The global tungsten carbide market was documented US$ 16.9 Bn in 2019 and is expected to reach US$ XX.44 Bn by 2027, at a CAGR of X.4% during a forecast period.
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global tungsten carbide market Definition:
Tungsten carbide is a chemical compound containing both tungsten and carbon atoms in equal parts. Generally, tungsten powder is available in grey color though it can be pressed and formed into different shapes as per industrial use and application amongst numerous end-users. The properties such as high tensile strength, durability, and abrasion resistance have their application in several end-user industries.
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The global tungsten carbide market is exceeding owing to conventional materials in terms of their greater properties, namely, high wear resistance, high toughness, work hardening, excellent welding performance, high impact toughness, and high wear resistance. Under the action of large impact load, it has a strong work hardening ability, thus the above-mentioned features are contributing to the widespread adoption of the materials, components, and end-products used in numerous metallic industries. Unstoppable growth in the automotive making is estimated to increase on the account of rising demand also development in construction division provided by steelmakers used in buildings and infrastructure is expected to drive the market at a significant rate over the forecast period. Collective product demand in mining construction, transportation, and industrial engineering segment will influence the tungsten carbide market over the projected duration. On the other hand, initiative and boom in spending for residential commercial buildings will significantly boost the tungsten carbide demand, thus pushing the overall tungsten carbide market size by 2027.
Growth of the targeted market has attributed to popularity and growing consumption of the product in the application includes, machines, cutting tool components, dies punches abrasive products, and others.
Factors like inhaling tungsten carbide may cause respiratory diseases and also can affect vision. The toxic nature of tungsten carbide is projected to obstruct the growth of the global tungsten carbide market in near future.
Tungsten Carbide Market Segment analysis:
Cemented carbide application is expected to propel the market demand amongst other application divisions since cemented carbide is a metallurgical material in a powder form which is a composite of tungsten carbide particles and binder rich in metallic cobalt. The popularity of products in numerous application includes which are utilized in the manufacturing of aluminum cans, glass bottles, plastic tubes, copper wires, steel wires. Additional uses of cemented carbide include machining of wood, metal cutting, composites, soft ceramics, plastics, chipless forming mining and construction, structural parts, wear parts, and military components. Its unique mechanical and physical properties like deflection resistance, high-temperature wear resistance, abrasion resistance, tensile and compressive strength, is making this product ideal and first preferred material by numerous industries and expected to show significant growth during the forecasted period.
Tungsten Carbide Market Regional Analysis:
Regionally, Asia Pacific is slated to account for a leading share of 58.0% by 2027 in the advanced material market. APAC dominated the global market share, with growing transportation activities in countries such as China, India, and Japan, the usage of tungsten carbide is increasing in the region. The number of industries and manufacturing activities is increasing in this region with rapid urbanization and industrialization in developing countries like Japan, India, and China is also estimated to propel the advanced material market growth in the Asia Pacific Region. China has the largest manufacturing unit, accounted for a prominent market driver in the region. Key vendors linked with the market include China Minmetals Corporation, Japan New Metals Co. Ltd, and from India XX, XXX…, etc. In India, funds of US$ 31,650 Bn has been projected by 99 cities under their smart cities plan. 100 smart cities and 500 cities are expected to invite investments worth INR XX trillion in the coming years.
For the same segment, North America is expected to dominate the tungsten carbide market and is expected to grow at a CAGR of XX % during the forecast period. Developed regions like U.S and Canada are considered major contributors to the tungsten carbide market growth in the North America region. In 2019 market size was valued US$ 19.23 Bn while in U.S, the market size was valued 11.23 Bn and expected to increase by US$ XX Bn in the coming years.
The objective of the report is to present a comprehensive analysis of the Global Tungsten Carbide Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers, and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Tungsten Carbide Market dynamics, structure by analysing the market segments and project the Global Tungsten Carbide Market size. Clear representation of competitive analysis of key players by Application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Tungsten Carbide Market make the report investor’s guide.
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Global Tungsten Carbide market, By Application
• Cemented Carbide
• Industrial Alloys
• Mill Products
• Surgical Tools
Global Tungsten Carbide market, By End-Users
• Automotive Industry
• Aerospace Defense
• Mining Construction Industry
• Oil Gas Industry
• Electronic Industry
Global Tungsten Carbide Market, By Region
• North America
• Asia Pacific
• Latin America
• Middle East Africa
Key Players Operating the Tungsten Carbide Market,
• Sandvik AB
• GuangDong XiangLu Tungsten Co. Ltd
• Kennametal Inc
• Xiamen Tungsten Co. Ltd
• China Minmetals Corporation
• Nanchang Cemented Carbide Limited Liability Company
• Jiangxi Yaosheng Tungsten Co. Ltd
• CERATIZIT S.A
• Sumitomo Corporation
• Hitachi Metals
• Mitsubishi Materials Corporation
• Japan New Metals Co. Ltd
• OC Oerlikon Corporation AG
• Chongyi Zhangyuan Tungsten Co. Ltd
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