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Tungsten Carbide Market Trends

ID: MRFR//3945-HCR | 137 Pages | Author: Chitranshi Jaiswal| July 2024

Global Tungsten Carbide Market Overview

Tungsten Carbide Market Size valued at USD 17.70 Billion in 2023. The Tungsten Carbide industry is projected to grow from USD 19.01 Billion in 2024 to USD 31.30 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.43% during the forecast period (2024 - 2032). Increased mining activities and rising industrialization, and the increasing demand for metals and minerals are the key market drivers enhancing market growth.

Tungsten Carbide Market OverviewSource: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Tungsten Carbide Market Trends

  • Growing urbanization is driving the market growth

Market CAGR for tungsten carbide is being driven by rising urbanization. There is a significant increase in infrastructural developments and mining activities throughout the world. There is an increase in the shipment of tungsten carbide powder due to the fast industrialization and urbanization happening in developing countries globally. The government of the emerging economies' investment in infrastructure projects is anticipated to boost the application of tungsten carbide powder in mining and construction.

The section of mining is witnessing significant growth due to the increasing requirement for minerals and metals throughout different industrial sections. The tungsten carbide is the material of choice for the mining equipment in the high-pressure down-the-hole (DTH) hammer drilling section, including buttons, carbide inserts, and tips which can be utilized for petroleum tunneling, drilling, and mining. The high hardness, super wear resistance, and best impact toughness of the tungsten carbide mining tools enhance the operating performance. The mining of granite, sandstone, and limestone from other materials is apt for tungsten carbide inserts due to their high drilling speed and longer service life, which minimizes labor costs and fastens the engineering processes. This global tungsten can be applicable in deep-hole drilling or heavy-duty rock drilling. The increasing demand for tungsten carbide products, inclusive of cobalt powder, titanium carbide powder, welding powder, and other products, is anticipated to boost market growth.

The tungsten carbide is largely utilized to develop high-performance auto parts that have the ability to withstand high stress and heat, like brakes, ball joints, crankshafts, and studs for tires. It has a large product used to manufacture cutting tools that are utilized to make automotive engines, axels, transmission, and steering assemblies is leading to factor for the growth of the market. The increasing adoption of 3D printing to create cost-effective and efficient high-performance parts is boosting the growth of the market. It also has applications in the medical section for generating surgical instruments like, blade handles, scissors, hemostats, graspers, forceps, cautery, and others. Thus, driving the Tungsten Carbide market revenue.

The factors like inhalation of dust and lung fibrosis similar to silicosis are the main cautions related to tungsten carbide, resulting in restraining the growth of the market. The cobalt-cemented tungsten carbide can lead to human carcinogens and other effects like major respiratory issues, vision issues, and skin allergies upon inhaling them. All these factors can hamper the market growth of the tungsten carbide.

April 2024

Kanat Sharlapaev, the Minister of Industry and Infrastructure Development of the Republic of Kazakhstan, and representatives from Jiaxing International Resources Investment LTD discussed the matter at a meeting that took place. The major focus of the meeting was on the advancements that have been achieved in the tungsten extraction project that is being carried out at the Bugutinskoe deposit, which is located in the Almaty region.

The limited liability company known as "Zhetysu Tungsten" is now in the process of developing a mining enterprise at the Bugutinskoe deposit, which is situated in the Almaty region. For the Bugutinskoe deposit, there is a mineral extraction contract that has been granted with the number 4608-TPI. This contract was issued on June 2, 2015, and it is valid for a term of twenty-five years.

The construction and mining operations are now going ahead at a quick rate, and it is projected that the commissioning will take place by the end of the year 2024. One thousand new jobs are expected to be created as a direct consequence of the installation of the mine and the processing plant, according to speculation.

Tungsten Carbide Market Segment Insights

Tungsten Carbide Application Insights

The Tungsten Carbide market segmentation, based on application, includes Cemented Carbide, Coatings, Alloys, and Others. The cemented carbide segment dominates the market, accounting for the largest of market revenue as these are metallurgical materials in powder form, which is a composite of tungsten carbide particles and a binder full of metallic cobalt. It is also utilized for wood machining, composite materials, metal cutting, plastics, soft ceramics, chipless shaping in the building and mining industries, wear parts, structural parts, and military parts. Further, tungsten carbide has distinctive physical and mechanical characteristics, like high-temperature wear resistance, tensile strength, abrasion resistance, and comprehensive strength, making it the first option for many industries.

Figure 1: Tungsten Carbide Market, by Application, 2022 & 2032 (USD Billion)

Tungsten Carbide Market, by Application

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Tungsten Carbide End User Insights

The Tungsten Carbide market segmentation, based on end users, includes Aerospace and Defence, Automotive, Mining, Construction, Electronics, and Others. The automotive category dominates the market because of the rising requirement for innovation and flexibility in the development and manufacturing of new machines. In the year 2021, the amount of tungsten carbide exported from the US was 25%. Further, the aerospace industry is expected to be the fastest-growing segment due to the large-scale requirements for commercial planes.

Tungsten Carbide Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Tungsten Carbide market due to the increasing mining activities in this region and the increasing infrastructural activities and transportation in the region. The US has the largest contribution to the growth of the tungsten carbide market in the North American region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Tungsten Carbide MARKET SHARE BY REGION 2022 (USD Billion)


Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Tungsten Carbide market accounts for the second-largest market share due to the expansion of the oil and gas industry and the growth of infrastructure in the region. Further, the German Tungsten Carbide market held the largest market share, and the UK Tungsten Carbide market was the rapid-growing market in the European region.

The Asia-Pacific Tungsten Carbide Market is expected to grow at the fastest CAGR from 2023 to 2032. This is due to the emerging demand for construction, metallurgy, and automotive markets and the rising transportation activities throughout the developing countries in this region. Moreover, China’s Tungsten Carbide market held the largest market share, and the Indian Tungsten Carbide market was the rapid-growing market in the Asia-Pacific region.

Tungsten Carbide Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Tungsten Carbide market grow even more. Market participants are also undertaking a various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Tungsten Carbide industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Tungsten Carbide industry to benefit clients and increase the market sector. In recent years, the Tungsten Carbide industry has offered some of the most significant advantages to infrastructure organizations. Major players in the Tungsten Carbide market, including Sandvik AB, HC Starck, Jenmar, Xiamen Tungsten Co Ltd., Hitachi Metals, Mitsubishi Material Corporation, Federal Carbide Company, American Elements, Manu & Sales Corporation, Sumitomo Corporation, Xiamen tungsten Co Ltd., and others, are attempting to increase market demand by investing in research and development operations.

CERATIZIT Group was created in the year 2002 by merging the companies CERAMETAL and Plansee Tizit, headquartered in Luxembourg. The company is a high-technology engineering group specializing in cutting tools and hard material solutions. In September 2022, the acquisition of all the shares of AgriCarb SAS, a worldwide leader in tungsten carbide agriculture wear parts for the last 35 years, was announced by CERATIZIT SA. This acquisition will assist the company in coming into new markets, with a high degree of added expertise and value in the hybrid tools fields made of tungsten carbide and steel. Further, the company also announced the acquisition of the remaining % of the Stadler Mettale shares, which is the prime source of secondary raw materials to manufacture tungsten carbide powder and tungsten.

Sandvik AB, founded in 1862, is a Swedish multinational engineering company, employing over 40,000 employees and providing services in over 150 countries. The company specializes in products and services for mixing, rock drilling, rock excavation, rock processing, machining, and metal cutting. The Sandvik Group conducts operations in three different businesses for production, research and development, and sales of their respective service and products. In January 2019, the company completed the purchase of Dura-Mill, a United States-based company that manufactures precision cemented carbide end mills. The working experience of the Dura-Mill may rise with specialized end mills as a part of the Sandvik AB subsidiary.

Key Companies in the Tungsten Carbide market include

  • Sandvik AB

  • HC Starck

  • Jenmar

  • Xiamen Tungsten Co Ltd.

  • Hitachi Metals

  • Mitsubishi Material Corporation

  • Federal Carbide Company

  • American Elements

  • Manu & Sales Corporation

  • Sumitomo Corporation

  • Xiamen Tungsten Co Ltd.

Tungsten Carbide Industry Developments

July 2022: A agreement was signed with Nyobolt by HC Starck for investing about 52 million dollars. The company is popular for its tungsten-intensive battery business.

February 2020: XCAL Industries was launched by an Australian-based company Jenmar. XCAL Industries produces tungsten carbide blanks. The company aimed to raise the range of its product offerings of tungsten carbide blanks and cutting tools for the tunneling and mining sections of North America.

September 2018: National Mineral Developmental Corporation aims to produce huge bucks of tungsten carbide owing to rising demand in the market and its easy production ways. The mining facilities also assist in the storage and production of the same.

Tungsten Carbide Market Segmentation

Tungsten Carbide Application Outlook

  • Cemented Carbide

  • Coatings

  • Alloys

  • Others

Tungsten Carbide End User Outlook

  • Aerospace and Defence

  • Automotive

  • Mining and Construction

  • Electronics

  • Others

Tungsten Carbide Regional Outlook

  • North America

    • US

    • Canada

  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

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