1. Basic characteristics and production process
1) Core performance
Physical properties: Tungsten has a melting point of up to 3410°C (second only to diamond in nature), a density of 19.25g/cm³ (close to gold), and is known as the "industrial teeth" for its high hardness, corrosion resistance, and radiation resistance. 36
Technological breakthrough: The nuclear layered tungsten-based plate (patent number CN 119348243 A) developed by a Xi'an Institute has a tantalum layer as the core and a titanium/tungsten mixed layer on the outside, which significantly improves the tensile strength and toughness and solves the brittleness problem of nuclear reactor materials.
2) Preparation process
Mainstream technology: including powder metallurgy (ball milling → cold isostatic pressing → vacuum sintering → rolling → heat treatment), high-purity tungsten plates (>99.95%) need to control the impurity content below 50ppm15.
Surface treatment: pickling and polishing processes can meet the stringent requirements for surface finish in the medical and semiconductor fields5.
2. Application field analysis
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Application areas |
Demand characteristics |
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Aerospace |
high temperature components, lightweight structural parts |
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Nuclear energy and the military industry |
armor-piercing core, armor protection |
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Medical equipment |
radiotherapy shielding plates, CT equipment collimators |
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Industrial manufacturing |
semiconductor sputtering targets, PCB micro-drilling tools |
3. Market supply and demand pattern
1) Supply-side tightening
Policy constraints: China's first batch of tungsten mining quotas in 2025 are only 58,000 tons (-6.45% year-on-year), and the quota of Jiangxi's main production area has dropped by 20%36.
Resource depletion: Domestic wolframite is on the verge of depletion, the average mining cost of scheelite has risen to 100,000 yuan/ton, and the grade has dropped to 0.28%37.
Price trend: In June 2025, the price of wolframite concentrate reached 173,000 yuan/ton, and APT exceeded 252,000 yuan/ton, up 24% from 202436.
2) Demand side explosion
Emerging fields: Nuclear fusion, low-altitude economy (UAV structural parts), and semiconductor targets drive the demand for high-end tungsten plates37.
Traditional fields: Carbide tools (accounting for 60% of consumption) have grown steadily with the recovery of automobile/machining69.
4. Technology development trends
1) Material innovation
3D printing applications: Additive manufacturing enables the molding of tungsten-based complex components, breaking through the limits of traditional processing7.
2) Smart manufacturing and green transformation
Blockchain traceability: Full life cycle management (such as China Tungsten Intelligent Manufacturing's "brand batching" system), supporting customized production37.
Recycled tungsten utilization: The Ministry of Industry and Information Technology will issue the "Recycled Tungsten Raw Materials" standard (YS/T 1704-2024) in 2024, pushing the waste recycling rate to match Europe's 70% (China's current rate is less than 30%)710.
5. Industry Challenges and Prospects
1) Risk Warning:
① The slowdown in photovoltaic installations may suppress the demand for tungsten wire;
② A further 10% drop in the cost of silicon carbide tools will impact 35% of the traditional market;
③ The EU CBAM carbon tariff (implemented in 2026) will increase export costs by 37%.
2) Growth Certainty:
The global tungsten supply and demand gap will expand from 18,300 tons to 19,100 tons from 2024 to 2028, and the gap rate will remain at 16%-18%3. It is expected that the central price of tungsten will rise to 160,000-180,000 yuan/ton in 2025, and exceed 200,000 yuan in extreme scenarios36.
