Market Size of Tungsten Carbide Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 3.50 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
