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At a CAGR of 8.4% between 2023 and 2030, the size of the global tungsten carbide market is expected to increase from its 2022 valuation of USD 15.67 billion to USD 29.9 billion.
Evaluation Through Use
Cemented carbide, coatings, and alloys are the three largest end-use categories in the worldwide tungsten carbide market. Cemented carbide is widely used and the market leader in this category. Cutting tools made of cemented carbide are widely used in many fields, from the auto and aerospace industries to ordinary machining. Tungsten carbide is widely used in cutting tools for metalworking because of its great hardness, wear resistance, and stability at high temperatures.
The coatings market is expected to increase at the quickest rate of all applications. Tungsten carbide is used extensively in industrial coatings because of the wear resistance, corrosion resistance, and thermal stability it provides in fields as diverse as manufacturing, oil & gas, and aerospace. Cutting tool coatings, on the other hand, are the quickest expanding coatings application. Coatings made from tungsten carbide are popular because they increase the efficiency and longevity of blades. Longer tool life, higher productivity, and higher machining quality are all possible because to these coatings' greater resistance to wear, heat, and lubrication. Industries including the automotive, aerospace, and electronics sectors are driving the use of cutting tool coatings due to their increasing demand for high-performance cutting tools.
Consumer Behavior Analysis
Aerospace & defense, automobiles, mining & construction, electronics, and others are all potential end-users in the worldwide tungsten carbide market. The automotive industry is by far the largest final consumer of tungsten carbide. Cutting tools, wear parts, and engine components are just a few examples of where you'll find tungsten carbide put to work. Tungsten carbide is a great option for the automobile sector because of its excellent hardness, wear resistance, and thermal stability. Tungsten carbide's dominant position in the automotive sector is driven by the rising need for lightweight vehicles, increased fuel efficiency, and enhanced durability.
The electronics sector stands out as the fastest-growing end user. The quest for downsizing, high-performance electronic components, and developments in semiconductor technology have all contributed to tungsten carbide's expanding use in the electronics industry. Tungsten carbide's high electrical conductivity, thermal conductivity, and resistance to wear and corrosion make it a desirable material for use in a wide variety of electronic components. Emerging technologies like 5G, the Internet of Things (IoT), and electric cars are all contributing to the expansion of the electronics business.
There has been substantial expansion in the tungsten carbide industry, and this trend is predicted to persist during the forecasted period. Tungsten carbide, a compound of tungsten and carbon, is highly sought after due to its superior hardness, wear resistance, and strength. The increasing demand from the automotive industry is one of the main factors propelling the global tungsten carbide market. Cutting and drilling tools, wear parts, and vehicle parts are just some of the many applications for tungsten carbide. Demand for tungsten carbide goods is increasing as a result of the flourishing automobile industry, especially in developing countries. Market expansion is also being helped by the expanding use of tungsten carbide in industrial and building applications. Metal cutting tools, mining machinery, and wear-resistant coatings are just some of the many places you might find tungsten carbide. Demand for these applications is on the rise as a result of increasing building and infrastructure projects, as well as increased industrialization. However, there are also obstacles in the way of the global tungsten carbide market. Raw material price volatility is a significant issue. Tungsten, an essential ingredient of tungsten carbide, is a precious metal with a price that fluctuates based on supply and demand. Changes in prices can affect production costs generally, which might slow the expansion of a market. The tungsten carbide sector also faces difficulties due to laws and concerns over the environment. Manufacturing tungsten carbide goods can result in the release of potentially harmful byproducts and pollutants. The necessity for sustainable practices and strict environmental restrictions has prompted the creation of environmentally friendly substitutes and enhanced production methods. Tungsten carbide's unique features and wide range of potential uses in a wide variety of industries suggest that the market for the material will expand despite these obstacles. The market is well positioned to take advantage of new opportunities and maintain its growth rate as manufacturers increase their investment in R&D to improve product quality and investigate potential new uses.
Critical Developments in the Market
The demand from developing countries is rising rapidly since many of them are rapidly industrializing and expanding their infrastructure, especially in the Asia-Pacific and Latin American regions. Tungsten carbide is in high demand because of the region's expanding industrial sector, which seeks to improve its output capacities in order to satisfy rising consumer needs.
Tungsten carbide is benefiting from the worldwide trend toward electric vehicles (EVs), which is opening up new markets. The high strength, wear resistance, and heat conductivity of tungsten carbide-based components such motor shafts, bearings, and cutting tools for EV manufacture are in great demand.
Report Coverage
Global Tungsten Carbide research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tungsten Carbide report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tungsten Carbide competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tungsten Carbide market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tungsten Carbide market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tungsten Carbide market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Sandvik AB (Sweden), Kennametal Inc. (US), Mitsubishi Materials Corporation (Japan), EJ Carbide Co., Ltd. (China), Ceratizit S.A. (Luxembourg), Zhuzhou Cemented Carbide Group Co., Ltd. (China), JX Nippon Mining & Metals Corporation (Japan), CERATIZIT Group (Luxembourg), Buffalo Tungsten Inc. (US), China Minmetals Corporation (China), H.C. Starck GmbH (Germany), Xiamen Tungsten Co., Ltd. (China), Federal Carbide Company (US), Sumitomo Electric Industries, Ltd. (Japan), Guhring KG (Germany), Plansee Group (Austria), Cuda Grit (US), Guangxi Chentian Metal Products Co., Ltd. (China), Reade Advanced Materials (US), Ceradyne, Inc. (US)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Tungsten Carbide market based on the below-mentioned segments:
Global Tungsten Carbide Market, By Component
cemented carbide
coatings
alloys
Global Tungsten Carbide Market, By End User
industries
including aerospace & defense
automotive
mining & construction
electronics
others
Global Tungsten Carbide market, Regional Analysis
Evaluation Through Use
Cemented carbide, coatings, and alloys are the three largest end-use categories in the worldwide tungsten carbide market. Cemented carbide is widely used and the market leader in this category. Cutting tools made of cemented carbide are widely used in many fields, from the auto and aerospace industries to ordinary machining. Tungsten carbide is widely used in cutting tools for metalworking because of its great hardness, wear resistance, and stability at high temperatures.
The coatings market is expected to increase at the quickest rate of all applications. Tungsten carbide is used extensively in industrial coatings because of the wear resistance, corrosion resistance, and thermal stability it provides in fields as diverse as manufacturing, oil & gas, and aerospace. Cutting tool coatings, on the other hand, are the quickest expanding coatings application. Coatings made from tungsten carbide are popular because they increase the efficiency and longevity of blades. Longer tool life, higher productivity, and higher machining quality are all possible because to these coatings' greater resistance to wear, heat, and lubrication. Industries including the automotive, aerospace, and electronics sectors are driving the use of cutting tool coatings due to their increasing demand for high-performance cutting tools.
Consumer Behavior Analysis
Aerospace & defense, automobiles, mining & construction, electronics, and others are all potential end-users in the worldwide tungsten carbide market. The automotive industry is by far the largest final consumer of tungsten carbide. Cutting tools, wear parts, and engine components are just a few examples of where you'll find tungsten carbide put to work. Tungsten carbide is a great option for the automobile sector because of its excellent hardness, wear resistance, and thermal stability. Tungsten carbide's dominant position in the automotive sector is driven by the rising need for lightweight vehicles, increased fuel efficiency, and enhanced durability.
The electronics sector stands out as the fastest-growing end user. The quest for downsizing, high-performance electronic components, and developments in semiconductor technology have all contributed to tungsten carbide's expanding use in the electronics industry. Tungsten carbide's high electrical conductivity, thermal conductivity, and resistance to wear and corrosion make it a desirable material for use in a wide variety of electronic components. Emerging technologies like 5G, the Internet of Things (IoT), and electric cars are all contributing to the expansion of the electronics business.
There has been substantial expansion in the tungsten carbide industry, and this trend is predicted to persist during the forecasted period. Tungsten carbide, a compound of tungsten and carbon, is highly sought after due to its superior hardness, wear resistance, and strength. The increasing demand from the automotive industry is one of the main factors propelling the global tungsten carbide market. Cutting and drilling tools, wear parts, and vehicle parts are just some of the many applications for tungsten carbide. Demand for tungsten carbide goods is increasing as a result of the flourishing automobile industry, especially in developing countries. Market expansion is also being helped by the expanding use of tungsten carbide in industrial and building applications. Metal cutting tools, mining machinery, and wear-resistant coatings are just some of the many places you might find tungsten carbide. Demand for these applications is on the rise as a result of increasing building and infrastructure projects, as well as increased industrialization. However, there are also obstacles in the way of the global tungsten carbide market. Raw material price volatility is a significant issue. Tungsten, an essential ingredient of tungsten carbide, is a precious metal with a price that fluctuates based on supply and demand. Changes in prices can affect production costs generally, which might slow the expansion of a market. The tungsten carbide sector also faces difficulties due to laws and concerns over the environment. Manufacturing tungsten carbide goods can result in the release of potentially harmful byproducts and pollutants. The necessity for sustainable practices and strict environmental restrictions has prompted the creation of environmentally friendly substitutes and enhanced production methods. Tungsten carbide's unique features and wide range of potential uses in a wide variety of industries suggest that the market for the material will expand despite these obstacles. The market is well positioned to take advantage of new opportunities and maintain its growth rate as manufacturers increase their investment in R&D to improve product quality and investigate potential new uses.
Critical Developments in the Market
The demand from developing countries is rising rapidly since many of them are rapidly industrializing and expanding their infrastructure, especially in the Asia-Pacific and Latin American regions. Tungsten carbide is in high demand because of the region's expanding industrial sector, which seeks to improve its output capacities in order to satisfy rising consumer needs.
Tungsten carbide is benefiting from the worldwide trend toward electric vehicles (EVs), which is opening up new markets. The high strength, wear resistance, and heat conductivity of tungsten carbide-based components such motor shafts, bearings, and cutting tools for EV manufacture are in great demand.
Report Coverage
Global Tungsten Carbide research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Tungsten Carbide report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Tungsten Carbide competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Tungsten Carbide market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Sandvik AB (Sweden), Kennametal Inc. (US), Mitsubishi Materials Corporation (Japan), EJ Carbide Co., Ltd. (China), Ceratizit S.A. (Luxembourg), Zhuzhou Cemented Carbide Group Co., Ltd. (China), JX Nippon Mining & Metals Corporation (Japan), CERATIZIT Group (Luxembourg), Buffalo Tungsten Inc. (US), China Minmetals Corporation (China), H.C. Starck GmbH (Germany), Xiamen Tungsten Co., Ltd. (China), Federal Carbide Company (US), Sumitomo Electric Industries, Ltd. (Japan), Guhring KG (Germany), Plansee Group (Austria), Cuda Grit (US), Guangxi Chentian Metal Products Co., Ltd. (China), Reade Advanced Materials (US), Ceradyne, Inc. (US) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Tungsten Carbide Market from 2021 to 2030.
- Market Forecast for Tungsten Carbide Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Tungsten Carbide competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Tungsten Carbide
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Tungsten Carbide market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Tungsten Carbide market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Sandvik AB (Sweden), Kennametal Inc. (US), Mitsubishi Materials Corporation (Japan), EJ Carbide Co., Ltd. (China), Ceratizit S.A. (Luxembourg), Zhuzhou Cemented Carbide Group Co., Ltd. (China), JX Nippon Mining & Metals Corporation (Japan), CERATIZIT Group (Luxembourg), Buffalo Tungsten Inc. (US), China Minmetals Corporation (China), H.C. Starck GmbH (Germany), Xiamen Tungsten Co., Ltd. (China), Federal Carbide Company (US), Sumitomo Electric Industries, Ltd. (Japan), Guhring KG (Germany), Plansee Group (Austria), Cuda Grit (US), Guangxi Chentian Metal Products Co., Ltd. (China), Reade Advanced Materials (US), Ceradyne, Inc. (US)
Primary Target Market
- Market Players of Tungsten Carbide
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Tungsten Carbide market based on the below-mentioned segments:
Global Tungsten Carbide Market, By Component
cemented carbide
coatings
alloys
Global Tungsten Carbide Market, By End User
industries
including aerospace & defense
automotive
mining & construction
electronics
others
Global Tungsten Carbide market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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