“Global Tungsten Carbide Market Analysis Trends, Applications, Analysis, Growth, and Forecast to 2028” is a recent report generated by MarketResearch.biz. The global tungsten carbide market report has been segmented on the basis of grade type, application, and region.
Global Tungsten Carbide Market: Introduction
Tungsten carbide is a contains atoms of carbide and tungsten. This powder can be pressed and molded into different sizes and shapes for usage in industrial machinery, abrasives, cutting tools, jewelry, and others.
Global Tungsten Carbide Market: Dynamics
Increasing demand for tungsten carbide in construction and mining applications such as tunnel boring machines and roller-cutters as these powers are offer better strength, and wear and tear resistance of materials is projected to drive the growth of the global tungsten carbide market. Growing demand for these metals in jewelry manufacturing is projected to boost growth of the global tungsten carbide market in the next 10 years.
However, the toxic nature of tungsten carbide is projected to hinder growth of the global tungsten carbide market to a certain extent. Inhaling tungsten carbide can cause respiratory diseases and also can affect vision.
Global Tungsten Carbide Market: Segment Analysis
Among the grade type segments, the rotary drilling and mining grade segment is projected to register moderate growth in the tungsten carbide market. Growing demand for tungsten carbide as cutting, boring, and drilling tools in mining applications is projected to drive the growth of the segment. The general purpose grade segment is projected to register a steady growth rate over the next few years.
Among the application segments, the mining & construction segment is projected to register a significant growth rate in the tungsten carbide market. The rising number of mining activities in developing economies is projected to drive the growth of the segment. The automotive segment is projected to register steady growth in the global market.
Global Tungsten Carbide Market: Regional Analysis
Asia Pacific market is estimated to contribute major share in the tungsten carbide market and is projected to maintain its dominance in the next 10 years. The rising number of oil & gas exploration activates in the region is projected to boost demand for tungsten carbide in the Asia Pacific. The rapid growth of manufacturing industries in developing economies such as China, India, Japan, and others is projected to support the growth of the global market. China is a leading consumer and manufacturer of tungsten carbide in this region. Growing construction industry in this region owing to the rising population and changing living stands of individuals is projected to propel the growth of the Asia Pacific tungsten carbide market to a certain extent.
The Asia Pacific is expected to be the major market for tungsten carbide followed by North America market. The North America tungsten carbide market is projected to register significant growth in the next 10 years. The growth of the market in this region is attributed to the increasing demand for tungsten carbide in the automotive, construction, oil & gas, aerospace, and other industries. Growing demand for automobiles in the region is estimated to drive the growth of the tungsten carbide market in North America. The Europe tungsten carbide market is projected to register steady growth rate. Increasing demand for tungsten carbide in various applications such as automotive, construction, and defense is projected to support the growth of the Europe tungsten carbide market.
Global Tungsten Carbide Market Segmentation:
Segmentation by Grade Type:
- Rotary Drilling & Mining Grade
- Metal Foaming and Wear Grades
- General Purpose Grade
Segmentation by Application:
- Mining & Construction
- Oil & Gas
Segmentation by Region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Actual Year 2019 Estimated Year 2020 Forecast Period 2020–2029 Revenue in US$
- Sandvik AB
- American Elements Corp.
- IMC Group
- Kennametal Inc.
- Extramet Products LLC
- Guangdong Xianglu Tungsten Co., Ltd.
- Federal Carbide Company
- Ceratizit S.A.
- Sumitomo Electric Industries, Ltd.
- Hitachi Metals, Ltd.
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