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Tungsten Carbide Market Size, Share, Industry Trends and Forecast to 2030

Tungsten Carbide Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.

  • Published date -30th Jan 2024

  • Formats -PDF, CSV

  • Region -Global

Tungsten Carbide Market Size & CAGR in 2021

The global tungsten carbide market is expected to have a CAGR of 5.2% from 2021 to 2025. In 2021, the market size was estimated to be USD 15.6 billion.

COVID-19 Impact on the Tungsten Carbide Market

The COVID-19 pandemic had a mixed impact on the tungsten carbide market. While the initial disruption in supply chains affected the market negatively, the subsequent increase in demand for hard metals in manufacturing sectors such as automotive and aerospace contributed to market growth.

Tungsten Carbide Dynamics

Tungsten carbide is a versatile material known for its hardness, wear resistance, and high melting point. It is widely used in cutting tools, drill bits, and industrial machinery. The market dynamics for tungsten carbide are influenced by factors such as technological advancements, economic conditions, and environmental regulations.

Segments and Related Analysis

The tungsten carbide market can be segmented based on product type, end-use industry, and geography. Product types include inserts, rods, and drills, while end-use industries encompass automotive, aerospace, manufacturing, and mining. Geographically, the market is divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

By Region Analysis

In 2021, Asia Pacific dominated the global tungsten carbide market due to the presence of key manufacturers in countries like China and Japan. North America and Europe also hold significant market shares, driven by advanced manufacturing industries. Latin America and Middle East & Africa are emerging markets with increasing demand for tungsten carbide products.

Key Market Players and Competitive Landscape

Major players in the tungsten carbide market include Sandvik AB, Kennametal Inc., Mitsubishi Materials Corporation, Ceratizit S.A., and China Minmetals Corporation. These companies focus on product innovation, strategic partnerships, and expansions to strengthen their market position and meet customer demands.

Recent Happenings in the Tungsten Carbide Market

- In 2021, Sandvik AB introduced a new range of tungsten carbide inserts for machining applications. - Kennametal Inc. announced a joint venture with a Chinese company to expand its presence in the Asia Pacific market. - Mitsubishi Materials Corporation invested in research and development to enhance the properties of tungsten carbide for specialized applications. - Ceratizit S.A. launched a series of cutting tools made from advanced tungsten carbide grades for improved performance. - China Minmetals Corporation acquired a tungsten mine in Africa to secure a sustainable supply of raw materials.

Tungsten Carbide Market FAQs