According to TechSci Research report, “Tungsten Carbide Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Tungsten Carbide Market stood at USD21.48 billion in 2022 and is anticipated to grow with a CAGR of 5.21% in the forecast period, 2023-2028. The initiatives taken by government based on tungsten carbide has led to favorable market conditions for the Global Tungsten Carbide Market. Several factors contribute to the growth of various tungsten carbide Market products. Government funding has played a crucial role in driving advancements in the Research and Development (R&D) sector of the tungsten carbide industry. This financial support has not only facilitated the adoption of cutting-edge technology but has also fueled innovation and pushed the boundaries of what is possible in this field. In a significant development in 2020, the Japanese Ministry of Health made a landmark decision by successfully removing tungsten carbide from the list of known carcinogens and sensitizers. This regulatory change has opened up new avenues for the expanded use of tungsten carbide in various industries, creating opportunities for its application in sectors where its exceptional properties can bring about transformative changes. Tungsten Carbide holds significant demand in the mining industry due to its wide range of applications. It is extensively used for drilling and cutting tools in mining operations, thanks to its exceptional properties such as hardness, wear resistance, and toughness. The rising number of mining and mineral processing projects across the globe is further fueling the demand for tungsten carbide. Moreover, the increasing utilization of tungsten carbide in mining tools and equipment is driving market growth.
In 2021, the mines in the United States alone produced approximately US$ 90.4 billion worth of mineral commodities, showcasing a notable increase of US$ 9.7 billion compared to the previous year, as reported by the United States Geological Survey (USGS). This remarkable growth in mineral production further highlights the significance of tungsten carbide in the mining sector. As a result, the growing application and demand for tungsten carbide in the mining industry are not only driving the market but also offering substantial growth opportunities in the global tungsten carbide industry. With its superior properties and increasing usage, tungsten carbide continues to play a pivotal role in enhancing mining operations and contributing to the overall growth of the sector. The Global Tungsten Carbide Market is segmented into end user, application, regional distribution, and company. Based on its application, the cemented carbide segment held the largest share in the market. Cemented carbide, a metallurgical material in powder form, is a composite of tungsten carbide particles and a binder rich in metallic cobalt. With its wide range of applications, cemented carbide is projected to experience a significant boost in market demand, especially in various industrial sectors.
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The versatility of cemented carbide is evident in its use for the production of aluminum cans, glass bottles, plastic tubes, copper wires, and steel wires, among other applications. Moreover, it finds extensive usage in wood machining, metal cutting, composite materials, soft ceramics, plastics, chipless shaping in the mining and building industries, as well as in the manufacturing of structural, wear, and military parts. In the United States alone, nearly 65% of the tungsten used is dedicated to cemented carbide parts for cutting and wear-resistant applications. The construction, metalworking, mining, and oil and gas drilling industries rely heavily on the exceptional properties of cemented carbide. Its high temperature wear resistance, abrasion resistance, tensile strength, and compressive strength make it the preferred choice for numerous industries. In terms of market consumption, the estimated value of tungsten carbide in 2020 amounted to approximately $550 million. The remarkable mechanical and physical characteristics of cemented carbide contribute to its widespread adoption and make it an indispensable material in various industrial processes. Based on region, Asia Pacific segment is expected to grow during the forecast period. In recent years, the most populous nations, such as China and India, have significantly ramped up their oil and gas-related operations to meet their ever-increasing energy demands. This surge in activity has brought about a noticeable shift in the demand for tungsten carbide within the oil and gas industry. As these nations strive to secure their energy future, the importance of tungsten carbide as a crucial component in various drilling and exploration processes cannot be overstated. Its exceptional hardness, durability, and resistance to wear make it an ideal material for the challenging conditions encountered in oil and gas operations. Thus, the impact of these nations’ energy endeavors on the demand for tungsten carbide has been substantial and continues to shape the industry’s landscape.
Major companies operating in Global Tungsten Carbide Market are:
- American Elements Corp
- Buffalo Tungsten Inc.
- CERATIZIT S.A.
- CY Carbide Mfg. Co., Ltd.
- Extramet Products, LLC.
- Federal Carbide Company
- Guangdong Xianglu Tungsten Co., Ltd.
- H.C. Starck Tungsten GmbH
- Jiangxi Yaosheng Tungsten Co., Ltd.
- Kennametal Inc.
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“Growing application of tungsten carbide in various end user industries are key drivers of the tungsten carbide market. Growth in competitive landscape and presence of well-established companies in the market who are dedicated to enhance their productivity of tungsten carbide with every passing year are anticipated to register an impressive growth to Global Tungsten Carbide Market in the forecast period.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Tungsten Carbide Market By End User (Automotive, Aerospace & Defense, Construction, Oil & Gas, Electronic, Others), By Application (Cemented Carbide, Industrial Alloys, Surgical Tools, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Tungsten Carbide Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Tungsten Carbide Market.
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