Tungsten Carbide Market is segmented by Application (Cemented carbide, Coatings, Alloys), and by End-User (Aerospace & Defense, Automotive, Mining & Construction, Electronics, Others (Medical, Sports, etc.)), and by Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa and Rest of World)
Tungsten Carbide Market shall reach a value of $2x61.4 Million in 2027, growing with a CAGR of 12.13% during the forecast period of 2020 to 2027.
Tungsten Carbide Market Growth and Trends
The Global Tungsten Carbide Powder Market size is expected to reach USD 24.5 billion by 2024 from a size of 14.5 billion valued in 2015, projecting a Compound annual growth rate of 5.5% during the forecasted horizon.
The factors enhancing the growth of this market includes:
• Its utilization in coatings for infrastructure that promotes the market’s growth
• The rise in industries like transportation, mining and construction
• Industrialization in the engineering sector that has created a positive outlook on the tungsten carbide market’s growth amongst all consumers
• The rising governmental regulations to increase the quality of infrastructure to the public along with the economic expenditure rate elevating that propels the overall size of the market by the end of 2024
• The rising growth in manufacturing processes with a gradual rise in the population across the world that drives the market further
• The strong density of the Tungsten carbides that contributes to complete resistance to heat, rusting, eroding away and even developing scratches in appliances incorporated with these
• The ideal consumer preference properties like how hard tungsten carbides are, even in comparison to markets like diamond, that largely contributes to consumers getting their activities done at a high rate of efficiency which promotes the market’s growth
• High levels of precision which drives in more consumers to invest in the Tungsten carbide market in large amounts
• Its ability to be recycled as an alloy and material which promotes a more conserved and sustainable environment also going with stringent government attempts to make the Earth a purer place that increases the utilization of these carbides globally
• The ability to support the needs of the military sector due to the wide variety of benefits in beholds that drives the market’s growth
• The increasing level of diversification in several applications worldwide that increases the necessity for these tungsten carbides in the market to produce an automated, efficient and productive working environment
• Rise in demand in the cement and civil engineering sectors for these carbides due to reliable properties like high tensile strength, ability to withstand high temperatures, water resistance regulation and is projected to escalate the market’s size and value with a rich demand within its forecast period
Several challenges faced by the Tungsten Carbide market includes:
• A restraint caused due to Tungsten’s toxicity that can bring about severe risks to both manufacturers and consumers thus, causing consumers to shift their demand to better and safer market alternatives that are challenging and are in competition with the tungsten carbide market which reduces both the consumer base and the level of effectiveness in the market eventually hindering its operational demand in the market
Tungsten Carbide Industry Regional Analysis
Tungsten Carbide Market Research Report Scope/Definition
For the purpose of this market research report, Tungsten carbide is defined as popular material sued for accurate engineering because of its high degree of hardness, high wear resistance, excellent thermal conductivity, and high dimensional and thermal stability. The tungsten carbide is harder than titanium, and only diamonds can scratch tungsten carbide. Tungsten carbide can be recycled when scrapping hence a highly valuable alloy for different sorts of applications. Tungsten carbide is a member of inorganic compounds of carbon used solely or with less than twenty percent of other metals to enhance hardness to cast iron, cut edges of drills and saws, and pierce fundamentals of armor-piercing missiles. Tungsten Carbides can be used in many industrial applications such as metal machining, enhancing wear parts for mining and oil industries, cutting tips in saw blades, metal forming tools. Tungsten carbide applications have been expanded further to include consumer items like wedding rings and watch cases.
Tungsten Carbide Market Share and Competition
Key companies operating in this industry are: Sandvik AB, Kennametal Inc., Ceratizit S.A., Federal Carbide Company, Guangdong Xianglu Tungsten Co., Ltd., Nanchang Cemented Carbide Co., Ltd.,
Jiangxi Yaosheng Tungsten Co., Ltd., Japan New Metal Co., Ltd., China Tungsten, Eurotungstene, Umicore, Extramet products, LLC, American Elements,
Tungsten Carbide Market Research Report Analysis Highlights
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Application Analysis (Revenue, USD Million, 2021 - 2028)
• Cemented carbide
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• Aerospace & Defence
• Mining & Construction
• Others (Medical, Sports, etc.)
Region Analysis (Revenue, USD Million, 2021 - 2028)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Tungsten Carbide Industry Companies
• Sandvik AB
• Kennametal Inc.
• Ceratizit S.A.
• Federal Carbide Company
• Guangdong Xianglu Tungsten Co. Ltd.
• Nanchang Cemented Carbide Co. Ltd.
• Jiangxi Yaosheng Tungsten Co. Ltd.
• Japan New Metal Co. Ltd.
• China Tungsten
• Extramet products
• American Elements
Available Versions of Tungsten Carbide Market: -
United States Industry Research Report
Europe Industry Research Report
Asia Pacific Industry Research Report
India Industry Research Report
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