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Tungsten Carbide Market - Growth, Trends, and Forecast (2022 - 2030)
SKU ID : INH-14244410 | Publishing Date : 01-Apr-2019 | No. of pages : 120
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Market Overview
- The market for tungsten carbide is anticipated to grow at a moderate CAGR of over 3.5% during the forecast period 2019 – 2024. Growth in mining and construction industries across the globe is generating demand for tungsten carbide.
- Tungsten carbide is highly dense material constituting of tungsten and carbide. This alloy is resistant to heat, rust, scratches, and pitting.
- Tungsten carbide is harder than titanium and only diamond can scratch tungsten carbide. In Mohs scale of mineral hardness, its score is 9 and that of titanium is 6.
- It can be moulded into many shapes, can be sharpened with precision, and can be melded with or grafted to other metals.
- Tungsten carbide scrap can be recycled which makes it extremely valuable alloy for all sorts of applications.
- Toxicity due to Tungsten carbide is a restraint to the growth of the market.
Key Market Trends
Cemented carbide to drive the market
- Cemented carbide is a metallurgical material in a powder form; a composite of tungsten carbide (WC) particles and a binder rich in metallic cobalt (Co).
- Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
- The cemented carbide tools are used in the production of glass bottles, aluminium cans, plastic tubes, steel wires, copper wires. Some of the other uses include metal cutting, machining of wood, plastics, composites, soft ceramics, chipless forming (hot and cold), mining and construction, structural parts, wear parts, and military components.
- With the increasing demand from various applications, the market for cemented carbide is projected to grow over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific represents the largest regional market for global tungsten carbide market in 2018. There is demand for tungsten carbide in the market as a result of the growing demand for automotive, construction and metalworking industries, in the countries like China, India and Japan.
- Asia-Pacific dominated the global market share in 2018. With growing transportation activities in countries such as China, India, and Japan, the usage of tungsten carbide is increasing in the region.
- The total number of vehicles produced in China, in 2018 was 27,809,196 units, showing the highest number globally. And the number of vehicles produced in Japan was 9,728,528 units in 2018. India has seen an increase of 8% in the vehicle's production from the year 2017,i.e., 4,782,896 units to 5,174,645 units in 2018.
- From the points mentioned above reveals that there is the highest opportunity for the consumption of tungsten carbide in the Asia-Pacific region through the forecast period.
Competitive Landscape
The global tungsten carbide market is fragmented. The major companies include Umicore, CERATIZIT S.A., Extramet products,LLC., and American Elements etc, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
- The market for tungsten carbide is anticipated to grow at a moderate CAGR of over 3.5% during the forecast period 2019 – 2024. Growth in mining and construction industries across the globe is generating demand for tungsten carbide.
- Tungsten carbide is highly dense material constituting of tungsten and carbide. This alloy is resistant to heat, rust, scratches, and pitting.
- Tungsten carbide is harder than titanium and only diamond can scratch tungsten carbide. In Mohs scale of mineral hardness, its score is 9 and that of titanium is 6.
- It can be moulded into many shapes, can be sharpened with precision, and can be melded with or grafted to other metals.
- Tungsten carbide scrap can be recycled which makes it extremely valuable alloy for all sorts of applications.
- Toxicity due to Tungsten carbide is a restraint to the growth of the market.
Key Market Trends
Cemented carbide to drive the market
- Cemented carbide is a metallurgical material in a powder form; a composite of tungsten carbide (WC) particles and a binder rich in metallic cobalt (Co).
- Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
- The cemented carbide tools are used in the production of glass bottles, aluminium cans, plastic tubes, steel wires, copper wires. Some of the other uses include metal cutting, machining of wood, plastics, composites, soft ceramics, chipless forming (hot and cold), mining and construction, structural parts, wear parts, and military components.
- With the increasing demand from various applications, the market for cemented carbide is projected to grow over the forecast period.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific represents the largest regional market for global tungsten carbide market in 2018. There is demand for tungsten carbide in the market as a result of the growing demand for automotive, construction and metalworking industries, in the countries like China, India and Japan.
- Asia-Pacific dominated the global market share in 2018. With growing transportation activities in countries such as China, India, and Japan, the usage of tungsten carbide is increasing in the region.
- The total number of vehicles produced in China, in 2018 was 27,809,196 units, showing the highest number globally. And the number of vehicles produced in Japan was 9,728,528 units in 2018. India has seen an increase of 8% in the vehicle's production from the year 2017,i.e., 4,782,896 units to 5,174,645 units in 2018.
- From the points mentioned above reveals that there is the highest opportunity for the consumption of tungsten carbide in the Asia-Pacific region through the forecast period.
Competitive Landscape
The global tungsten carbide market is fragmented. The major companies include Umicore, CERATIZIT S.A., Extramet products,LLC., and American Elements etc, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
