Tungsten Carbide Market Overview 2023-2028
The global tungsten carbide market size reached US$ 19.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Tungsten carbide (WC) is a dense, light gray, metal-like compound that is created by heating tungsten and carbon black in the presence of hydrogen. Through the process of sintering, it can be shaped into various forms. Tungsten carbide is widely utilized in a range of industries, including manufacturing equipment, cutting tools, abrasives, armor-piercing shells, jewelry, alloys, coatings, and mill products. This material offers exceptional durability, increased strength, low electrical resistivity, high boiling and melting temperatures, exceptional hardness, and resistance to abrasion, heat, scratches, and rust. Consequently, tungsten carbide is extensively applied in diverse sectors such as aerospace and defense, automotive, electronics, and sports.
Tungsten Carbide Market Trends and Drivers:
The tungsten carbide market is experiencing growth due to several key factors. Firstly, there is an increasing use of this chemical compound in the production of high-performance auto parts that can withstand high stress and heat. This demand is driven by the need for reliable components in automotive engines, transmissions, axles, and steering assemblies. Additionally, the widespread adoption of tungsten carbide in the manufacturing of cutting tools further contributes to market growth.
Moreover, the mining sector is also a significant driver for the tungsten carbide market. The demand for tungsten carbide in this industry is driven by its use in the production of drill bits, downhole hammers, roller cutters, and tunnel boring machines. These applications benefit from the material’s durability and resistance to wear and tear.
Global Tungsten Carbide Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: American Elements, Ceratizit S.A (Plansee SE), Extramet AG, Federal Carbide Company, H.C. Starck Tungsten GmbH, Japan New Metal Co. Ltd., Jiangxi Yaosheng Tunsten Company Ltd., Kennametal Inc., Merck KGaA, OC Oerlikon Management AG, Reade International Corp., Sumitomo Electric Industries Ltd. and Umicore N.V.
The report has segmented the market on the basis of region, grade, application and industry vertical.
Breakup by Grade:
- General Purpose
- Metal Forming and Wear
- Rotary Drilling and Mining
- Submicron
- Corrosion Resistant
Breakup by Application:
- Machine Tools and Components
- Cutting Tools
- Dies and Punches
- Abrasive Products
- Others
Breakup by Industry Vertical:
- Aerospace and Defense
- Automotive
- Mining and Construction
- Electronics
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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