Tungsten Carbide Market - Size Analysis by Growth, Emerging Trends, Future Opportunities and Forecast up to 2028
The global tungsten carbide market is expected to grow at a significant rate during the forecast period. This is due to their unique combination of strength, hardness and toughness that satisfy the most demanding application requirements. The increase in the number of end-use industries that use tungsten carbide and related products and the ever-increasing application areas have all led to the surging demand of tungsten carbide worldwide. The top uses of tungsten carbide include their use in metal cutting, wear parts, mining and drilling tools.
Growing demand from end-use industries such as the automotive and mining industry, among others, is propelling the overall market expansion of tungsten carbide. Tungsten carbide is used in the making of tools for their outstanding reliability and effectiveness. The material provides an outstanding combination of ease of use and effectiveness which is why it is preferred across industries.
The global tungsten carbide market in terms of application is segmented into cutting tools, mining & drilling tools, wear parts, mill products, and others. In terms of end-use industry, the market is segmented into automotive, oil & gas, aerospace & defense, electronics, and other industries. The need for tungsten carbide across these industries arises for production of parts that can withstand high temperature and also bear high impact resistance. Tungsten carbide is used for making drill tools, ball and gate valves, mud motor rotors, mandrels, pump impellers, stabilizers, and drill collars in the automotive sector. The increase in the production of automobiles and increase in the various applications involving the use of tungsten carbide is a big factor for its large-scale market growth during the forecast period.
The global Tungsten Carbide Market is expected to grow at a CAGR of 4.07% from 2018 and 2028 in terms of value.
The report is a compilation of the different segments of the global tungsten carbide market, including market breakdown by application, end-use industry, and region. Herein, the revenue generated from the application (cutting tools, mining & drilling tools, wear parts, mill products, and others), end-use industry (automotive, oil & gas, aerospace & defense, electronics, and other industries),and regions (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) are tracked to calculate the overall market size in terms of value ($million) and volume (Metric Tons). While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the global tungsten carbide market. It also includes the key participants involved in the industry at the relevant sections.
The report also has a separate chapter that discusses the present market scenario of tungsten carbide. The report further includes a thorough analysis of the impact of the Porter’s Five Forces to understand the overall attractiveness of the industry. The most commonly used strategy for developing a better hold on the market has been through partnerships, collaborations, and joint ventures. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), Middle East & Africa, and South America. Each geography details the individual push and pull forces in addition to the key players from that region. This report is a meticulous compilation of research on more than 100 players in the global tungsten carbide market and draws upon 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 with their financial analysis, SWOT, and product portfolio.
The company profiles in the report are American Elements, CERATIZIT S.A., China Minmetals Corporation, CY Carbide Mfg. Co., Ltd., Durit HartMetall GmbH, Element Six, Federal Carbide Company, H.C. Starck GmbH, International Metalworking Companies (IMC) Group, Kennametal Inc., Mitsubishi Materials Corporation, Rock River Tool, Inc., Sandvik AB, Sumitomo Electric Industries, Ltd., and Wolfram Company JSC.
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Market Overview
It was during the second world war that led to enormous traction for tungsten carbide globally. Tungsten carbide, made up of tungsten and carbon, was initially used for the production of weapons. Tungsten is known for its exceptional properties such as high wear and tear resistance which makes it a popular material of choice across major end-user applications. More than 60% of the tungsten manufactured globally, is utilized in the production of tungsten carbides.
The tungsten carbide market is gradually witnessing a dynamic growth rate, with its usage ranging across various applications. Tungsten carbide is a hard, composite material that is increasingly gaining popularity for numerous applications such as cutting tools, wear resistance tools, and wear parts, among others. Its unique combination of strength, hardness, and toughness has created an excessively high demand in various end-use industries. It is twice as rigid as steel and has a density double than that of steel (and nearly midway between lead and gold). Tungsten carbide is the most robust man-made metal matrix composite. This material possesses a unique combination of properties that have allowed manufacturers across a broad spectrum of industries to increase throughput rates, reduce downtime, and extend the life of production tools and component wear parts.
In the 1920s and 1930s, a company named Osram, based in Germany was one of the primary users of tungsten carbide. This company utilized tungsten carbide material instead of drawing dies made up of diamond. The reliability of tungsten carbide and its ability to cut other hard metals was an essential factor for its widespread use and popularity. This carbide soon began to be used around the world for the cutting of steel and iron. While tungsten carbide was recognized as a strong material, the developmental evolution of the material resulted in it becoming even stronger when it was mixed with numerous other metals such as cobalt, tantalum, and titanium. The mixing of these materials with tungsten carbide results in a unified material that was even more resolute and reliable, ensuring it to be a top choice for milling and mining practices at present.
The global tungsten carbide consumption in 2017 was 60.34 million tons and it is expected to reach XX million tons by 2028. The market in terms of value was $XX billion in 2017 and it is expected to reach $3.69 billion by 2028.
Currently, tungsten carbide is used in various applications such as cutting tools, wear parts, mining and drilling tools, medical tools, wood and plastic working tools, jewelry and many more. Out of all these, cutting tools is the leading application followed by mining & drilling tools. Tungsten carbide is largely used in these two applications owing to its toughness and high abrasion resistance.
Compared with the other materials such as poly crystallized diamond and High Speed Steel (HSS), tungsten carbide has a high preference ratio among the industry end users. The material is cost effective which makes tungsten carbide a popular choice among the small-scale manufacturers as well. Tungsten carbide is highly effective at high temperatures which is a drawback of high-speed steel, thus making tungsten carbide more favorable for high temperature applications.
Key Questions Answered in this Report
- What was the size in terms of value ($million) and volume (Metric Tons) of the tungsten carbide market in 2017, and what will be the growth rate during the forecast period 2018-2028?
- What will be the market size of different types of applications (by value and volume) and their growth rate during the forecast period 2018-2028?
- What will be the market size of different end-use industries of the tungsten carbide market (by value and volume) and their growth rate during the forecast period 2018-2028?
- What will be the market size for different regions and countries in terms of value and volume in the tungsten carbide market and their growth rate in the forecast period 2018-2028?
- What are the major driving forces that tend to increase the demand for tungsten carbide in various end-user industries during the forecast period?
- What are the major challenges inhibiting the growth of the global tungsten carbide market?
- What are the competitive strengths of key players in the global tungsten carbide market by analyzing through market share analysis?
- Who are the key players (along with their detailed analysis and profiles including their financials, company snapshots, key products & services, and SWOT analysis) in the market?
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