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The tungsten carbide market size is forecast to increase by USD 4.81 billion at a CAGR of 4.23% between 2022 and 2027. The market's expansion hinges on various factors, notably the rising need for tungsten carbide within the automotive sector, driven by its exceptional properties. It's dynamic nature, coupled with its robustness, makes it indispensable across diverse applications. Moreover, the mining and construction industries are experiencing a surge in demand for tungsten carbide due to its durability and high-performance characteristics. This compound's ability to withstand harsh conditions and provide superior performance in cutting tools and wear-resistant parts further propels its demand. These factors collectively contribute to the market's growth trajectory, indicating a promising outlook for tungsten carbide across multiple sectors.
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This report extensively covers market segmentation by application (machine components and tools, cutting and drilling tools, dies and punches, abrasives, and others), end-user (mining and construction, automotive, power generation and fluid power manufacturing, oil and gas, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
The market is driven by robust manufacturing activities across various sectors, fostering demand for cemented carbide and tungsten carbide scrap. Enhanced physical and mechanical properties like superior abrasion resistance, deflection resistance, tensile strength, and compressive strength make it pivotal in mining activities and industrialization. Emerging economies fuel demand for mining equipment and infrastructure projects, yet challenges such as raw material shortage and shipping delays persist, necessitating efficient supply chain management for sustainable growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand from the mining and construction industries is notably driving market growth.?Mining and construction machinery and tools undergo harsh conditions, resulting in wear and tear of tools and devices is the major problem. This, with high toughness, strength, and durability, is an ideal material to withstand these harsh conditions.
Moreover, growing mining and construction industries in developing countries, especially in China, India, Malaysia, and Japan, along with increasing urbanization, will boost the demand for residential and commercial buildings in the construction industry in the coming years. Thus, the global sale of construction equipment is on a continuous rise. It is widely used in the construction industry, and this increase in the global demand for construction equipment will be one of the key drivers for the growth of the market during the forecast period.
The emerging applications of tungsten carbide are?emerging trends in the market.?In addition to the use of tungsten carbide in machine tools, cutting tools, dies, punches, and abrasives, technological advancements are showcasing the rich prospect for the use of it for new emerging applications. One of the applications is the use of it as a reforming catalyst for the conversion of natural gas to hydrogen gas. This technology is used in hydrogen-powered engines and fuel cells.
Furthermore, this metal's powder is also used in HVOF systems to offer high porosity, density, and strength for spraying and coating applications. Silver-tungsten-carbide composites are used to manufacture surface films and contacts. These silver-tungsten-carbide products showcase superior erosion resistance and anti-weld properties. Therefore, they are used in devices that require large low-voltage circuit breakers and other protective circuit breakers. Hence, all these factors will propel the growth of the global market during the forecast period.
The toxicity and safety concerns are major challenges impeding the market growth.?This metal contains 5%-10% of cobalt, which is released into the air from hard metal industries. Ingestion of tungsten metal and carbide through the air, water, or food results in lung diseases, hard metal diseases, and carcinogenic health issues.
Moreover, most tungsten-related toxicities occur due to discharges that these metal plants release as residue wastewater. Humans are exposed to tungsten toxicity either in the form of tungsten metal or carbide through ingestion and breathing. Also, workers in this hard metal industry are regularly exposed, and the individual count is estimated at nearly 48,000. Additionally, the federal government also recommends that the permissible level of tungsten in air, water, and food needs to be addressed by metal manufacturers to avoid issues related to toxicity and safety. Therefore, all these may hinder the growth of the global market during the forecast period.
The market research and growth report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market growth analysis report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Buffalo Tungsten Inc. - The company offers tungsten and tungsten derivative products including tungsten powder, engineered powder, tungsten carbide powder, tungsten intermediates, thermal spray powder, and tungsten raw materials.
The key offerings of the company include tungsten carbide.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, robust, tentative, and weak.
The market exhibits a diverse landscape shaped by several key segments. Manufacturing activities stand as a cornerstone, driving demand for tungsten carbide scrap recycling and fueling innovations in cemented carbide production. Industries reliant on precise control leverage automatic valves, showcasing the material's versatility. The market's allure also lies in the robust physical and mechanical properties of tungsten carbide, including exceptional abrasion and deflection resistance, along with impressive tensile and compressive strength. These attributes find extensive applications in mining activities, providing durability and reliability in harsh environments. As industrialization and urbanization surge in emerging economies, the demand for tungsten carbide amplifies, especially in infrastructural developments and mining equipment. Its role in critical sectors like petroleum tunneling highlights its indispensability, albeit concerns arise from raw material shortage and shipping delays, underscoring the market's complex dynamics.
The market share growth by the machine components and tools segment will be significant during the forecast period. The metal imparts properties such as high performance, strength, hardness, and durability to machine components and tools. Additionally, metal-based components and tools can withstand high temperatures and offer wear resistance, which is essential in the metalworking, automotive, aerospace, defense, oil and gas, and power industries.
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The machine components and tools segment was valued at USD 6.33 billion in 2017 and continued to grow until 2021. The machine components and tools where it is used include plungers, nozzles, bearings, bushings, pumps, conveyor rollers, drive wheels, mixers, jet mills, bearing shells, pulverizers, tool inserts, carbide seals, swirl plates, mechanical seals, and carbide tubing. The metal blades are used by leading global machine manufacturers, such as Oerlikon, Sulzer, Rolls-Royce, General Electric, and Pratt and Whitney. Owing to its superior strength, shock resistance, wear resistance, hardness, and ability to withstand high temperatures, it is preferred to produce industrial machinery and is expected to dominate the machine component and tools segment during the forecast period.
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APAC is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
Major end-user industries, including automotive, construction, aerospace and defense, are flourishing in APAC due to the significant economic growth. Automotive manufacturers in APAC widely use this metal and mill products. China, Japan, and India are the key contributors. Furthermore, the aviation industry in the region is also exhibiting growth due to the rising air passenger traffic. The region offers numerous opportunities to aerospace manufacturers and the general aviation industry. Therefore, the thriving aviation industry in the region will drive the demand for this metal, including heat-resistance superalloys and carbide products.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest market trends and growth opportunities from 2017 to 2027.
The market is witnessing significant growth driven by various industries and applications. One key area is 3D printing, where it is utilized for its exceptional abrasion resistance properties, making it suitable for creating durable and high-performance components. In the Aerospace and Defence sector, it's alloys are extensively used for manufacturing critical components such as auto parts, automatic valves, ball joints, and brakes, ensuring reliability and safety in demanding environments. Moreover, it plays a crucial role in chipless forming, providing superior compressive strength and deflection resistance in structural parts like crankshafts. Its high-temperature wear resistance makes it indispensable in metal cutting applications, mining equipment, and petroleum tunneling operations, enhancing durability and reducing maintenance costs.
Moreover, despite its numerous advantages, challenges such as raw material shortage and shipping delays can impact the market. Additionally, concerns about dust inhalation, lung fibrosis, silicosis, and skin allergies among workers in industries utilizing these highlight the importance of recycling initiatives and stringent safety measures. Overall, the market's growth is driven by its unmatched physical and mechanical properties, making it a preferred choice for wear parts, medical instruments, electronics, structural components, studs for tires, coatings, and welding powder in various industrial sectors.
Furthermore, the market is witnessing significant growth due to its diverse applications across various industries. In manufacturing activities, it is highly valued for its exceptional tensile strength and wear-resistant properties, making it a preferred choice for producing durable components like metallic cobalt tools and military components. As emerging economies focus on industrialization and infrastructural developments, the demand for it in infrastructure projects such as bridges, tunnels, and roads is increasing. Its use in mining activities and the mining industry is also notable, where it enhances the durability of tools and equipment used in harsh environments.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 4.23% |
Market growth 2023-2027 |
USD 4.81 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
3.67 |
Regional analysis |
APAC, Europe, North America, South America, and Middle East and Africa |
Performing market contribution |
APAC at 44% |
Key countries |
US, China, India, Japan, and Russia |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
American Elements, Buffalo Tungsten Inc., CY Carbide Mfg. Co. Ltd., DAAO Industry Co. Ltd., Federal Carbide Co., GuangDong XiangLu Tungsten Co. Ltd., Reade International Corp., Hengdian Group Holdings Ltd., Japan New Metals Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Kennametal Inc., Murugappa Group, Nanchang Cemented Carbide Co. Ltd., Sandvik AB, Sumitomo Electric Industries Ltd., Plansee SE, Umicore NV, Extramet Products LLC, ILJIN Diamond Co. Ltd., and HC Starck Tungsten GmbH |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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