Tungsten Carbide Industry is driven by Increasing Demand from End-Use Industries
Tungsten carbide is a chemical compound produced from tungsten and carbon. It has extreme hardness and high melting point, making it useful for many cutting and wear resistant applications. It is commonly used to make cutting tools, abrasive products, wear resistant parts and dies for various industrial applications like machining, mining, construction and transportation. Due to its unique mechanical properties and capability to retain hardness at high temperatures, tungsten carbide finds wide usage in tools and wears parts across end-use industries such as automotive, oil & gas, aerospace and machinery.
Global Tungsten Carbide Market is estimated to be valued at USD 17.54 Bn in 2025 and is expected to reach USD 24.45 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 4.8% from 2025 to 2032.
Key Takeaways
Key players operating in the Tungsten Carbide Market include Sandvik AB, Xiamen Tungsten Co., Kennametal Inc, China Minmetals Corporation, Guangdong Xianglu Tungsten Co., Ltd, Federal Carbide Company, Ceratizit S.A., Japan New Metal Co. Ltd., and Reade International Corp. Tungsten carbide products from these major manufacturers are playing a crucial role in addressing the growing demand from end-use industries.
The global Tungsten Carbide Market Demand is anticipated to witness strong over the forecast period owing to increasing demand from automotive, aerospace, oil & gas, machinery and construction industries. Manufacturing activity ramp-up across various sectors post COVID-19 and rising foreign direct investments for capacity expansions will further spur the demand.
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