Market Trends of Tungsten Carbide Industry
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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