Tungsten Carbide Market research: information by grade type (general purpose grade, metal forming and wear grades, others), by end-user industry (automobiles, mining and construction, oil and gas, defense, and others) – Forecast till 2030

Synopsis of Tungsten carbide Market:

Asia Pacific holds a major share of the market and is expected to be a dominant market with an encouraging CAGR during the forecast period.


Tungsten carbide is a chemical compound containing both tungsten and carbon atoms in equal parts. Tungsten carbide is generally a grey powder in its basic form but has the ability to be pressed and formed into different shapes depending upon its use in the end user industries. The properties such as high tensile strength, durability and abrasion resistance finds its application in many end user industries. Moreover, the advantages coupled with its cost effectiveness makes them suitable and its major applications includes automobiles, mining & construction, oil & gas, defense, and electrical & electronics among others.

The growth of tungsten carbide market can be attributed to its growing consumption in the applications such as machine & cutting tool components, dies & punches, abrasive products and others. The growing industrialization, and urbanization in the developing regions throughout the globe is expected to boost the market during the forecast years. The global market of tungsten carbide is a lucrative one and it is expected to expand at an encouraging CAGR during the forecast years. The excellent durability, high tensile strength, and corrosion & abrasion resistance of tungsten carbide makes it ideal to be used in mining & construction and automobile which is a major factor driving the market positively.

Among the various grade segments in tungsten carbide market, the rotary & mining is the leading segment of the market and is anticipated to continue its dominance over the forecast period. This growth is attributed to the increased demand rotary and mining grade due to its excellent properties such as tensile strength, excellent impact strength, stiffness and among others. They are extensively used in production of mining and machinery components such as inserts, nozzles, rods, buttons, sheets and others. Among the end user industry, mining and construction is expected to be the largest segment and is expected to grow at a considerable CAGR. The growing oil and gas activities coupled with the increase in government investment for the development of infrastructure throughout the globe are some of the factor contributing to the growth of the market.  

The Global tungsten carbide market share by end use industry.

 

Source: MRFR analysis

Regional Analysis:  

The tungsten carbide market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, The rapid growth of industries and urbanization is fuelling the growth of tungsten carbide in the developing countries of Asia Pacific. Moreover, the favorable government regulation in the region has attracted many industry players to enter the lucrative market of Asia Pacific which in turn is fuelling the market growth. Furthermore, the presence of most populated countries such as India and China, has augmented the oil and gas related activities to meet its growing energy requirement which in turn significantly driving the demand for tungsten carbide in the oil and gas industry. China, India and Japan are the largest consumers of tungsten carbide in this region. North America is another dominant region in the market of tungsten carbide. The developed end user industries such as construction, transportation and electronics among others are significantly driving the market growth. Moreover, the new elected government has brought in a new wave of investment in development and renovation of residential and commercial infrastructure which is expected to boost the demand for tungsten carbide in the construction industry.

The European market is a lucrative market mainly driven by the developed electrical & electronics, construction and automobile sector. Moreover, the growing oil and gas activities coupled with the increasing infrastructural development are the major factor attributing to the growth of the market. In addition to this, the growing R&D activities in the automobile sector has further augmented the use of tungsten carbide owing to its ability to reduce dust and increase efficiency in the automobile systems.

Key Players:

Some of the prominent players operating in the Global tungsten carbide market are Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet AG (Switzerland), Federal Carbide Company (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan), China Tungsten (Xiamen) and Eurotungstene (France), among others

Segmental Analysis:

The global tungsten carbide market is segmented into grade type and end user industry. On the basis of grade the market is segmented into general purpose grade, metal foaming and wear grades, submicron grades, rotary drilling and mining grades, and corrosion resistant grades. On the basis of end user industry the global tungsten carbide market is segmented into mining and construction, oil and gas, electrical and electronics, automobiles, defense and others.

Geographical Analysis:

The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Intended Audience:

• Tungsten carbide   market manufacturers


• Traders and Distributors of Tungsten carbide  market


• Production Process Industries


• Potential Investors


• Raw Material Suppliers


• Nationalized Laboratory 

Report Scope:

Report Attribute/Metric	Details
Market Size	2030: Significant value
CAGR	2020–2030: 4.00% CAGR
Base Year	2021
Forecast Period	2020-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Grade Type, End-Use Industry and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet AG (Switzerland), Federal Carbide Company (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan), China Tungsten (Xiamen) and Eurotungstene (France), among others
Key Market Opportunities	The growing industrialization, and urbanization in the developing regions throughout the globe
Key Market Drivers	Its growing consumption in the applications such as machine & cutting tool components, dies & punches, abrasive products and others.

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