Tungsten Carbide Market is valued at USD 18.16 Billion in 2021 and is expected to reach USD 26.24 Billion by 2028 with a CAGR of 5.4% over the forecast period.
Global Tungsten Carbide Market: Global Size, Trends, Competitive, and Historical & Forecast Analysis, 2021-2028- Growing consumption of tungsten carbide in several applications is one of the forefront factors anticipated to drive the growth the global Tungsten Carbide Market.
Tungsten carbide is an essential member of the class of inorganic compounds. With high strength in fabrication, low thermal expansion, high density, and many other beneficial aspects are responsible for the endless applications of the tungsten carbide. Tungsten carbide possesses the most unique attributes. Numerous building applications use the drilling tools that created from tungsten carbide. Cutting tools, drill bits, and other mining equipment utilize approximately 65% of tungsten carbide supply. Tungsten carbide is used in manifold industries like the medical industry, automobile industry, jewellery industry, and the mining industry as well.
Covid-19 has had pessimistic impact on the global tungsten carbide market as many businesses have become non-operational. Number of industries have experienced a drop in growth as a result of the nationwide lockdown enacted to contain the spread of the highly contaminating virus. Production and demand of the tungsten carbide have both decreased significantly. As the automobile industry is experiencing a demand and supply gap which has negatively impacted the tungsten carbide market growth during the pandemic. After the lockdown, all industries are reopened and global import-export has been started, due to which the market has started recovering.
|2018 - 2021
|2022 - 2028
|Market Size in 2021:
|USD 18.16 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 26.24 Billion
|Tables, Charts & Figures:
|Tungsten Carbide Companies
|Umicore, CERATIZIT S.A., Extramet Products, LLC, Kennametal Inc, American Elements, Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Company Ltd, Zigong Huagang Cemented Carbide New Materials Company, H.C Starck, Reade International Corporation, Guangdong Xianglu Tungsten Company Ltd, Nanchang Cemented Carbide Co. Ltd, Manu, and Sales Corporation, Eurotungstene, and others.
|By Application, By Industry Verticals
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
Major market players in the global tungsten carbide market are Umicore, CERATIZIT S.A., Extramet Products, LLC, Kennametal Inc, American Elements, Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Company Ltd, Zigong Huagang Cemented Carbide New Materials Company, H.C Starck, Reade International Corporation, Guangdong Xianglu Tungsten Company Ltd, Nanchang Cemented Carbide Co. Ltd, Manu, and Sales Corporation, Eurotungstene, and others.
The demand for cemented carbide in cutting application is significantly increasing in various sectors worldwide. This is one of the major factors augmenting the market value worldwide. The cemented carbide tools are highly used in the production of glass bottles, aluminium cans, plastic tubes, steel wires, copper wires. With the surging demand from manifold applications, the adoption of cemented carbide is drastically growing. This is the reason why large number of firms are innovating in the cemented carbide and investing in large amount. For instance; on April 14th, 2022; Sandvik introduced 3D-printed cemented carbide. In addition to this, VBN Components AB, Uppsala, Sweden, has established a new cemented carbide for metal additive production, the hard metal Vibenite 480. The global development of cemented carbides has grown rapidly in the recent years among number of market players. With the betterment of quality, the demand for tungsten carbide across the end market is increasing.
In addition, aerospace industry plays a vital role in the market expansion of the tungsten carbide globally. In aerospace sector, alloy is a protective coating that commonly made by using tungsten carbide/cobalt as the raw material for supersonic spraying on the surface of nickel or iron-based materials. Rotor blades, propellers, inertial systems, fluid control systems, bucking bars, trim weights, aircraft balance weights, and many more are extensively used in manufacturing aerospace components. Tungsten carbide materials have high hardness, abrasion resistance, high-temperature resistance, and corrosion resistance. Hence, these are widely used in the aerospace industry globally. The total volume sales revenue left a considerable footprint on the American economy.
Despite aforementioned optimistic factors, small level of exposure of tungsten carbide can have significant health consequences such as skin allergy, skin burns, or eye irritation which may hamper the market growth. In spite of that, the growing investments in the tungsten carbide specially 3D printing technology can provide plethora of opportunities for the further growth of the global tungsten carbide market.
The global tungsten carbide market is segmented based on application, industry vertical, and region & country level. Based on application, the market is divided into cemented carbide, coating, and alloy. Based on industry vertical, the tungsten market is divided into aerospace and defence, automotive, mining and construction, electronics, and others like medical, and sports.
Plansee Group Acquired Mi-Tech Tungsten Metals
On January 11th, 2022; The Plansee Group, has signed a definitive agreement to acquire Mi-Tech Tungsten Metals. Mi-Tech will be purchased by the Plansee Group through its U.S. company Global Tungsten & Powders (GTP), which specialised in tungsten powder manufacture. With the acquisition of Mi-Tech, the company is bolstering its tungsten product market position in North America.
Kennametal Announced New Tungsten Carbide Grade Additive Material for oil and gas applications
On September 14th, 2021; Kennametal Inc. launched KAR85-AM-K, its most corrosion resistant tungsten carbide grade for metal additive manufacturing. It's only available when used with Kennametal's binder jet 3D printing capability to create completely completed wear components.
Dyze Design Launched Tungsten Carbide Nozzles for Desktop FDM Machines
On February 23rd, 2018; Dyze Design, a 3D printing accessory company, recently launched a Kickstarter campaign for a set of Tungsten Carbide Nozzles that are compatible with a variety of FDM desktop machines. The nozzle is compatible with a variety of machines, including Ultimaker, Prusa, Monoprice, and Raise3D, and allows for the 3D printing of a composite material with great wear and abrasion resistance.
The Asia-Pacific region held the leading position in the global tungsten carbide market owing to the rising demand for tungsten carbide from countries like Japan, China, and India. Tungsten carbide is widely used in the defence industry to make ammunition and as a neutron reflector in nuclear chain reactions and weapons throughout the Asian countries. This industry is estimated to be driven by escalating investments from many countries in the region. For instance; in the Union Budget 2019-20, India set aside USD 61.96 billion for defence-related investments. Furthermore, China has set aside 177.61 billion for defence spending in 2019. The Chinese government also approved 26 infrastructure projects for a total of USD 142 billion, according to the National Development and Reform Commission of China. During the projection period, the aforementioned factors, combined with government backing, will contribute to an increase in demand for tungsten carbide in Asia-Pacific.
North America is predicted to witness the significant growth in the global tungsten carbide market due to the ongoing technological advancements in this region. As United States is considered as most important country when it comes to innovation. Number of market players are investing in the tungsten carbide market in this region. For example; Ceratizit S.A. partnered with Grasche (USA) for the distribution of the company’s product offerings, significantly for the North American market. American Elements company has also innovated Tungsten Carbide Nanoparticles which has ultra-high purity. Many other players who are not even from U.S. have significant presence in the U.S.
By Industry Verticals
Middle East and Africa
By Industry Verticals
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