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The tungsten carbide market is estimated to grow at a CAGR of 4.23% between 2022 and 2027. The size of the market is forecast to increase by USD 4,818.79 million. The growth of the market depends on several factors, including increasing demand for tungsten carbide from the automotive industry, dynamic properties of tungsten carbide, and increasing demand from the mining and construction industries
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.
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The increasing demand from the mining and construction industries is notably driving the market growth, although factors such as toxicity and safety concerns?may impede the market 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.
Key Tungsten Carbide Market Driver
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. Tungsten carbide, with high toughness, strength, and durability, is an ideal material to withstand these harsh conditions.
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. Tungsten carbide 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.
Significant?Tungsten Carbide Market Trend
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 tungsten carbide for new emerging applications. One of the applications is the use of tungsten carbide 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, tungsten carbide 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.
Major Tungsten Carbide Market Challenge
The toxicity and safety concerns are major challenges impeding the market growth.?Tungsten carbide 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.
Most tungsten-related toxicities occur due to discharges that tungsten carbide 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 tungsten carbide manufacturers to avoid issues related to toxicity and safety. Therefore, all these may hinder the growth of the global market during the forecast period.
Key Tungsten Carbide Market Customer Landscape
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Tungsten Carbide Market Customer Landscape
Vendors 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 operates under one segment. The company under this segment 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 vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, robust, tentative, and weak.
The market share growth by the machine components and tools segment will be significant during the forecast period. Tungsten carbide imparts properties such as high performance, strength, hardness, and durability to machine components and tools. Additionally, tungsten carbide-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 6,333.87 million in 2017 and continued to grow until 2021. The machine components and tools where tungsten carbide 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. Tungsten carbide 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, tungsten carbide 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 tungsten carbide 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 tungsten carbide, including heat-resistance superalloys and carbide products.
Additionally, in the construction industry, tungsten carbide is used in applications such as road maintenance, buildings, demolition tools, and construction tools. The rising need for commercial infrastructure and industrial buildings and the expansion of road and railway networks in the region will also fuel the demand for tungsten carbide during the forecast period.
In 2020, the outbreak of COVID-19 adversely affected the market in APAC. However, the scenario improved by the end of 2021, owing to the initiation of vaccination drives and the resumption of operations in manufacturing units in the region. As a result, the manufacturing industries, including automotive, construction, aerospace, and defense, began to return to normalcy with proper COVID-19 precautions. Moreover, the Indian auto industry recorded strong growth during 2021-2022 after recovering from the effects of the COVID-19 pandemic. Therefore, owing to such factors, the demand for tungsten carbide will increase in this region during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and analyzes the latest trends and growth opportunities from 2017 to 2027.
Tungsten Carbide 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 4,818.79 million |
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 Vendors, Market Positioning of Vendors, 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 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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