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Tungsten Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 141 Pages
  • October 2023
  • Region: Global
  • IMARC Group
  • ID: 5700843

Quick Summary:

The global tungsten carbide market stands as an attractive and dynamic platform for business investors and decision-makers alike. Tungsten carbide, a dense, heat-resistant, and highly durable material, finds an extensive array of applications across critical sectors, be it aerospace and defense, automotive, mining and construction, or even medical industries. Its wide-ranging attributes, such as increased strength, high temperature resilience, and enhanced resistance against wear and tear, position tungsten carbide as an indispensable companion to an array of industries.

Noticeable growth in the automotive industry has fueled the demand for tungsten carbide, augmenting its utilization in manufacturing high-stress, heat-resistant auto parts. Its varied applications extend to the production of cutting tools vital in assembling automotive engines and transmissions. Besides, the mineral excavation sectors harness tungsten carbide in the production of drill rigs, thereby contributing towards market growth. Moreover, its developing use in 3D printing and the medical sector, where it is engaged in making surgical tools, attests to the market's robust health. With an additional uptick driven by recycling and construction sectors, it becomes clear why the tungsten carbide market is gaining traction. Uncover the nuanced details of the market through this comprehensive report covering vital segments, key industrial players, and emerging trends in the global tungsten carbide market.

The global tungsten carbide market size reached US$ 19.4 Billion in 2022. Looking forward, the analyst 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, and metal-like inorganic chemical compound synthesized by heating tungsten with carbon black in the presence of hydrogen. It can be pressed and shaped into various geometries through the process of sintering. Tungsten carbide is widely used in industrial equipment, cutting tools, jewelry, abrasives, armor-piercing shells, alloys, coatings, and mill products. It is a highly durable material that offers increased strength, low electrical resistivity, high melting and boiling temperature, improved hardness, and resistance to abrasion, heat, scratch, and rust. As a result, tungsten carbide finds extensive applications across the aerospace and defense, automotive, mining and construction, electronics, sports, and medical industries.

Tungsten Carbide Market Trends:

The significant growth in the automotive industry is creating a positive outlook for the market. Tungsten carbide is widely used to produce high-performance auto parts that can withstand high stress and heat, such as ball joints, brakes, crankshafts, and studs for tires. In addition, the widespread product utilization to make cutting tools that are used to manufacture automotive engines, transmissions, axels, and steering assemblies is acting as another growth-inducing factor. Furthermore, increasing demand for tungsten carbide in the drilling and mining industry for producing drill bits, roller cutters, downhole hammers, and tunnel boring machines is providing a considerable boost to the market growth. Additionally, the rising product adoption in three-dimensional (3D) printing for creating efficient and cost-effective high-performance parts is facilitating the market growth. Moreover, widespread product utilization in the medical sector to produce surgical instruments, such as scissors, forceps, blade handles, hemostats, graspers, needle holders, and cautery, is providing an impetus to the market growth. Other factors, including increasing recycling of product scarp, rising incorporation of the compound in sports gear, and significant growth in the construction industry, are anticipated to drive the market growth.

Key Market Segmentation

The report provides an analysis of the key trends in each sub-segment of the global tungsten carbide market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on 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

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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.

Key Questions Answered in This Report:

  • How has the global tungsten carbide market performed so far and how will it perform in the coming years?
  • What has been the impact of COVID-19 on the global tungsten carbide market?
  • What are the key regional markets?
  • What is the breakup of the market based on the grade?
  • What is the breakup of the market based on the application?
  • What is the breakup of the market based on the industry vertical?
  • What are the various stages in the value chain of the industry?
  • What are the key driving factors and challenges in the industry?
  • What is the structure of the global tungsten carbide market and who are the key players?
  • What is the degree of competition in the industry?
Frequently Asked Questions about the Global Tungsten Carbide Market

What is the estimated value of the Global Tungsten Carbide Market?

The Global Tungsten Carbide Market was estimated to be valued at $19.4 Billion in 2022.

What is the growth rate of the Global Tungsten Carbide Market?

The growth rate of the Global Tungsten Carbide Market is 6.0%, with an estimated value of $27.5 Billion by 2028.

What is the forecasted size of the Global Tungsten Carbide Market?

The Global Tungsten Carbide Market is estimated to be worth $27.5 Billion by 2028.

Who are the key companies in the Global Tungsten Carbide Market?

Key companies in the Global Tungsten Carbide Market include 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 and OC Oerlikon Management AG.

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Tungsten Carbide Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Grade
6.1 General Purpose
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Metal Forming and Wear
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Rotary Drilling and Mining
6.3.1 Market Trends
6.3.2 Market Forecast
6.4 Submicron
6.4.1 Market Trends
6.4.2 Market Forecast
6.5 Corrosion Resistant
6.5.1 Market Trends
6.5.2 Market Forecast
7 Market Breakup by Application
7.1 Machine Tools and Components
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Cutting Tools
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Dies and Punches
7.3.1 Market Trends
7.3.2 Market Forecast
7.4 Abrasive Products
7.4.1 Market Trends
7.4.2 Market Forecast
7.5 Others
7.5.1 Market Trends
7.5.2 Market Forecast
8 Market Breakup by Industry Vertical
8.1 Aerospace and Defense
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Automotive
8.2.1 Market Trends
8.2.2 Market Forecast
8.3 Mining and Construction
8.3.1 Market Trends
8.3.2 Market Forecast
8.4 Electronics
8.4.1 Market Trends
8.4.2 Market Forecast
8.5 Others
8.5.1 Market Trends
8.5.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States
9.1.1.1 Market Trends
9.1.1.2 Market Forecast
9.1.2 Canada
9.1.2.1 Market Trends
9.1.2.2 Market Forecast
9.2 Asia-Pacific
9.2.1 China
9.2.1.1 Market Trends
9.2.1.2 Market Forecast
9.2.2 Japan
9.2.2.1 Market Trends
9.2.2.2 Market Forecast
9.2.3 India
9.2.3.1 Market Trends
9.2.3.2 Market Forecast
9.2.4 South Korea
9.2.4.1 Market Trends
9.2.4.2 Market Forecast
9.2.5 Australia
9.2.5.1 Market Trends
9.2.5.2 Market Forecast
9.2.6 Indonesia
9.2.6.1 Market Trends
9.2.6.2 Market Forecast
9.2.7 Others
9.2.7.1 Market Trends
9.2.7.2 Market Forecast
9.3 Europe
9.3.1 Germany
9.3.1.1 Market Trends
9.3.1.2 Market Forecast
9.3.2 France
9.3.2.1 Market Trends
9.3.2.2 Market Forecast
9.3.3 United Kingdom
9.3.3.1 Market Trends
9.3.3.2 Market Forecast
9.3.4 Italy
9.3.4.1 Market Trends
9.3.4.2 Market Forecast
9.3.5 Spain
9.3.5.1 Market Trends
9.3.5.2 Market Forecast
9.3.6 Russia
9.3.6.1 Market Trends
9.3.6.2 Market Forecast
9.3.7 Others
9.3.7.1 Market Trends
9.3.7.2 Market Forecast
9.4 Latin America
9.4.1 Brazil
9.4.1.1 Market Trends
9.4.1.2 Market Forecast
9.4.2 Mexico
9.4.2.1 Market Trends
9.4.2.2 Market Forecast
9.4.3 Others
9.4.3.1 Market Trends
9.4.3.2 Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 American Elements
14.3.1.1 Company Overview
14.3.1.2 Product Portfolio
14.3.2 Ceratizit S.A (Plansee SE)
14.3.2.1 Company Overview
14.3.2.2 Product Portfolio
14.3.3 Extramet AG
14.3.3.1 Company Overview
14.3.3.2 Product Portfolio
14.3.4 Federal Carbide Company
14.3.4.1 Company Overview
14.3.4.2 Product Portfolio
14.3.5 H.C. Starck Tungsten GmbH
14.3.5.1 Company Overview
14.3.5.2 Product Portfolio
14.3.6 Japan New Metal Co. Ltd.
14.3.6.1 Company Overview
14.3.6.2 Product Portfolio
14.3.7 Jiangxi Yaosheng Tunsten Company Ltd.
14.3.7.1 Company Overview
14.3.7.2 Product Portfolio
14.3.8 Kennametal Inc.
14.3.8.1 Company Overview
14.3.8.2 Product Portfolio
14.3.8.3 Financials
14.3.8.4 SWOT Analysis
14.3.9 Merck KGaA
14.3.9.1 Company Overview
14.3.9.2 Product Portfolio
14.3.9.3 Financials
14.3.9.4 SWOT Analysis
14.3.10 OC Oerlikon Management AG
14.3.10.1 Company Overview
14.3.10.2 Product Portfolio
14.3.10.3 Financials
14.3.10.4 SWOT Analysis
14.3.11 Reade International Corp.
14.3.11.1 Company Overview
14.3.11.2 Product Portfolio
14.3.12 Sumitomo Electric Industries Ltd.
14.3.12.1 Company Overview
14.3.12.2 Product Portfolio
14.3.12.3 Financials
14.3.12.4 SWOT Analysis
14.3.13 Umicore N.V.
14.3.13.1 Company Overview
14.3.13.2 Product Portfolio
14.3.13.3 Financials
14.3.13.4 SWOT Analysis
List of Figures
Figure 1: Global: Tungsten Carbide Market: Major Drivers and Challenges
Figure 2: Global: Tungsten Carbide Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Tungsten Carbide Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Tungsten Carbide Market: Breakup by Grade (in %), 2022
Figure 5: Global: Tungsten Carbide Market: Breakup by Application (in %), 2022
Figure 6: Global: Tungsten Carbide Market: Breakup by Industry Vertical (in %), 2022
Figure 7: Global: Tungsten Carbide Market: Breakup by Region (in %), 2022
Figure 8: Global: Tungsten Carbide (General Purpose) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Tungsten Carbide (General Purpose) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Tungsten Carbide (Metal Forming and Wear) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Tungsten Carbide (Metal Forming and Wear) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Tungsten Carbide (Rotary Drilling and Mining) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Tungsten Carbide (Rotary Drilling and Mining) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Tungsten Carbide (Submicron) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Tungsten Carbide (Submicron) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Tungsten Carbide (Corrosion Resistant) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Tungsten Carbide (Corrosion Resistant) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Tungsten Carbide (Machine Tools and Components) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Tungsten Carbide (Machine Tools and Components) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Tungsten Carbide (Cutting Tools) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Tungsten Carbide (Cutting Tools) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Tungsten Carbide (Dies and Punches) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Tungsten Carbide (Dies and Punches) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Tungsten Carbide (Abrasive Products) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Tungsten Carbide (Abrasive Products) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Global: Tungsten Carbide (Other Applications) Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Global: Tungsten Carbide (Other Applications) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: Global: Tungsten Carbide (Aerospace and Defense) Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: Global: Tungsten Carbide (Aerospace and Defense) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Global: Tungsten Carbide (Automotive) Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Global: Tungsten Carbide (Automotive) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Global: Tungsten Carbide (Mining and Construction) Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Global: Tungsten Carbide (Mining and Construction) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: Global: Tungsten Carbide (Electronics) Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: Global: Tungsten Carbide (Electronics) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Global: Tungsten Carbide (Other Industry Verticals) Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Global: Tungsten Carbide (Other Industry Verticals) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: North America: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: North America: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: United States: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: United States: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Canada: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Canada: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Asia-Pacific: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Asia-Pacific: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: China: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: China: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Japan: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Japan: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: India: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: India: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: South Korea: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: South Korea: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: Australia: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: Australia: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Indonesia: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Indonesia: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Others: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Others: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Europe: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Europe: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Germany: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Germany: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: France: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: France: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: United Kingdom: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: United Kingdom: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Italy: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Italy: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Spain: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Spain: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Russia: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Russia: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 74: Others: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 75: Others: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 76: Latin America: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 77: Latin America: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 78: Brazil: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 79: Brazil: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 80: Mexico: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 81: Mexico: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 82: Others: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 83: Others: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 84: Middle East and Africa: Tungsten Carbide Market: Sales Value (in Million US$), 2017 & 2022
Figure 85: Middle East and Africa: Tungsten Carbide Market: Breakup by Country (in %), 2022
Figure 86: Middle East and Africa: Tungsten Carbide Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 87: Global: Tungsten Carbide Industry: SWOT Analysis
Figure 88: Global: Tungsten Carbide Industry: Value Chain Analysis
Figure 89: Global: Tungsten Carbide Industry: Porter's Five Forces Analysis
List of Tables
Table 1: Global: Tungsten Carbide Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Tungsten Carbide Market Forecast: Breakup by Grade (in Million US$), 2023-2028
Table 3: Global: Tungsten Carbide Market Forecast: Breakup by Application (in Million US$), 2023-2028
Table 4: Global: Tungsten Carbide Market Forecast: Breakup by Industry Vertical (in Million US$), 2023-2028
Table 5: Global: Tungsten Carbide Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Tungsten Carbide Market: Competitive Structure
Table 7: Global: Tungsten Carbide Market: Key Players

Companies Mentioned

  • 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.
  • Umicore N.V.

Methodology

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