Tungsten Carbide Market to Grow with a CAGR of 5.21% through 2028
Growing demand of tungsten carbide in the mining
sector is expected to drive the Global Tungsten Carbide Market growth in the
forecast period, 2024-2028.
According to TechSci Research report, “Tungsten Carbide
Market – Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2028”, the Global Tungsten Carbide Market stood at USD21.48
billion in 2022 and is anticipated to grow with a CAGR of 5.21% in the forecast
period, 2023-2028. The initiatives taken by government based on tungsten carbide
has led to favorable market conditions for the Global Tungsten Carbide Market.
Several factors contribute to the growth of various tungsten carbide Market products.
Government funding has played a crucial role in driving advancements in the
Research and Development (R&D) sector of the tungsten carbide industry.
This financial support has not only facilitated the adoption of cutting-edge
technology but has also fueled innovation and pushed the boundaries of what is
possible in this field. In a significant development in 2020, the Japanese
Ministry of Health made a landmark decision by successfully removing tungsten
carbide from the list of known carcinogens and sensitizers. This regulatory
change has opened up new avenues for the expanded use of tungsten carbide in
various industries, creating opportunities for its application in sectors where
its exceptional properties can bring about transformative changes. Tungsten
Carbide holds significant demand in the mining industry due to its wide range
of applications. It is extensively used for drilling and cutting tools in
mining operations, thanks to its exceptional properties such as hardness, wear
resistance, and toughness. The rising number of mining and mineral processing
projects across the globe is further fueling the demand for tungsten carbide.
Moreover, the increasing utilization of tungsten carbide in mining tools and
equipment is driving market growth.
In 2021, the
mines in the United States alone produced approximately US$ 90.4 billion worth
of mineral commodities, showcasing a notable increase of US$ 9.7 billion
compared to the previous year, as reported by the United States Geological
Survey (USGS). This remarkable growth in mineral production further highlights
the significance of tungsten carbide in the mining sector. As a result, the
growing application and demand for tungsten carbide in the mining industry are
not only driving the market but also offering substantial growth opportunities
in the global tungsten carbide industry. With its superior properties and increasing
usage, tungsten carbide continues to play a pivotal role in enhancing mining
operations and contributing to the overall growth of the sector. The Global
Tungsten Carbide Market is segmented into end user, application, regional
distribution, and company. Based on its application,
the cemented carbide segment held the largest share in the market. Cemented
carbide, a metallurgical material in powder form, is a composite of tungsten
carbide particles and a binder rich in metallic cobalt. With its wide range of
applications, cemented carbide is projected to experience a significant boost
in market demand, especially in various industrial sectors.
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Tungsten Carbide Market.”
The versatility of cemented carbide is evident in its
use for the production of aluminum cans, glass bottles, plastic tubes, copper
wires, and steel wires, among other applications. Moreover, it finds extensive
usage in wood machining, metal cutting, composite materials, soft ceramics,
plastics, chipless shaping in the mining and building industries, as well as in
the manufacturing of structural, wear, and military parts. In the United States alone, nearly 65% of the tungsten
used is dedicated to cemented carbide parts for cutting and wear-resistant
applications. The construction, metalworking, mining, and oil and gas drilling
industries rely heavily on the exceptional properties of cemented carbide. Its
high temperature wear resistance, abrasion resistance, tensile strength, and
compressive strength make it the preferred choice for numerous industries. In
terms of market consumption, the estimated value of tungsten carbide in 2020
amounted to approximately $550 million. The remarkable mechanical and physical
characteristics of cemented carbide contribute to its widespread adoption and
make it an indispensable material in various industrial processes. Based on region, Asia Pacific segment is expected to
grow during the forecast period. In recent years, the most populous nations,
such as China and India, have significantly ramped up their oil and gas-related
operations to meet their ever-increasing energy demands. This surge in activity
has brought about a noticeable shift in the demand for tungsten carbide within
the oil and gas industry. As these nations strive to secure their energy
future, the importance of tungsten carbide as a crucial component in various
drilling and exploration processes cannot be overstated. Its exceptional hardness,
durability, and resistance to wear make it an ideal material for the
challenging conditions encountered in oil and gas operations. Thus, the impact
of these nations' energy endeavors on the demand for tungsten carbide has been
substantial and continues to shape the industry's landscape.
Major companies operating in Global Tungsten Carbide
Market are:
- American Elements Corp
- Buffalo Tungsten Inc.
- CERATIZIT S.A.
- CY Carbide Mfg. Co., Ltd.
- Extramet Products, LLC.
- Federal Carbide Company
- Guangdong Xianglu Tungsten Co., Ltd.
- H.C. Starck Tungsten GmbH
- Jiangxi Yaosheng Tungsten Co., Ltd.
- Kennametal Inc.
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“Growing application of tungsten carbide in various
end user industries are key drivers of the tungsten carbide market. Growth in
competitive landscape and presence of well-established companies in the market
who are dedicated to enhance their productivity of tungsten carbide with every
passing year are anticipated to register an impressive growth to Global
Tungsten Carbide Market in the forecast period.,” said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based management consulting
firm.
“Tungsten Carbide Market By End User (Automotive,
Aerospace & Defense, Construction, Oil & Gas, Electronic, Others), By Application
(Cemented Carbide, Industrial Alloys, Surgical Tools, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated
the future growth potential of Global Tungsten Carbide Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Tungsten Carbide Market.
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