Tungsten Carbide Market size is set to grow by USD 4.66 billion from 2024-2028, Increasing demand for tungsten carbide from automotive industry to boost the market growth, Technavio

NEW YORK, Aug. 21, 2024 /PRNewswire/ -- The global tungsten carbide market  size is estimated to grow by USD 4.66 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 3.97%  during the forecast period.  Increasing demand for tungsten carbide from automotive industry is driving market growth, with a trend towards emerging applications of tungsten carbide. However, economic slowdown in China  poses a challenge. Key market players include American Elements, Buffalo Tungsten Inc., CY Carbide Mfg. Co. Ltd., DAAO Industry Co. Ltd., Extramet Products LLC, Federal Carbide Co., GuangDong XiangLu Tungsten Co. Ltd., HC Starck Tungsten GmbH, Hengdian Group Holdings Ltd., ILJIN Diamond Co. Ltd., Japan New Metals Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Kennametal Inc., Murugappa Group, Nanchang Cemented Carbide Co. Ltd., Plansee SE, Reade International Corp., Sandvik AB, Sumitomo Electric Industries Ltd., and Umicore SA.

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Key Market Trends Fueling Growth

Tungsten carbide is a versatile material with extensive applications in various industries. Beyond its traditional uses in machine tools, cutting tools, dies, punches, and abrasives, technological advancements are expanding its horizons. One such application is the use of tungsten carbide as a reforming catalyst for converting natural gas to hydrogen gas. This technology is integral to hydrogen-powered engines and fuel cells. Another emerging application is the use of tungsten carbide as a slurry in 3D printing. This fabrication technique offers enhanced flexibility and sharpness for cutting tools compared to conventional methods. Tungsten carbide powder is also utilized in HVOF systems for spraying and coating applications, providing high porosity, density, and strength. Silver-tungsten-carbide composites are employed in manufacturing surface films and contacts, showcasing superior erosion resistance and anti-weld properties. These products are essential in large low-voltage circuit breakers and other protective devices. These applications collectively contribute to the robust growth of the global tungsten carbide market. 

The Tungsten Carbide market is experiencing significant growth due to its superior abrasion resistance and high compressive strength. Key industries driving demand include Aerospace and Defense, Automotive, and Construction. Trends like 3D printing and chipless forming are increasing its application in manufacturing activities. Alloys made with Tungsten Carbide are used in automotive parts, ball joints, brakes, and cutting tools. Cemented carbide is crucial in high-temperature wear resistance applications, such as in mining and petroleum tunneling. Emerging economies' industrialization and infrastructural developments are increasing demand. However, challenges like raw material shortage, shipping delays, and health concerns such as lung fibrosis and respiratory issues from dust inhalation are concerns. Applications in electronics, medical instruments, and aluminum cans are also growing.

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Market Challenges

• The Chinese economic slowdown has significantly impacted the global tungsten carbide market. China, the world's largest producer of tungsten ores, accounts for over 60% of the global share. Due to weak economic conditions, there has been an increase in tungsten supply and a decrease in consumption. Major Chinese tungsten producers, such as Hunan Nonferrous Metals, Zhangyuan Tungsten, Nanchang Cemented Carbide Co. Ltd, Zigong Huagang Cemented Carbide New Material, Xiamen Tungsten, and Jiangxi Rare Earth and Rare Metals Tungsten Group, have announced production reduction strategies. The China Tungsten Industry Association is also considering similar initiatives. These actions may hinder the growth of the global tungsten carbide market during the forecast period.
• Tungsten Carbide is a valuable industrial material, widely used in various sectors including construction, electronics, and mining. Its applications range from wear parts in infrastructure projects to cutting tools in manufacturing activities. However, the market faces several challenges. Raw material shortage and shipping delays impact production, while high production costs increase prices. Tungsten Carbide's high deflection resistance and wear resistance make it ideal for crankshafts, but its toxicity and potential health hazards, such as lung fibrosis and skin allergies, pose concerns for workers. In emerging economies, increased industrialization and infrastructural developments lead to growing demand for Tungsten Carbide in construction and mining. However, this also results in increased mining activities and potential respiratory issues for workers, including silicosis. Tungsten Carbide is used in various industries, from steel wires and studs for tires to military components and medical instruments. In the mining sector, it's used for petroleum tunneling and mining equipment. Recycling Tungsten Carbide scrap is an emerging trend to mitigate raw material shortages. Despite these challenges, Tungsten Carbide's unique properties, such as high tensile strength and high-temperature wear resistance, make it an indispensable material in numerous industries. Its versatility in applications, from copper wires to glass bottles, keeps the market dynamic and evolving.

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Segment Overview 

This tungsten carbide market report extensively covers market segmentation by

1. Application 
• 1.1 Machine components and tools
• 1.2 Cutting and drilling tools
• 1.3 Dies and punches
• 1.4 Abrasives
• 1.5 Others
2. End-user 
• 2.1 Mining and construction
• 2.2 Automotive
• 2.3 Power generation and fluid power manufacturing
• 2.4 Oil and gas
• 2.5 Others
3. Geography 
• 3.1 APAC
• 3.2 Europe
• 3.3 North America
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Machine components and tools-  The Tungsten Carbide market is a significant sector in the industrial industry. Tungsten Carbide is a hard and durable material, widely used in various applications such as cutting tools, wear parts, and abrasives. Its high strength, toughness, and resistance to wear make it an essential component in heavy machinery and construction equipment. The market for Tungsten Carbide is driven by the growth in the manufacturing and construction industries. Key players in the market include Carpenter Technology, CTS Corporation, and Materion Corporation. The market is expected to grow steadily due to increasing demand for durable and efficient industrial components.

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Research Analysis

Tungsten carbide is a hard and durable material, primarily used in manufacturing activities due to its exceptional properties such as high abrasion resistance, deflection resistance, and tensile strength. Cemented carbide, a type of tungsten carbide, is widely used in various industries for manufacturing automotive components, cutting tools, and industrial machinery. Tungsten carbide scrap is recycled and reused to produce new products, reducing the need for raw materials. The demand for tungsten carbide is driven by industries like mining, where it is used in drilling tools and mining equipment. Urbanization and infrastructural developments in emerging economies have led to an increase in infrastructure projects, further fueling the demand for tungsten carbide in construction and petroleum tunneling. Metallic cobalt is a crucial component in the production of cemented carbide. However, raw material shortages and shipping delays can impact the supply chain, leading to price volatility. The market for tungsten carbide is also influenced by industrialization, with an increasing focus on automation and the production of automatic valves. Tungsten carbide powder is another significant application area, used in the production of advanced ceramics and superalloys.

Market Research Overview

Tungsten Carbide is a hard and durable material, known for its exceptional abrasion resistance and high compressive strength. It is primarily used in various industries due to its superior wear resistance, particularly in high-temperature applications. The market for Tungsten Carbide is driven by its extensive use in manufacturing activities, infrastructure projects, and industrialization in emerging economies. Applications of Tungsten Carbide include 3D printing, aerospace and defense, alloys, automotive parts, automatic valves, ball joints, brakes, carcinogens, cemented carbide, chipless forming, coatings, copper wires, crankshafts, cutting tools, deflection resistance, dust inhalation, electronics, high-temperature wear resistance, infrastructure projects, industrial mining, mining equipment, petroleum tunneling, plastic tubes, recycling, respiratory issues, shipping delays, silicosis, skin allergies, steel wires, structural parts, studs for tires, tensile strength, titanium carbide powder, toxicity, and wear parts. The market for Tungsten Carbide is also influenced by factors such as raw material shortages, manufacturing activities, and the production of tungsten carbide powder and scrap. However, concerns over health issues such as lung fibrosis and respiratory problems associated with the production and use of Tungsten Carbide may impact the market's growth.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Application
• Machine Components And Tools
• Cutting And Drilling Tools
• Dies And Punches
• Abrasives
• Others
• End-user
• Mining And Construction
• Automotive
• Power Generation And Fluid Power Manufacturing
• Oil And Gas
• Others
• Geography
• APAC
• Europe
• North America
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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