Provided by BIS Research.
Tungsten carbide is a jack of all trades, but without compromising on the quality of its applications. Its various end use applications make it a very useful material. Tungsten carbide is a composite material which is used by various industries and for a myriad of purposes, from making cutting tools, wear resistance tools to making impact resistant tools and many more.
Its demand is high in various end use industries because of its unique properties of high strength, hardness and toughness. It is twice as rigid and double the density of steel, and more competent than any other material in the market. Tungsten carbide is the toughest man made metal matrix composite, and its unique properties has helped numerous industries to increase throughput rates, reduce downtime, and extend the life of production tools and component wear parts.
Tungsten carbide was first used by Osram, a Germany based company, wherein it replaced its drawing dies made of diamond, due to its reliability and ability to cut other hard metals. It began gaining popularity thereafter; experiments were conducted, wherein it was mixed with numerous other materials like cobalt, tantalum and titanium, which made it even more resolute and reliable in nature.
It went on to play a dynamic role in World War II, in which it was used for weapon manufacturing by both sides. After the war, the utility of tungsten carbide was recognized widely and remained in huge demand thereafter.
Due to its toughness and high abrasion resistance, tungsten carbide is used in various applications, including metal cutting tools, wear parts, mining and drilling tools, medical tools, wood and plastic working tools, jewelry and many more. Out of all these applications, metal cutting tools lead the market, followed by wear parts.
The global tungsten carbide market is quite attractive and reported a sales volume of 64,000 metric tons in 2015. It is expected to reach 80,642 metric tons by 2022, growing at a double digit CAGR between 2016 and 2022. The demand for tungsten carbide has escalated over time in different industry verticals and its end use industries, incorporating tungsten carbide in their products, have increased over time, which in turn has increased the research and development in this field. These are some of the factors which are driving the global tungsten carbide market.
Decline in prices of tungsten carbide has helped the market grow over time. The market has developed over the past decade due to rapid technological advancement in this field, increasing application areas, growing range of end use industry, etc. The tungsten carbide market has been bifurcated into tungsten carbide manufacturers, tungsten carbide product manufacturers and end users. The market is anticipated to experience further augmentation in various aspects such as capability, capacity, and technical advancement. The tungsten carbide market is quite evolved in developed regions of Asia Pacific, North America and Europe, and gaining popularity in Middle East and Africa, and Latin America.
The global tungsten carbide market has vast potential for growth as new areas for end use application is increasing, along with the growing adoption of tungsten carbide among various industry verticals and growing opportunities and demand in emerging economies.
Some of the key players operating into this market include: Sandvik, IMC Group, Kennametal, China Minmetals, American Elements, H.C Starck, Sumitomo Electric Industries, Durit Hartmetall, Global Tungsten and Powders Corp, CERATIZIT S.A, Xiamen Tungsten, GESAC, Chongyi Zhanguan Tungsten Co Ltd, Marshall Hard Metals, Mitsubishi Materials Corporation.
BIS Research has conducted an extensive market research report on the ‘Global Tungsten Carbide Market- Analysis & Forecast, 2016-2022’. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
Stay up-to-date with the latest market developments, trending news stories and industry advances with the Research and Markets blog. Don’t forget to join our mailing list to receive alerts for the latest blog plus information about new products.