As the company continues to expand its operational footprint in South Korea, its strengths lie in its commitment to quality and its ability to adapt to the market's specific requirements.
Tungsten Corp has also positioned itself as a key player in the South Korea Tungsten Market, providing a wide range of tungsten-related products that include raw materials, tools, and components essential for various industrial applications. Known for their technological advancements and quality assurance, Tungsten Corp focuses on delivering high-performance solutions, which cater to the demands of the South Korean manufacturing and electronics sectors. The company's marketing strategy hinges on building strong customer relationships and being responsive to the evolving needs of the market. Tungsten Corp has also engaged in strategic mergers and acquisitions to enhance its market presence and operational capabilities within South Korea, further solidifying its position in the competitive landscape. By continuously optimizing its production processes and expanding its product lineup, the company aims to capitalize on the growing demand for specialized tungsten products in the region.


Key Companies in the South Korea Tungsten Market Include:



    • Jiangxi Tungsten Industry Group

    • Tungsten Corp

    • Korea New Material

    • Tungsten Heavy Powder and Parts

    • Xiamen Tungsten Co

    • Kennametal

    • Changsha Shite Industry

    • Wolfram Company

    • Tejin Corporation


    • Korea Tungsten

    • Iwatani Corporation

    • Mitsubishi Materials Corporation

    • Global Tungsten and Powders


South Korea Tungsten Market Industry Developments


Recent developments in the South Korea Tungsten Market include a focus on increasing domestic production capacity and innovative applications of tungsten in various industries. Companies such as Korea Tungsten and Tungsten Corp are actively investing in techniques to refine and enhance the extraction process, addressing the growing demand in electronics, defense, and chemical applications.


As of September 2023, Jiangxi Tungsten Industry Group noted an expansion of their operations in South Korea to tap into local expertise and improve logistics. Meanwhile, Korea New Material is exploring partnerships to bolster its tungsten products line. In terms of mergers and acquisitions, there have been no significant recent moves reported among the highlighted companies, though the industry remains ripe for consolidation given the heightened competition globally. The overall market valuation for South Korean tungsten companies has seen a steady increase influenced by rising prices and import shortages from major producers. 


Over the last two years, developments related to R&D investments have transformed operational efficiencies, allowing for better product quality and increased market share for leading firms such as Xiamen Tungsten Co and Kennametal. Additionally, governmental support for mineral extraction and processing enhancements has positively impacted the sector's growth.


Tungsten Market Segmentation Insights


Tungsten Market Form Outlook



  • Foils

  • Ribbons

  • Wires

  • Tubes


Tungsten Market Product Outlook



  • Carbides

  • Tungsten Alloys

  • Tungsten Mill Products

  • Tungsten Chemicals


Tungsten Market End-use Industry Outlook



  • Automotive

  • Aerospace & Defense

  • Electrical & Electronics

Report Attribute/Metric Source: Details
MARKET SIZE 2023 213.75 (USD Million)
MARKET SIZE 2024 230.85 (USD Million)
MARKET SIZE 2035 1055.33 (USD Million)
COMPOUND ANNUAL GROWTH RATE (CAGR) 14.817% (2025 - 2035)
REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR 2024
MARKET FORECAST PERIOD 2025 - 2035
HISTORICAL DATA 2019 - 2024
MARKET FORECAST UNITS USD Million
KEY COMPANIES PROFILED Jiangxi Tungsten Industry Group, Tungsten Corp, Korea New Material, Tungsten Heavy Powder and Parts, Xiamen Tungsten Co, Kennametal, Changsha Shite Industry, Wolfram Company, Tejin Corporation, Ceratizit, Korea Tungsten, Iwatani Corporation, Mitsubishi Materials Corporation, Global Tungsten and Powders
SEGMENTS COVERED Form, Product, End-use Industry
KEY MARKET OPPORTUNITIES Growing demand in electronics, Increasing renewable energy applications, Expansion of automotive industry, Rising aerospace sector investments, Enhanced mining and extraction technologies
KEY MARKET DYNAMICS high demand in electronics, growing automotive applications, fluctuating raw material prices, increasing mining activities, environmental regulations impact
COUNTRIES COVERED South Korea


Frequently Asked Questions (FAQ) :

The South Korea Tungsten Market is expected to be valued at approximately 230.85 million USD in 2024.

By 2035, the South Korea Tungsten Market is projected to reach a value of around 1055.33 million USD.

The market is expected to grow at a CAGR of 14.817% from 2025 to 2035.

In 2035, foils are expected to be valued at 170 million USD, ribbons at 130 million USD, wires at 330 million USD, and tubes at 425.33 million USD.

In 2024, tubes are the dominant form of tungsten, valued at 90.85 million USD.

Key players in the market include Jiangxi Tungsten Industry Group, Tungsten Corp, Korea New Material, and Kennametal among others.

Foils and ribbons are projected to grow significantly, reaching 170 million USD and 130 million USD respectively by 2035.

The increasing demand for tungsten in various industrial applications is a significant driver of market growth.

Challenges in the market include fluctuations in tungsten prices and competition from alternative materials.

A notable trend is the rising demand for high-performance materials in manufacturing and electronics, which is propelling market growth.

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