Tungsten Carbide Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The market is segmented by Application (Cemented Carbide, Metal Cutting Tools, Wear Part Tools, Mining & Drilling Tools, Cutting Tools, Mill Products, and Others), End-user (Aerospace & Defense, Automotive, Oil & Gas, Mining and Construction, Electronics, and Others), and Geography (Asia-Pacific, North America, Europe, and Rest of the World)

Market Snapshot

tungsten carbide market
Study Period: 2016 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: >3.5 %

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Market Overview

The market for tungsten carbide is anticipated to grow at a moderate CAGR of over 3.5% during the forecast period. Growth in the manufacturing activities across the globe is generating demand for tungsten carbide. Tungsten carbide is highly dense material constituting of tungsten and carbide. This alloy is resistant to heat, rust, scratches, and pitting. 

  • Tungsten carbide is harder than titanium and only diamond can scratch tungsten carbide. In Mohs scale of mineral hardness, its score is 9 and that of titanium is 6.
  • It can be molded into many shapes, can be sharpened with precision, and can be melded with or grafted to other metals. 
  • Tungsten carbide scrap can be recycled which makes it extremely valuable alloy for all sorts of applications. 
  • Toxicity due to Tungsten carbide is a restraint to the growth of the market.

Scope of the Report

The global tungsten carbide market report includes:

Application
Cemented carbide
Coatings
Alloys
End-user
Aerospace & Defense
Automotive
Mining & Construction
Electronics
Others (Medical, Sports, etc.)
Geography
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
Rest of the World
South America
Middle East & Africa

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Key Market Trends

Cemented Carbide to Drive the Market Growth

  • Cemented carbide is a metallurgical material in a powder form; a composite of tungsten carbide (WC) particles and a binder rich in metallic cobalt (Co).
  • Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
  • The cemented carbide tools are used in the production of glass bottles, aluminum cans, plastic tubes, steel wires, copper wires. 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.
  • Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
  • Cemented carbide is considered as the best material choice and used often because of its unique physical and mechanical properties, such as Abrasion Resistance, Deflection Resistance, Tensil Strength, Compressive Strength, High-Temperature Wear Resistance.
  • With the increasing demand from various applications, the market for cemented carbide is projected to grow over the forecast period.
Tungsten Carbide Market Revenue Share

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 automotive, construction and metalworking industries, in countries like China, India, and Japan.
  • Asia-Pacific 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’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country. China’s construction industry developed rapidly, due to the central government’s push for infrastructure investment, as a means to sustain economic growth.
  • In India, investments of USD 31,650 billion has been proposed by 99 cities under their smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion in the next 5 years.
    • Housing for All” program, launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022. Around 60 million new homes are expected to be built in India between 2018-2024.
    • India Electronics and Semiconductor Association (IESA) signed a MoU with Singapore Semiconductor Industry Association (SSIA) to establish and develop trade and technical cooperation between the electronics and semiconductor industries of both the countries. This is expected to result in the development of various break-through semiconductor manufacturing technologies that would further increase the scope for the establishment of semiconductor manufacturing facilities in India.
  • In Japan, the mineral industry consists of a small mining sector of coal and nonferrous metals, a large mining sector of industrial minerals, and a large minerals-processing sector of ferrous and nonferrous metals and industrial minerals.
  • Thus, the growing manufacturing activities are instrumental for the growth of cemented carbide which in turn, boosting the market for tungsten carbide during the forecast period.
Tungsten Carbide Market Regional Trends

Competitive Landscape

The global tungsten carbide market is fragmented. The major companies nclude Umicore, CERATIZIT S.A., Extramet products,LLC., Kennametal Inc., and American Elements, among others.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Drivers

      1. 4.1.1 Increasing Applications of Tungsten Carbide in Various End-user Industries

      2. 4.1.2 Recylable Property of Tungsten carbide

    2. 4.2 Restraints

      1. 4.2.1 Toxicity of Tungsten carbide

      2. 4.2.2 Other Restraints

    3. 4.3 Industry Value-Chain Analysis

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Suppliers

      2. 4.4.2 Bargaining Power of Consumers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products and Services

      5. 4.4.5 Degree of Competition

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Cemented carbide

      2. 5.1.2 Coatings

      3. 5.1.3 Alloys

    2. 5.2 End-user

      1. 5.2.1 Aerospace & Defense

      2. 5.2.2 Automotive

      3. 5.2.3 Mining & Construction

      4. 5.2.4 Electronics

      5. 5.2.5 Others (Medical, Sports, etc.)

    3. 5.3 Geography

      1. 5.3.1 Asia-Pacific

        1. 5.3.1.1 China

        2. 5.3.1.2 India

        3. 5.3.1.3 Japan

        4. 5.3.1.4 South Korea

        5. 5.3.1.5 Rest of Asia-Pacific

      2. 5.3.2 North America

        1. 5.3.2.1 United States

        2. 5.3.2.2 Canada

        3. 5.3.2.3 Mexico

      3. 5.3.3 Europe

        1. 5.3.3.1 Germany

        2. 5.3.3.2 United Kingdom

        3. 5.3.3.3 Italy

        4. 5.3.3.4 France

        5. 5.3.3.5 Rest of Europe

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Market Share/Ranking Analysis**

    3. 6.3 Strategies Adopted by Leading Players

    4. 6.4 Company Profiles

      1. 6.4.1 American Elements

      2. 6.4.2 Buffalo Tungsten Inc.

      3. 6.4.3 CERATIZIT S.A.

      4. 6.4.4 China Tungsten

      5. 6.4.5 CY Carbide Mfg. Co., Ltd.

      6. 6.4.6 Extramet Products, LLC.

      7. 6.4.7 Federal Carbide Company

      8. 6.4.8 Guangdong Xianglu Tungsten Co., Ltd.

      9. 6.4.9 H.C. Stark GmbH

      10. 6.4.10 Jiangxi Yaosheng Tungsten Co., Ltd.

      11. 6.4.11 Kennametal Inc.

      12. 6.4.12 Sandvik AB

      13. 6.4.13 Sumitomo Electric Industries, Ltd.

      14. 6.4.14 Umicore

    5. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Increase in Demand for Automatic Valves

**Subject to Availability

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Frequently Asked Questions

The Tungsten Carbide Market market is studied from 2016 - 2026.

The Tungsten Carbide Market is growing at a CAGR of >3.5% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Umicore, CERATIZIT S.A., Extramet products,LLC., American Elements, Kennametal Inc. are the major companies operating in Tungsten Carbide Market.

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