Global Tungsten Carbide Market Trends, Applications, Analysis, Growth, and Forecast 2028

Global Tungsten Carbide Market: Introduction

“The global Tungsten Carbide market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

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Tungsten carbide 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 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 the growth of the global tungsten carbide market in the next 10 years.

However, the toxic nature of tungsten carbide is projected to hinder the 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 a 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 activities 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.

The 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 the North American market. The North American 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 a 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
• Others

Segmentation by Application:

• Automotive
• Mining & Construction
• Oil & Gas
• Defense
• Others

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa