- Rotary Drilling & Mining
- Metal Forming & Wear
- Submicron
- Corrosion Resistant
- General Purpose
- Others
Tungsten Carbide Market was valued at USD 20,613.8 million in 2022 and is poised to grow at a CAGR of 7.3% over 2023-2029. Tungsten carbide is a grey-colored compound formed by combining tungsten metal with carbon atoms. It has high strength, viscosity, and hardness making it a sought-after material for many applications. It has the capability to withstand very high temperature making it suitable for use in machining, cutting tools, and even in furnaces. Tungsten carbide is used to create surgical tools such as blade handles, scissors, haemostats, graspers, forceps, and cautery in the medical field and is expected to drive the market. For instance, in August 2022, John Crane a global pioneer in rotating equipment solutions that provides engineered technology and services to process industries announced the official launch of John Crane Diamond® 8190, a novel material application on tungsten carbide substrate for certain Type 8AB Seals using clamped-in mating rings. Moreover, tungsten carbide is staggeringly used in jewelry as it is more affordable, strong, hypoallergenic, and tarnish resistant that maintains its shine for a long time. But the COVID-19 lockdowns and restrictions had a detrimental effect on the market. On the other hand, tungsten carbide poses a potential risk to cause lung fibrosis akin to silicosis and dust inhalation can cause cancer as well as visual problems and skin allergies. which hampers the market. However, due to rapid industrialization and urbanization taking place throughout the world, the increased investment of emerging economies government investments in infrastructure projects, and ongoing R&D activities to heighten the overall growth of the tungsten carbide market.
Tungsten Carbide Market Key Developments:
- In September 2021, Kennametal, Inc., announced the launch of the most corrosion-resistant tungsten carbide grade for metal additive manufacturing, KAR85-AM-K.
- In February 2022, CERATIZIT S.A., announced that it had acquired the remaining 50% of Stadler Mettale's shares, making it the sole owner of the business. One of the most significant suppliers of secondary raw materials for the production of tungsten and tungsten carbide powders is the firm.
Tungsten Carbide Market Summary
Study Period
2023-29
Base Year
2022
CAGR
7.3%
Largest Market
North America
Fastest Growing Market
Asia Pacific
Tungsten Carbide Market Dynamics
The global tungsten carbide market is expected to rise as metals and alloys containing tungsten carbide are frequently used in the production of aerospace and defence products. Tungsten carbide materials with high toughness, high temperature, abrasion, and corrosion resistance are frequently used in the manufacturing of aerospace and defence goods. Tungsten alloys are used in the aircraft industry are several counterweights for the rotor blades of satellites and helicopters, missiles, and aerospace gyro controls. Moreover, it is used to coat the inner surface and complex shape of aircraft components without holes by creating a tight protective layer of tungsten and tungsten carbide components. This method is suitable for designs and complex geometric shapes that cannot be used in spraying technology. For instance, in May 2023, Airbus chose the Hardide chemical vapour deposition (CVD) nano-structured tungsten/tungsten carbide coating to replace the hard chrome plating (HCP) that was previously applied to these components. These features encourage the market’s growth over the forecasted period.
North-America Got Significant Share
Tungsten Carbide Market Regional Analysis
Asia Pacific dominated the global tungsten carbide market and it is anticipated to dominate over the projected period. The North American tungsten carbide market is accounted to have a significant share in the market owing to significant investments in R&D to broaden the product offerings by the leading market companies, expanding strategies adopted by several industries and increased demand for different products to satisfy the increasing populations. The growth of the tungsten carbide market throughout the projected period is greatly influenced by the expanding manufacturing activities, expanding vehicle production, aerospace and expanding electronics sector. The U.S. has the largest automobile and aerospace industry globally thus increasing the tungsten carbide market.
Latin America
Europe
Asia Pacific
Middle East
North America
Key Features of the Reports
- The tungsten carbide market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
- The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
- The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
- The report tracks recent innovations, key developments, and start-up details that are actively working in the market
- The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario
Tungsten Carbide Market Segmentation
By Grade
By Application
- Cemented Carbide
- Metal Cutting Tools
- Dies & Punches
- Abrasive Products
- Wear Part Tools
- Mining & Drilling Tools
- Coatings
- Alloys
- Others
By End User
- Mining & Construction
- Industrial Engineering
- Transportation
- Automotive
- Electronics
- Oil & Gas
- Aerospace & Defence
- Others
Frequently Asked Questions
The period of the tungsten carbide market study is from 2018-2029.
The tungsten carbide market was valued at USD 20,613.8 million in 2022 and is expected to grow at 7.3% CAGR over the forecast period 2023-2029.
Asia Pacific has the highest growth rate in the tungsten carbide market with an 7.8% CAGR.
Sandvik AB, HC Starck, Jenmar, Xiamen Tungsten Co. Ltd., Hitachi Metals, Mitsubishi Material Corporation, GuangDong XiangLu Tungsten Co. Ltd, Kennametal, Inc, Umicore, Xiamen Tungsten Co., Ltd, Federal Carbide Company, American Elements, Manu & Sales Corporation, Sumitomo Corporation are a few companies in Tungsten Carbide market.
- Sandvik AB
- HC Starck
- Jenmar
- Xiamen Tungsten Co., Ltd.
- Hitachi Metals
- Mitsubishi Material Corporation
- GuangDong XiangLu Tungsten Co., Ltd.
- , Inc.
- Umicore
- Xiamen Tungsten Co., Ltd.
- Federal Carbide Company
- American Elements
- Manu & Sales Corporation
- Sumitomo Corporation