New York, United States , June 27, 2024 (GLOBE NEWSWIRE) -- The Global Tungsten Carbide Market Size is to Grow from USD 18.03 Billion in 2023 to USD 33.4 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 6.36% during the projected period.
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The solid, light gray, metal-like inorganic chemical compound known as tungsten carbide (WC) is created when tungsten and carbon black are melted in the presence of hydrogen. It is possible to press and shape it into several shapes during the sintering process. A wide range of products, including abrasives, armor-piercing shells, tools for cutting, jewelry, alloys, coatings, and mill goods, utilize tungsten carbide. It is a durable substance that is stronger, less electrically conductive, has a higher melting and boiling point, is harder, and resists heat, rusting, scratches, and scratches. As a result, tungsten carbide is used extensively in the automotive, electronics, sports, mining and construction, aerospace, and defense industries. Additionally, due to its exceptional hardness, strength, and resistance to wear, tungsten carbide powder is a preferred material for industrial use. The growth of the automotive, aerospace, oil & gas, mining, and construction industries is the primary driver of the requirement for tungsten carbide powder, which is utilized in tools, cutting inserts, wear parts, and other components. As a result, the market is developing as a result of the increasing use of tungsten carbide powder in various industrial sectors. In the mining and construction sectors, tungsten carbide powder is frequently used for wear-resistant parts, mining equipment, and drilling tools.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Tungsten Carbide Market Size, Share, and COVID-19 Impact Analysis, By Application (Cemented Carbide, Coatings, Alloys, and Others), By End User (Aerospace & Defence, Automotive, Mining, and Construction, Electronics, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The cemented carbide segment is anticipated to dominate the global tungsten carbide market during the projected timeframe.
Based on the application, the global tungsten carbide market is divided into cemented carbide, coatings, alloys, and others. Among these, the cemented carbide segment is anticipated to dominate the global tungsten carbide market during the projected timeframe. It is utilized in the mining and construction industries for chipless shaping, timber machining, composite substances, metal cutting, plastics, soft ceramics, wear parts, structural parts, and military equipment.
The automotive segment anticipated for the largest revenue share of the global tungsten carbide market during the projected timeframe.
Based on the end users, the global tungsten carbide market is divided into aerospace & defense, automotive, mining, and construction, electronics, and others. Among these, the automotive segment anticipated for the largest revenue share of the global tungsten carbide market during the projected timeframe. Due to the growing need for innovation and flexibility in the creation and production of new machinery, the automotive sector currently controls the majority of the market.
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Asia Pacific is expected to hold the largest share of the global tungsten carbide market over the forecast period
Asia Pacific is expected to hold the largest share of the global tungsten carbide market over the forecast period. Asia Pacific has surpassed all other areas to become the leading force in the global market for tungsten carbide. Other elements add to the region's importance. Large manufacturing sectors are present in the Asia Pacific area, with South Korea, China, Japan, and India at the forefront. These industries include mining, autos, and electronics. Due to the increased infrastructure, quick industrialization, and expanding customer base, tungsten carbide is highly sought after in a variety of industries. In response to the central government's goal for infrastructure investment as a means of promoting economic growth, China's construction industry grew quickly. As part of their smart city’s initiative, 99 Indian cities have requested investments totalling USD 31,650 billion. It is anticipated that 500 towns and 100 smart projects will bring in billions of dollars in investment. North America is predicted to grow fastest in the global Tungsten Carbide market during the projected timeframe. Numerous research organizations and agricultural firms are raising demand for the global Tungsten Carbide market. Furthermore, the rising trend of precision farming or agriculture increases the demand for Tungsten Carbide technology.
North America is anticipated to grow fastest in the global tungsten carbide market during the projected timeframe. A wide range of variables are propelling the region's explosive expansion. due to the growing automotive, aerospace, and electronics industries in North America, as well as the need for wear-resistant parts and significant performance components, tungsten carbide is in high demand. The tungsten carbide market is driven by research and development, technological developments, and the acceptance of complex materials, all of which are highly valued in this region. The growing electric vehicle, renewable energy, and additive manufacturing sectors in North America also depend on tungsten carbide.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Tungsten Carbide Market are A.L.M.T. Corp., Allegheny Technologies Incorporated, Almonty Industries Inc., Betek GmbH & Co. KG, Buffalo Tungsten Inc., China Minmetals Non-Ferrous Metals Co., Ltd., China Molybdenum Co., Ltd., Chongyi Zhangyuan Tungsten Co., Ltd, Guangdong XiangLu Tungsten Co. Ltd., H.C. Starck GmbH, International Metalworking Companies, Jiangxi Tungsten Holding Group Co., Ltd., Kennametal, Inc., Nippon Tungsten Co., Ltd, and other key vendors.
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Recent Developments
- In April 2023, China, the world's biggest producer of tungsten carbide, announced in 2023 that it will increase tungsten carbide output by 5%. The goal of this expansion is to meet the growing demand for tungsten carbide goods in China and other global markets.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Tungsten Carbide Market based on the below-mentioned segments:
Global Tungsten Carbide Market, By Application
- Cemented Carbide
- Coatings
- Alloys
- Others
Global Tungsten Carbide Market, By End User
- Aerospace & Defence
- Automotive
- Mining
- Construction
- Electronics
- Others
Global Tungsten Carbide Market, By Regional
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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