Tungsten market value estimates vary, but the upward trajectory is clear

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Research firm Market Data Forecast estimates the value of the global tungsten market to have been $5.14-billion in 2025, which will likely widen to $5.56-billion in 2026 and further to $10.45-billion by 2034.
This equates to a compound annual growth rate (CAGR) of 8.2% between 2026 and 2034.
Another research firm, The Business Research Company, puts the tungsten market value at $6.66-billion in 2026 and at $9.62-billion by 2030, which is a CAGR of 9.6%. Grand View Research, in turn, measures the tungsten market value at $1.84-billion in 2024 and expects it to rise at a CAGR of 4.7% to $2.84-billion by 2033.
Although forecasters differ on how large the tungsten market is, they agree on the direction, particularly given price movements. Canada News Group, which is a paid media commentary channel for GoldHaven Resources Group, says tungsten concentrate prices was assessed by Fastmarkets at between $750 per metric tonne unit (mtu) and $850/mtu at the start of the year, but held between $2 500/mtu and $2 800/mtu since May 29.
This marks a tripling of the price in five months, which Canada News Group says is largely explained by supply policy.
In December 2025, China authorised only 15 companies to export tungsten in 2026 and 2027, which is a decision having been formalised through the dual-use items catalogue. In the US, the Bureau of Industry and Security published a temporary final rule on August 6 which implemented a Directive Allocation Order requiring US sellers of tungsten waste and scrap to allocate 100% of their monthly sales to domestic buyers through August 27, 2027.
Procurement rules also add a hard date. Through the end of 2026, the US's restrictions for defence procurement on tungsten sourced from China, Russia, Iran and North Korea turn on where material was melted or produced. From January 1 next year this clause widens to the mine or ore stage and names recycled and scrap material explicitly, therefore material passed through a recycling system no longer resets its country of origin.
In turn, Canada added tungsten to eligible materials under the Critical Mineral Exploration Tax Credit in 2025, which provides a 30% credit on flow-through agreements entered into after November 4, 2025 and on or before March 31, 2027.
Globally, policy, price and procurement deadlines are pulling tungsten exploration money toward historic ground in North America.
Current North America-focused tungsten developers include Nasdaq-listed Almonty Industries with its Sangdong mine in South Korea; NYSE-listed Guardian Metal Resources which is advancing two tungsten projects in Nevada; NYSE-listed Kennametal, which produces tungsten carbide tooling for metal cutting and wear applications; Nasdaq-listed Elmet Group, which owns the Blue Moon's Springer tungsten project in Nevada and is developing an ammonium paratungstate facility.
GoldHaven itself has the Magno project, in British Columbia, as its flagship operation where diamond drilling is currently active at the Kuhn tungsten target.