Tungsten Carbide Market: By Grade (Rotary Drilling & Mining, Metal Forming & Wear, Submicron, Corrosion Resistant, General Purpose, Others), By Application (Cemented Carbide, Metal Cutting Tools, Dies & Punches, Abrasive Products, Wear Part Tools, Mining & Drilling Tools, Coatings, Alloys, Others), By End-User Industry (Mining & Construction, Industrial Engineering, Transportation, Automotive, Electronics, Oil & Gas, Aerospace & Defence, Others) and Geography

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Tungsten Carbide Market size was valued at USD 28,724.4 million in 2023 and is poised to grow at a CAGR of 7.3% over 2024-2030. 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

2024-2030

Base Year

2023

CAGR

7.30%

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.

Key Features of the Reports

  • The tungsten carbide market report provides granular level information about the market size, regional market share, historic market (2019-2023) and forecast (2024-2030)
  • 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
  • Rotary Drilling & Mining
  • Metal Forming & Wear
  • Submicron
  • Corrosion Resistant
  • General Purpose
  • Others
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 2019-2030.

The tungsten carbide market was valued at USD 28,724.4 million in 2023 and is expected to grow at 7.3% CAGR over the forecast period 2024-2030.

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.

1.Executive Summary
2.Global Tungsten Carbide Market Introduction 
2.1.Global Tungsten Carbide Market  - Taxonomy
2.2.Global Tungsten Carbide Market  - Definitions
2.2.1.Grade
2.2.2.Application
2.2.3.End User
2.2.4.Region
3.Global Tungsten Carbide Market Dynamics
3.1. Drivers
3.2. Restraints
3.3. Opportunities/Unmet Needs of the Market
3.4. Trends
3.5. Product Landscape
3.6. New Product Launches
3.7. Impact of COVID 19 on Market
4.Global Tungsten Carbide Market Analysis, 2019 - 2023 and Forecast 2024 - 2030
4.1.  Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
4.2.  Year-Over-Year (Y-o-Y) Growth Analysis (%) 
4.3.  Market Opportunity Analysis 
5.Global Tungsten Carbide Market  By Grade, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
5.1. Rotary Drilling & Mining
5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.1.3. Market Opportunity Analysis 
5.2. Metal Forming & Wear
5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.2.3. Market Opportunity Analysis 
5.3. Submicron
5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.3.3. Market Opportunity Analysis 
5.4. Corrosion Resistant
5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.4.3. Market Opportunity Analysis 
5.5. General Purpose
5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.5.3. Market Opportunity Analysis 
5.6. Others
5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
5.6.3. Market Opportunity Analysis 
6.Global Tungsten Carbide Market  By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
6.1. Cemented Carbide
6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.1.3. Market Opportunity Analysis 
6.2. Metal Cutting Tools
6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.2.3. Market Opportunity Analysis 
6.3. Dies & Punches
6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.3.3. Market Opportunity Analysis 
6.4. Abrasive Products
6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.4.3. Market Opportunity Analysis 
6.5. Wear Part Tools
6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.5.3. Market Opportunity Analysis 
6.6. Mining & Drilling Tools
6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.6.3. Market Opportunity Analysis 
6.7. Coatings
6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.7.3. Market Opportunity Analysis 
6.8. Alloys
6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.8.3. Market Opportunity Analysis 
6.9. Others
6.9.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
6.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
6.9.3. Market Opportunity Analysis 
7.Global Tungsten Carbide Market  By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
7.1. Mining & Construction
7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.1.3. Market Opportunity Analysis 
7.2. Industrial Engineering
7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.2.3. Market Opportunity Analysis 
7.3. Transportation
7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.3.3. Market Opportunity Analysis 
7.4. Automotive
7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.4.3. Market Opportunity Analysis 
7.5. Electronics
7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.5.3. Market Opportunity Analysis 
7.6. Oil & Gas
7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.6.3. Market Opportunity Analysis 
7.7. Aerospace & Defence
7.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.7.3. Market Opportunity Analysis 
7.8. Others
7.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
7.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
7.8.3. Market Opportunity Analysis 
8.Global Tungsten Carbide Market  By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
8.1. North America
8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.1.3. Market Opportunity Analysis 
8.2. Europe
8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.2.3. Market Opportunity Analysis 
8.3. Asia Pacific (APAC)
8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.3.3. Market Opportunity Analysis 
8.4. Middle East and Africa (MEA)
8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.4.3. Market Opportunity Analysis 
8.5. Latin America
8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million)
8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) 
8.5.3. Market Opportunity Analysis 
9.North America Tungsten Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
9.1. Grade Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.1.1.Rotary Drilling & Mining
9.1.2.Metal Forming & Wear
9.1.3.Submicron
9.1.4.Corrosion Resistant
9.1.5.General Purpose
9.1.6.Others
9.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.2.1.Cemented Carbide
9.2.2.Metal Cutting Tools
9.2.3.Dies & Punches
9.2.4.Abrasive Products
9.2.5.Wear Part Tools
9.2.6.Mining & Drilling Tools
9.2.7.Coatings
9.2.8.Alloys
9.2.9.Others
9.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.3.1.Mining & Construction
9.3.2.Industrial Engineering
9.3.3.Transportation
9.3.4.Automotive
9.3.5.Electronics
9.3.6.Oil & Gas
9.3.7.Aerospace & Defence
9.3.8.Others
9.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
9.4.1.United States of America (USA)
9.4.2.Canada
10.Europe Tungsten Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
10.1. Grade Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.1.1.Rotary Drilling & Mining
10.1.2.Metal Forming & Wear
10.1.3.Submicron
10.1.4.Corrosion Resistant
10.1.5.General Purpose
10.1.6.Others
10.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.2.1.Cemented Carbide
10.2.2.Metal Cutting Tools
10.2.3.Dies & Punches
10.2.4.Abrasive Products
10.2.5.Wear Part Tools
10.2.6.Mining & Drilling Tools
10.2.7.Coatings
10.2.8.Alloys
10.2.9.Others
10.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.3.1.Mining & Construction
10.3.2.Industrial Engineering
10.3.3.Transportation
10.3.4.Automotive
10.3.5.Electronics
10.3.6.Oil & Gas
10.3.7.Aerospace & Defence
10.3.8.Others
10.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
10.4.1.Germany
10.4.2.France
10.4.3.Italy
10.4.4.United Kingdom (UK)
10.4.5.Spain
11.Asia Pacific (APAC) Tungsten Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
11.1. Grade Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.1.1.Rotary Drilling & Mining
11.1.2.Metal Forming & Wear
11.1.3.Submicron
11.1.4.Corrosion Resistant
11.1.5.General Purpose
11.1.6.Others
11.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.2.1.Cemented Carbide
11.2.2.Metal Cutting Tools
11.2.3.Dies & Punches
11.2.4.Abrasive Products
11.2.5.Wear Part Tools
11.2.6.Mining & Drilling Tools
11.2.7.Coatings
11.2.8.Alloys
11.2.9.Others
11.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.3.1.Mining & Construction
11.3.2.Industrial Engineering
11.3.3.Transportation
11.3.4.Automotive
11.3.5.Electronics
11.3.6.Oil & Gas
11.3.7.Aerospace & Defence
11.3.8.Others
11.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
11.4.1.China
11.4.2.India
11.4.3.Australia and New Zealand (ANZ)
11.4.4.Japan
11.4.5.Rest of APAC
12.Middle East and Africa (MEA) Tungsten Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
12.1. Grade Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.1.1.Rotary Drilling & Mining
12.1.2.Metal Forming & Wear
12.1.3.Submicron
12.1.4.Corrosion Resistant
12.1.5.General Purpose
12.1.6.Others
12.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.2.1.Cemented Carbide
12.2.2.Metal Cutting Tools
12.2.3.Dies & Punches
12.2.4.Abrasive Products
12.2.5.Wear Part Tools
12.2.6.Mining & Drilling Tools
12.2.7.Coatings
12.2.8.Alloys
12.2.9.Others
12.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.3.1.Mining & Construction
12.3.2.Industrial Engineering
12.3.3.Transportation
12.3.4.Automotive
12.3.5.Electronics
12.3.6.Oil & Gas
12.3.7.Aerospace & Defence
12.3.8.Others
12.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
12.4.1.GCC Countries
12.4.2.South Africa
12.4.3.Rest of MEA
13.Latin America Tungsten Carbide Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million)
13.1. Grade Analysis  and Forecast  by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.1.1.Rotary Drilling & Mining
13.1.2.Metal Forming & Wear
13.1.3.Submicron
13.1.4.Corrosion Resistant
13.1.5.General Purpose
13.1.6.Others
13.2.  Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.2.1.Cemented Carbide
13.2.2.Metal Cutting Tools
13.2.3.Dies & Punches
13.2.4.Abrasive Products
13.2.5.Wear Part Tools
13.2.6.Mining & Drilling Tools
13.2.7.Coatings
13.2.8.Alloys
13.2.9.Others
13.3.  End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.3.1.Mining & Construction
13.3.2.Industrial Engineering
13.3.3.Transportation
13.3.4.Automotive
13.3.5.Electronics
13.3.6.Oil & Gas
13.3.7.Aerospace & Defence
13.3.8.Others
13.4.  Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) 
13.4.1.Brazil
13.4.2.Mexico
13.4.3.Rest of LA
14. Competition Landscape
14.1.  Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) 
14.2.1.Sandvik AB
14.2.2.HC Starck
14.2.3.Jenmar
14.2.4.Xiamen Tungsten Co., Ltd.
14.2.5.Hitachi Metals
14.2.6.Mitsubishi Material Corporation
14.2.7.Umicore
14.2.8.Xiamen Tungsten Co., Ltd.
14.2.9.Federal Carbide Company
14.2.10.American Elements
14.2.11.Manu & Sales Corporation
14.2.12.Sumitomo Corporation
15. Research Methodology 
16. Appendix and Abbreviations 
  • Sandvik AB
  • HC Starck
  • Jenmar
  • Xiamen Tungsten Co., Ltd.
  • Hitachi Metals
  • Mitsubishi Material Corporation
  • GuangDong XiangLu Tungsten Co., Ltd.
  • Umicore
  • Xiamen Tungsten Co., Ltd.
  • Federal Carbide Company
  • American Elements
  • Manu & Sales Corporation
  • Sumitomo Corporation

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