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Global Tungsten Carbide Market Insight December 31, 2021 Comments

The Tungsten Carbide is forecast to Steady growth over the next years. According to the World Knowledge Information (WKI) “Global Tungsten Carbide Professional Survey Report 2021, Forecast to 2026”, Global manufacturing activities and the growth of the construction industry are accelerating the demand for tungsten carbide. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 3.68% base on WKI regression analysis model.

 

Analysts’ Viewpoint:
“Since tungsten carbide is still harmful to the body, it is recommended that manufacturers invest more in innovation and create products that are less harmful to the human body.”said Jennie, Senior analyst, Chemical industry Market Research Center in WKI.

Market insight:
Due to the growth of the automotive industry, the tungsten carbide market in the Asia-Pacific region is expected to experience abnormal growth during the forecast period. Demand for tungsten carbide powder with a size of 1-10 microns has increased because it is ideal for manufacturing cutting machinery, mining tools, and grinding equipment. Tungsten carbide used for 3D printing has also contributed to its value increase in the market. Cutting tools have the highest value in the market, which has led to the increasing use of tungsten carbide to make tools for the automotive and construction industries. The oil and gas industry is the largest user of tungsten carbide because it can be used for natural gas exploration and production. Carbide tools are used to make glass bottles, aluminum cans, steel and copper wires, and plastic pipes. They have unique characteristics such as high tensile strength, abrasion resistance, compression strength and high temperature resistance. Due to the growing demand for various applications, the cemented carbide market is expected to grow. Due to increased transportation activities in countries such as India, Japan and China, the tungsten carbide market is expected to grow. The combination of these factors is expected to drive the demand for tungsten carbide. However, if inhaled, tungsten carbide can cause problems and diseases related to the respiratory system. It also has side effects such as affecting people’s eyesight. This toxicity of tungsten carbide will hinder the growth of the market during the forecast period.And the tungsten carbide market will also be hampered by its relatively high cost relative to other metal carbides. Because tungsten carbide powder can replace uranium, the shortage of uranium supply in several regions, coupled with its serious negative health effects on the human body, is expected to bring significant opportunities for tungsten carbide manufacturers.
Competition Landscape:
In October 2019, Pittsburgh-based Kennametal Inc. launched a new division called Kennametal Additive Manufacturing. The wing specializes in wear-resistant materials, especially tungsten carbide. Through this plan, the company is striving to produce more efficient parts for customers faster.The main players in the tungsten carbide market include: Umicore, CERATIZIT SA, Extramet Products, LLC., Kennametal Inc., American Elements, Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Co., Ltd., Zigong Huagang Cemented Carbide New Material Company, HC Starck, Reade International Corporation, Guangdong Xianglu Tungsten Industry Co., Ltd., Nanchang Cemented Carbide Co., Ltd., Manu and Sales Corporation, and Eurotungstene.
Segmentation of Tungsten Carbide Market:
According to the type, the tungsten carbide market is mainly subdivided into: cemented carbide, coatings, and alloys.Among them, cemented carbide occupies a larger share in the market because it is considered the best material choice and is often used, with unique physical and mechanical properties, such as wear resistance, deflection resistance, tensile strength, and compressive strength , High temperature wear resistance.According to the application, the tungsten carbide market is mainly subdivided into: aerospace and defense, automotive, mining and construction, electronic products, and others (medical, sports, etc.).Due to the high tensile strength of tungsten, tungsten is used more and more in aircraft, so the aerospace and defense fields occupy a larger share in the market.
Tungsten Carbide Market: Regional Analysis
In terms of geography, the global Tungsten Carbide market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa.The Asia-Pacific region is the largest regional market in the global tungsten carbide market. Due to the growing demand for automobiles, transportation activities, construction and metal processing industries in countries such as China, India and Japan, the market demand for tungsten carbide continues to grow.

 

Cagr: 3.68%
Largest share area:Asia Pacific
Largest share country:China