Tungsten Carbide Market Size (2024 - 2029)

The tungsten carbide market is projected to experience moderate growth over the forecast period, driven by increased manufacturing activities and the recyclability of tungsten carbide scrap, which enhances its value across various applications. Despite challenges posed by toxicity concerns, the market is supported by rising demand for automatic valves. The Asia-Pacific region is anticipated to dominate in terms of market share and growth rate, reflecting its significant role in the global market landscape.

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Market Size of Tungsten Carbide Industry

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Tungsten Carbide Market Summary
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

Tungsten Carbide Market Major Players

*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 Industry Segmentation

Tungsten carbide is a chemical compound containing almost equal proportions of tungsten and carbon. In its most basic form, it is a fine gray powder, but smelting can shape it into a variety of shapes for use in various industries. Application, end-user, and geography are the market segments for tungsten carbide. By application, the market is segmented into cemented carbide, metal cutting tools, wear-part tools, mining and drilling tools, cutting tools, mill products, and other applications. By end-user, the market is segmented into aerospace and defense, automotive, oil and gas, mining and construction, electronics, and other industries. The report also covers the market size and forecasts for the tungsten carbide market in 12 countries across major regions. For each segment, market sizing and forecasts have been done based on revenue (USD million).

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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Tungsten Carbide Market Size Summary

The tungsten carbide market is poised for moderate growth over the forecast period, driven by increasing manufacturing activities globally. The material's ability to be recycled adds to its value across various applications, including the automotive, construction, and metalworking industries. However, the market faces challenges due to the toxicity associated with tungsten carbide. The Asia-Pacific region, particularly countries like China, India, and Japan, is expected to dominate the market, benefiting from the region's robust industrial activities and demand for automatic valves. The COVID-19 pandemic had a mixed impact, boosting demand in the medical sector while hindering other industries due to lockdowns.

Cemented carbide, a key component of tungsten carbide, is favored for its superior physical and mechanical properties, making it indispensable in industries such as metal cutting, mining, and construction. The market's expansion is supported by the increasing demand for tools and components that leverage these properties. The global market is fragmented, with major players like Umicore, CERATIZIT S.A., and Kennametal Inc. actively pursuing strategic acquisitions and partnerships to enhance their market presence and explore new applications, such as in lithium-ion batteries. These developments underscore the material's versatility and the ongoing efforts to innovate and expand its use in various sectors.

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Tungsten Carbide Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Applications of Tungsten Carbide in Various End-user Industries

      2. 1.1.2 Recylable Property of Tungsten carbide

    2. 1.2 Restraints

      1. 1.2.1 Toxicity of Tungsten carbide

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Application

      1. 2.1.1 Cemented carbide

      2. 2.1.2 Coatings

      3. 2.1.3 Alloys

    2. 2.2 End-user

      1. 2.2.1 Aerospace & Defense

      2. 2.2.2 Automotive

      3. 2.2.3 Mining & Construction

      4. 2.2.4 Electronics

      5. 2.2.5 Others (Medical, Sports, etc.)

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 Rest of the World

        1. 2.3.4.1 South America

        2. 2.3.4.2 Middle East & Africa

Tungsten Carbide Market Size FAQs

The Tungsten Carbide Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)

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

Tungsten Carbide Market Report Snapshots

Tungsten Carbide Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)