Global $3.69 Bn Tungsten Carbide Market to 2028 - Substantial Focus on R&D for Making Ultrafine Grades
DUBLIN, Jan. 23, 2019 /PRNewswire/ --
The "Global Tungsten Carbide Market: Focus on Application (Cutting Tools, Mining & Drilling Tools, Wear Parts, Mill Products, and Others) and End-Use Industry-Analysis and Forecast: 2018-2028" report has been added to ResearchAndMarkets.com's offering.
The global tungsten carbide market is expected to reach $3.69 billion by 2028.
The Asia-Pacific region accounted for the largest market revenue share of 46.56% in 2017. The growth of tungsten carbide market in the region can be attributed to a well-established industrial base. This region is growing fast to become the epicenter of tungsten carbide materials, making the region an inevitable player in the supply as well as on the consumer side. With governmental organizations putting in relentless efforts to make a mark with tungsten carbide, new companies along with well-established names are setting their centers in this region due to favorable policies.
In 2017, China accounted for a market revenue share of 27.64% globally.
China is the highest revenue generating country in APAC, followed by Japan. Advanced industrial advancements, investments for dedicated R&D facilities and development of tungsten carbide-based products are some of the primary drivers that are driving the market in the region. Due to the large-scale tungsten reserve in China and technological advancements for the production of tungsten carbide, the tungsten carbide market is expected to grow at a robust growth rate in the country. Tungsten carbide is emerging as an indispensable part of the conventional manufacturing, and the big players in the market are enchasing upon the opportunity to enhance their global market share.
The dominant strategy adopted by the tungsten carbide manufacturers is to expand their product portfolio by launching new innovative and competitive products. For instance, on 3rd March 2018, CERATIZIT S.A. launched a high-performance carbide grades for the machining of difficult materials and on 15th January 2018, Sumitomo Electric Industries, Ltd. launched a coated carbide multidrill series.
This report is a meticulous compilation of research on more than 100 players in the tungsten carbide market and draws upon the insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies.
Key Topics Covered:
Executive Summary
1 Market Dynamics
1.1 Overview
1.2 Market Drivers
1.2.1 Remarkable Properties as Compared to Other Materials
1.2.2 High Demand from Varied End-Use Application Verticals
1.2.3 Substantial Focus on R&D for Making Ultrafine Grades
1.3 Market Restraints
1.3.1 Concerns Regarding Toxicity and Safety
1.3.2 Negative Effect on Market Growth due to Economic Slowdown in China
1.4 Market Opportunities
1.4.1 Increased Use of Tungsten Carbide in Emerging Applications
1.4.2 Opportunities in Emerging Economies
1.4.3 New Mining Facilities for Tungsten Supply
1.5 Market Dynamics: Impact Analysis
2 Competitive Insights
2.1 Key Developments and Strategies
2.1.1 Overview
2.1.2 Share of Key Business Strategies
2.1.3 Product Launches and Developments
2.1.4 Mergers & Acquisitions
2.1.5 Business Expansions
2.1.6 Partnerships, Collaborations, and Joint Ventures
2.1.7 Others (Awards, Certifications, and Recognitions)
2.2 Industry Attractiveness
2.3 Future Trends and Development in Tungsten Carbide Market
2.4 Market Share Analysis
2.4.1 Overview
2.5 Supply Chain Analysis
2.6 Opportunity Matrix Analysis
3 Parent Market Outlook
3.1 Overview
4 Global Tungsten Carbide Market, 2017-2028
4.1 Assumptions and Limitations for Analysis and Forecast of the Global Tungsten Carbide Market
5 Global Tungsten Carbide Market (by Application), 2017-2028
5.1 Market Overview
5.2 Cutting Tools
5.3 Mining & Drilling Tools
5.4 Wear Parts
5.5 Mill Products
5.6 Others
6 Global Tungsten Carbide Market (by End-Use Industry), 2017-2028
6.1 Market Overview
6.2 Automotive Industry
6.3 Oil & Gas Industry
6.4 Aerospace & Defense Industry
6.5 Mining & Construction Industry
6.6 Electronics Industry
6.7 Other Industry
7 Global Tungsten Carbide Market by Region, 2017-2028
8 Company Profiles
- American Elements
- CERATIZIT S.A.
- China Minmetals Corporation
- CY Carbide Mfg. Co., Ltd.
- Durit HartMetall GmBH
- Element Six
- Federal Carbide Company
- H.C. Stark GmbH
- Kennametal Inc.
- Mitsubishi Materials Corporation
- Rock River Tool, Inc.
- Sandvik AB
- Sumitomo Electric Industries, Ltd.
- Wolfram Company JSC
For more information about this report visit https://www.researchandmarkets.com/research/z7kq97/global_3_69_bn?w=5
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