Rockville , April 03, 2023 (GLOBE NEWSWIRE) -- As per this new industry analysis by Fact.MR, a market research and competitive intelligence provider, the global tungsten carbide market is valued at US$ 21.3 billion in 2023 and is predicted to expand at a CAGR of 7.5% from 2023 to 2033.
Equal parts of tungsten and carbon atoms make up the chemical compound tungsten carbide. Manufacturers of high-performance applications are highly interested in tungsten carbide powders because they have consistent purity and homogenous particle size distribution. Tungsten carbide combined in equal parts is resistant to heat, scratch-free, and rust-free. It can be precisely cut and moulded into any shape. The fact that this alloy's scrap is recyclable makes it even more advantageous.
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Tungsten carbide is an excellent material for usage in the mining, construction, oil and gas, and automotive industries due to its strength, durability, and resistance to abrasion. Rapid industrialization, the developing automobile industry, and rising manufacturing activities are boosting sales of tungsten carbide.
Asia Pacific's market for tungsten carbide is expected to increase rapidly during the forecast period due to the swiftly developing automobile and electronic sectors. Tungsten carbide is widely utilized in the manufacturing of automobile and electronic parts. Due to its suitability as a material for cutting gear, mining tools, and abrasive equipment, tungsten carbide powder with a particle size range of 1 to 10 microns is experiencing increasing demand.
Usage of tungsten carbide in 3D printing is also increasing the market value of the material. Due to the growing demand for cutting tools, tungsten carbide is now used more commonly in the production of tools for the construction and automotive industries.
Key Takeaways from Market Study
- The global tungsten carbide market is projected to reach US$ 43.9 billion by 2033.
- Demand for tungsten carbide in China is predicted to expand at a rapid pace due to the presence of key automobile manufacturing companies.
- Sales of tungsten carbide in the United States are increasing due to the strong aerospace and defense sectors.
- Rapidly developing construction sector in Germany is driving the sales of tungsten carbide.
“High tensile strength makes tungsten carbide a vital component in the manufacturing of aerospace and defense equipment,” says a Fact.MR analyst.
Key Companies Profiled in Tungsten Carbide Market Report
- Ceratizit S.A.
- China Tungsten
- Chongyi Zhang Yuan Tungsten Co. Ltd.
- Federal Carbide Company
- GuangDong XiangLu Tungsten Co. Ltd.
- H.C. Starck GmbH
- Japan New Metals Co. Ltd
- Kennametal Inc.
- Merck KGaA
- Nanchang Cemented Carbide Co., Ltd.
- Reade International Corp.
- Sandvik AB
- Umicore
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Notable Market Developments
- In February 2022, CERATIZIT S.A. announced that it had acquired the remaining 50% of Stadler Mettale's shares, making it the sole owner of the business. One of the most significant suppliers of secondary raw materials for the production of tungsten & tungsten carbide powders is this firm.
- A prominent manufacturer of tungsten carbide, Sandvik AB, announced the commercial launch of 3D-printed cemented carbide on April 14, 2022. This product offers clients creative flexibility as well as advantages such as decreased material waste and increased component life.
- Australia-based Jenmar opened XCAL Industries in February 2020. It produces blanks made of tungsten carbide. The company sought to broaden its selection of tungsten carbide blanks and cutting tools for the tunnelling and mining industries in North America.
Key Segments of Tungsten Carbide Industry Research
- By Application:
- Cemented Carbide
- Metal Cutting Tools
- Wear Part Tools
- Mining & Drilling Tools
- Cutting Tools
- Mill Products
- By End User:
- Aerospace & Defense
- Automotive
- Oil & Gas
- Mining & Construction
- Electronics
- By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global tungsten carbide market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights on the market based on application (cemented carbide, metal cutting tools, wear part tools, mining & drilling tools, cutting tools, mill products) and end user (aerospace & defense, automotive, oil & gas, mining & construction, electronics), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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