At 5.4% CAGR, Tungsten Carbide Market to hit USD 26.24 Billion in 2028, Says Brandessence Market Research

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Brandessence Market Research And Consulting Private Limited

Jun 16, 2022, 09:10 ET

LONDON, June 16, 2022 /PRNewswire/ -- Tungsten Carbide Market is valued at USD 18.16 Billion in 2021 and is expected to reach USD 26.24 Billion by 2028 with a CAGR of 5.4% over the forecast period. Growing consumption of tungsten carbide in several applications is one of the forefront factors anticipated to drive the growth the global Tungsten Carbide Market.

Tungsten Carbide Market Size, Share, And Trends Analysis Report By (Cemented Carbide, Coating, Alloy) By Industry Verticals (Aerospace And Defense, Automotive, Mining And Construction, Electronics, Medical, Sports) Based On Region, And Segment Forecasts, 2022 – 2028 Report Published by Brandessence Market Research

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Tungsten Carbide: Competitive Analysis

The global tungsten carbide market has been expected to grow in the coming years and the growth going to be held significantly by the companies such as Ceratizit S.A., Umicore, Kennametal Inc., American Elements and Extramet products, LLC among others. The companies are also going to be entrusted with the Tungsten Carbide market price and that is going to happen as the market supply forces act properly on it. Innovation forms the key to the market as companies come up with ways to reduce cost of the production in manufacturing sector.

Key Players for Global Tungsten Carbide Market Report:

Umicore
CERATIZIT S.A.
Extramet Products, LLC
Kennametal Inc
American Elements
Global Tungsten & Powders
Jiangxi Yaosheng Tungsten Company Ltd
Zigong Huagang Cemented Carbide New Materials Company
H.C Starck
Reade International Corporation
Guangdong Xianglu Tungsten Company Ltd
Nanchang Cemented Carbide Co. Ltd
Manu, and Sales Corporation
Eurotungstene
Others.

Recent News:

Plansee Group Acquired Mi-Tech Tungsten Metals

On January 11^th, 2022; The Plansee Group, has signed a definitive agreement to acquire Mi-Tech Tungsten Metals. Mi-Tech will be purchased by the Plansee Group through its U.S. company Global Tungsten & Powders (GTP), which specialised in tungsten powder manufacture. With the acquisition of Mi-Tech, the company is bolstering its tungsten product market position in North America.

Kennametal Announced New Tungsten Carbide Grade Additive Material for oil and gas applications

On September 14^th, 2021; Kennametal Inc. launched KAR85-AM-K, its most corrosion resistant tungsten carbide grade for metal additive manufacturing. It's only available when used with Kennametal's binder jet 3D printing capability to create completely completed wear components.

Tungsten Carbide: Market Scope

The global tungsten carbide market will be showing a great potential for growth in the coming years and that can be anticipated with the kind of applications it is showing in the recent past. The tungsten carbide refers to an alloy which has properties of hardness more than the titanium. This is a material which is heat resistant, scratch-free as well as rust-free and is made of carbide and tungsten mixed in appropriate proportions. This may be cut and molded into whatever shape felt necessary by precision.

The properties of the tungsten carbide like the durability, strength as well as abrasion resistance. This makes it the best material which can be used in any automotive, oil and gas, mining as well as the construction industries. Additionally, the global tungsten carbide market has witnessed great amount of growth because of an increase in the activities of manufacturing. In terms of application, the tungsten carbide market has seen a great amount of application in the mining and rotary industry. The regions which are contributing to this growth are usually the emerging nations where construction and mining is taking place significantly.

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Tungsten Carbide: Key Trends

The global tungsten carbide market trend shows that the carbide market will show the negative growth during pandemic and the situation that the world has gone through during the pandemic. The industries are becoming non-operational. There are nationwide lockdowns imposed containing the spread of the coronavirus which has caused the industries facing a decline in growth. There is a huge reduction in the production of demand too. This is going to lead to the gap and supply and demand that has impacted the tungsten carbide market. However, the global tungsten carbide market 2022 will be showing great growth in the coming years after the coronavirus pandemic becoming history.

Tungsten Carbide: Key Drivers

The tungsten carbide market growth has been showing exceptional levels in the emerging nations particularly in the automotive industries. The tungsten carbide powder which varies in size in terms of micron levels has been witnessing an increase in the demand as it is one of the best options for making the cutting machinery, abrasive equipment and mining tools. The tungsten carbide which is used in the 3D printing have also led to a growth in the value of a market. The cutting tools right now have the greatest value in this market and that has increased the use of the tungsten carbide for manufacturing tools for construction and automotive sectors.

The global tungsten carbide market size is going to grow as there is an ability of recycling powder and the grains of the tungsten carbide have been seen in this market. These tools and equipment which are made from this have higher resistance towards the wear and tear and don't observe losses for the longer period. It possesses a higher level of thermal conductivity, resistance and stiffness against the organic solvents. The tungsten carbide might also be molded and also grafted into a shape as well as size depending upon application. The rotary mining and drilling have increased exceptionally due to the increase in the oil and gas agriculture among the other industries.

The ability to recycle powder and grains of tungsten carbide has been observed in its market. The tools and equipment made from it have high resistance to wear & tear and they do not observe any losses for longer period. It possesses high thermal conductivity, stiffness, and resistance against organic solvent. Tungsten carbide can be molded and grafted into any shape and size depending upon its application. Rotary drilling and mining have increased exceptionally, owing to increase in oil & gas, agriculture, and other industries.

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Tungsten Carbide: Segmentation Analysis

In terms of tungsten carbide market, the construction and mining segment has been seeing the greatest amount of growth in the end use industry of the market. The mining as well as construction industry will require strong and large tools for the activities and operations like the surface mining, drilling and soil stabilization. The tungsten carbide market report shows that the Industrial engineering is one of the top segments too which the machines in this segment providing top productivity due to the tungsten carbide.

Global Tungsten Carbide Market Segmentation:

By Application

Cemented carbide
Coating
Alloy

By Industry verticals

Aerospace and defence
Automotive
Mining and construction
Electronics
Medical
Sports

Tungsten Carbide: Regional Analysis

The global tungsten carbide market in terms of region has been expected to be growing in the coming years in the Asia Pacific region. This is a region which represents the largest market in the world where global tungsten carbide market is going to grow the highest. This is a result of the growing demand in the construction, metalworking industries and automotive region. This is going to happen most in the regions of India, China and Japan.

Another region behind the growth in this region is the rapid level of industrialization and the fact that many people are now moving towards urban centers which has increased the growth in transportation activities. This is going to result in the growth of the tungsten carbide market in India, Japan and China where literacy rates are going to increase the push towards creating infrastructure. The construction industry is also going to grow continuously in the countries like China and India where there are mass drives to develop cities and houses which will grow the requirement for this market which is a major reason behind the growth of the market. This is likely to continue on till the next decade or so with government programs.

On Special Requirement Tungsten Carbide Market Report is also available for below region:

North America

U.S, Canada

Europe

Germany, France, U.K., Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

Saudi Arabia, U.A.E., Egypt, South Africa, Rest Of MEA

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