Tungsten Carbide Market Size
|Study Period||2018 - 2028|
|Base Year For Estimation||2022|
|CAGR||> 3.50 %|
|Fastest Growing Market||Asia-Pacific|
*Disclaimer: Major Players sorted in no particular order
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Tungsten Carbide Market Analysis
During the forecast period, the market for tungsten carbide is expected to register a moderate rate of about 3.5% per year.
The COVID-19 epidemic had a mixed influence on the tungsten carbide market. On the one hand, demand from the medical sector caused a significant increase in the market, but on the other hand, the market suffered a negative influence from other industries due to statewide lockdowns and stringent limitations.
- Growth in manufacturing activities across the globe is generating demand for tungsten carbide. Along with it, tungsten carbide scrap can be recycled, making it an extremely valuable alloy for all sorts of applications and thus positively influencing the market.
- On the other hand, toxicity brought on by the use of tungsten carbide restricts market expansion.
- The increasing demand for automatic valves in the business world is probably going to support the growth of the market under study.
- The Asia-Pacific region is expected to have the biggest share of the market and the highest CAGR over the next five years.
Tungsten Carbide Market Trends
This section covers the major market trends shaping the Tungsten Carbide Market according to our research experts:
Cement Carbide to Drive the Market Growth
- Cemented carbide is a powdered metallurgical material composed of tungsten carbide particles and a binder rich in metallic cobalt.
- Cement carbide is considered the best material choice and is often used because of its unique physical and mechanical properties, such as abrasion resistance, deflection resistance, tensile strength, compressive strength, and high-temperature wear resistance.
- The tools that are used to make glass bottles, aluminum cans, plastic tubes, steel wires, and copper wires are made of cemented carbide.Some of the other uses include metal cutting, machining of wood, plastics, composites, soft ceramics, chipless forming (hot and cold), mining and construction, structural parts, wear parts, and military components.
- According to the Bureau of Economic Analysis, the total value added by the construction industry in the United States in the first three quarters of 2022 was around USD 2,980 billion, which was roughly 5% higher than the previous year for the same period. The primary function of cement carbide is in the tools used in industry to provide properties that no other material can provide.
- The mining industry also saw a major upsurge of approximately 30% in the value added by the industry in the first three quarters of 2022, which was about USD 1,490 billion compared with the previous year for the same period.
- Due to the properties that it possesses, which give it an edge over other tools and thus increase demand from various applications, the market for cement carbide is projected to grow over the forecast period.
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Asia-Pacific Region to Dominate the Market
- Asia-Pacific represents the largest regional market for the global tungsten carbide market. There is demand for tungsten carbide in the market as a result of the growing demand for the automotive, construction, and metalworking industries in countries like China, India, and Japan.
- The Asia-Pacific region dominated the global market share. With growing transportation activities in countries such as China, India, and Japan, the usage of tungsten carbide is increasing in the region.
- China is the largest producer and consumer of automotive vehicles. The China Association of Automobile Manufacturers reports that, compared to the prior year, China's automobile sales increased by about 2.1% in 2022. In comparison to the 26.27 million automobiles sold in 2021, around 26.86 million were sold in 2022.
- In its annual report for 2022, the Philippine Statistics Authority also said that the country's 7.6% GDP growth over the previous year was helped a lot by the maintenance of cars and motorbikes. The sector was the most important contributor, providing approximately 8.7% of overall growth.
- The overall production value of the electronics sector in Japan was estimated by the Japan Electronics and Information Technology Industries Association (JEITA) to be around JPY 10.1 trillion (84.5 billion USD) as of November 2022, which is roughly 100.7% of the value from the previous year. When compared to the previous year, Japanese electronics exports increased by nearly 15% up until November.
- Furthermore, the mineral industry in Japan comprises a modest coal and nonferrous metals mining sector, a significant mining sector of industrial minerals, and a primary minerals-processing sector of ferrous and nonferrous metals and industrial minerals.
- Thus, the growing manufacturing activities, the increasing automobile industry, and the rising electronics sector are instrumental in the growth of cemented carbide and other applications, which in turn would boost the market for tungsten carbide during the forecast period.
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Tungsten Carbide Industry Overview
The global tungsten carbide market is fragmented. The major companies include (not in any particular order) Umicore, CERATIZIT S.A., Extramet Products, LLC, Kennametal Inc., and American Elements, among others.
Tungsten Carbide Market Leaders
Extramet Products, LLC.
*Disclaimer: Major Players sorted in no particular order
Tungsten Carbide Market News
- September 2022: CERATIZIT S.A. announced the acquisition of all the shares of AgriCarb SAS, a global leader in tungsten carbide agricultural wear parts for over 35 years. This acquisition will help the company enter new markets. with the help of a high degree of added value and expertise in the field of hybrid tools made of steel and tungsten carbide.
- June 2022: The Center for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) and H.C. Starck Tungsten Powders, a subsidiary of the Masan High-Tech Materials Group, are working together to investigate the application of tungsten-based cathode coatings in lithium-ion batteries. This partnership is considered a crucial milestone in the growth of elements like tungsten in the development and use of batteries. Making batteries safer and enhancing their performance is a vital component of wider adoption and application in the worldwide EV push.
- February 2022: CERATIZIT S.A. announced the takeover of the remaining 50% of the shares of Stadler Mettale and thus became the sole owner of the company. The company is one of the most important sources of secondary raw materials for making tungsten and tungsten carbide powders. Because of this, CERATIZIT S.A. depends on the company a lot.
Tungsten Carbide Market Report - Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1.1 Increasing Applications of Tungsten Carbide in Various End-user Industries
4.1.2 Recylable Property of Tungsten carbide
4.2.1 Toxicity of Tungsten carbide
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1.1 Cemented carbide
5.2.1 Aerospace & Defense
5.2.3 Mining & Construction
5.2.5 Others (Medical, Sports, etc.)
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.3.2 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.3.4 Rest of the World
18.104.22.168 South America
22.214.171.124 Middle East & Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 American Elements
6.4.2 Buffalo Tungsten Inc.
6.4.3 CERATIZIT S.A.
6.4.4 China Tungsten
6.4.5 CY Carbide Mfg. Co., Ltd.
6.4.6 Extramet Products, LLC.
6.4.7 Federal Carbide Company
6.4.8 Guangdong Xianglu Tungsten Co., Ltd.
6.4.9 H.C. Starck Tungsten GmbH
6.4.10 Jiangxi Yaosheng Tungsten Co., Ltd.
6.4.11 Kennametal Inc.
6.4.12 Sandvik AB
6.4.13 Sumitomo Electric Industries, Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increase in Demand for Automatic Valves
Tungsten Carbide Market Research FAQs
What is the current Tungsten Carbide Market size?
The Tungsten Carbide Market is projected to register a CAGR of greater than 3.5% during the forecast period (2023-2028).
Who are the key players in Tungsten Carbide Market?
Umicore, CERATIZIT S.A., American Elements, Kennametal Inc. and Extramet Products, LLC. are the major companies operating in the Tungsten Carbide Market.
Which is the fastest growing region in Tungsten Carbide Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Tungsten Carbide Market?
In 2023, the Asia-Pacific accounts for the largest market share in the Tungsten Carbide Market.
Tungsten Carbide Industry Report
Statistics for the 2023 Tungsten Carbide market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tungsten Carbide analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.