Tungsten Carbide Market - Forecast(2023 - 2028)

Report Code: CMR 21824 Report Format: PDF + Excel

Tungsten Carbide Market Overview

The Tungsten Carbide Market size is forecasted to reach USD25.0 billion by 2027, after growing at a CAGR of around 4.4% from 2022 to 2027. Tungsten carbide is a chemical compound, prepared from equal proportions of carbide and tungsten. It is used as an electro catalyst for the hydrogen evolution reaction. The tungsten carbide is used in metal cutting tools, using submicron cemented carbides which are prepared by blending cobalt powders with the micron-sized tungsten carbide particles. The high demand for tungsten carbide for metal cutting applications is offering a major drive in the market. Furthermore, with growing demand across end-use industries such as oil & gas, mining, construction and others, the Tungsten Carbide Market will grow rapidly during the forecast period.

COVID-19 Impact

The tungsten carbide industry faced major disruption and slowdown during the covid-19 outbreak phase. Tungsten carbide has high demand in construction, automotive and other sectors. The construction industry was majorly impacted by the slowdown and disruptions. The closure of construction sites across the globe, rising prices of raw materials, supply chain disturbance and logistic restrictions to a major fall in the growth. The contraction in the construction output halt in construction activities and resulted in a slowdown in the market. According to the World Bank data and OECD national accounts data, the value added by the global construction sector declined from US$ 23 trillion in 2019 to US$ 22 trillion in 2020. The fall in the growth of the construction sector led to a major decline in the applications of tungsten carbide, thereby creating a slowdown and fall in demand during the outbreak phase. However, with recovery in major end-use industries and established demand, the global carbide market will grow rapidly.

Tungsten Carbide Market

Report Coverage

The report: “Tungsten Carbide Market Report – Forecast (2022-2027)” by IndustryARC, covers an in-depth analysis of the following segments in the global Tungsten Carbide industry.

By Grade: Metal Forming Grade, Mining Grade, Technical Grade and Others.
By Purity: Below 99%, 99% and Above 99%.
By Application: Cutting Tools, Industrial Alloys, Wear Part Tools, Jewelry, Surgical Instrument and Others.
By End-Use Industry: Automotive (Passenger Vehicle and Commercial Vehicle), Construction (Commercial, Industrial and Residential), Mining Industry, Oil & Gas Industry, Medical Industry, Defense and Others.
By Geography: North America (USA, Canada and Mexico), Europe (UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa).

Key Takeaways

  • The Tungsten Carbide Market size will increase owing to its rising application in automotive, construction, industrial alloys, metal cutting tools, oil and gas and others during the forecast period.
  • The Asia Pacific is the fastest-growing region in the Tungsten Carbide Market due to high demand from major end-use industries, flourishing production base and development in mining projects in this region, thereby boosting the demand for tungsten carbide.
  • The demand for tungsten carbide in cutting tool applications is rising across various end-use industries, thereby providing major growth in the market.

Figure: Asia Pacific Tungsten Carbide Market Revenue, 2021-2027 (US$ Billion)

Tungsten Carbide Market

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Tungsten Carbide Market Segment Analysis – by Application

By application, the cutting tool is the fastest-growing segment and is expected to grow with a CAGR of around 5.7% during the forecast period. The cutting tool segment acquired a significant portion of the Tungsten Carbide Market share in 2021. That tungsten carbide has a major application in the cutting tool application. The cemented carbide, which is a metal matrix composite, uses tungsten carbide particles and cobalt powder for metal cutting tools. The high demand of cutting tools across various end-use industries such as automotive, mining, construction and others is offering major growth in the market. The superior properties of tungsten carbide such as wear resistance, toughness and hardness boost its application in cutting tools for metal across major industries. Moreover, the rise in cutting tool applications in major sectors, majorly automotive is influencing the growth in the market. According to the Society of Indian Automobile Manufacturers (SIAM), the total automotive production in India accounted for 22,933,230 units in the year 2021-22. The growth of the automotive sector and flourishing production on automotive is boosting the demand for tungsten carbide for metal cutting tool applications. Thus, with the robust growth of cutting tool applications across various industries, the Tungsten Carbide Market size will grow rapidly during the forecast period. 

Tungsten Carbide Market Segment Analysis – By End-Use Industry

By end-use industry, the automotive segment held the largest Tungsten Carbide Market share in 2021, with a share of over 26%. Tungsten Carbide has major applications in the automotive industry such as drills, metal cutting tools and others owing to its excellent features such as durability, hardness, wear-resistance and rust-free feature. The use of tungsten carbide for manufacturing various automotive components and industrial machinery tools is offering high demand in the market. According to the International Organization of Motor Vehicle Manufacturers (OICA), total global automotive production accounted for 80,145,988 units in 2021. The production and development in the automotive sector are growing rapidly, thereby propelling the demand for tungsten carbide in cutting tools and other automotive machinery parts. Thus, with the major demand for tungsten carbide in the automotive sector, the global tungsten carbide industry will grow rapidly during the forecast period. 

Tungsten Carbide Market Segment Analysis – By Geography

By geography, the Asia Pacific is the fastest-growing region in the Tungsten Carbide Market and is expected to grow with a CAGR of around 5.9% during the forecast periodThe APAC region acquired a significant portion of the Tungsten Carbide Market share in 2021. The robust growth of tungsten carbide in the Asia-Pacific is influenced by its flourishing demand across various industries such as metalworking, construction, automotive and others. The rise in construction activities in major countries such as China, Japan, India and others is propelling the demand for tungsten carbide for its application in saws, alloys, drill bits and other construction materials. According to the World Bank data, the construction sector held a 38% value in the GDP of China for the year 2020. Moreover, the flourishing oil and gas projects and mining and drilling activities in the APAC region are boosting the growth prospects in the Tungsten Carbide Market. The large-scale mining activities and establishment of mineral-processing units is propelling the demand for tungsten carbide. Thus, with development in major end-use sectors and growing demand for tungsten carbide in APAC, the Tungsten Carbide Market will grow rapidly during the forecast period.

Tungsten Carbide Market Drivers

Rise in the application of Tungsten Carbide in the medical sector

The demand for Tungsten Carbide is flourishing in the healthcare sector. Tungsten Carbide has major applications in the medical sector such as surgical instruments, wire cutters, scissors and others. The high demand for tungsten carbide in surgical equipment is due to its properties such as toughness, hardness, durability and strength. Moreover, the growth of medical technology, healthcare infrastructure and advancement is offering major demand in the market. According to the Indian Brand Equity Foundation (IBEF), the healthcare sector in India is expected to reach US$ 372 billion in 2022. Thus, with increasing application and demand in the medical sector, the Tungsten Carbide Market is experiencing major growth.

Growing demand in the mining sector

Tungsten Carbide has major demand for its application in the mining industry. Tungsten Carbide is widely used in mining for drilling and cutting tools due to aid superior properties such as hardness, wear resistance and toughness. Moreover, the growing mining and mineral processing projects across the globe are propelling the demand of tungsten carbide. The increasing usage of tungsten carbide in mining tools and equipment is boosting the growth in the market. According to the United States Geological Survey (USGS), the U.S. mines produced an approximate US$ 90.4 billion in mineral commodities in 2021, showing a US$9.7 billion increase from 2020. Thus, the increasing application and demand of tungsten carbide in the mining sector are driving the market and offering major growth opportunities in the global tungsten carbide industry.

Tungsten Carbide Market Challenges

Toxicity and health hazards associated with Tungsten Carbide

Tungsten Carbide has growing applications across various end-use industries. However, the toxicity of Tungsten Carbide and health hazards create a major challenge in the industry. The restriction laid by the government on toxicity and air contamination is hampering the application and growth in the Tungsten Carbide Market. For instance, the international tungsten industry Association (ITIA), the SWA released an interim occupational exposure limit for the hard metals that contain textile carbide and Cobalt of 0.005 mg/mg3. The submicron tungsten carbide powder is highly flammable and causes severe health impacts such as inhalation difficulty, eye irritation, lung infection and others. Thus, the hazardous effects of tungsten carbide create a hamper on the growth opportunities in the Tungsten Carbide Market.

Global Tungsten Carbide Industry Outlook

The top 10 companies in the global Tungsten Carbide industry include:

  1. Nanchang Cemented Carbide Co. Ltd.
  2. Jiangxi Yaosheng Tungsten Company Limited
  3. American Elements
  4. Sandwik AB
  5. Durit HartMetall GmBH
  6. Federal Carbide Company
  7. H.C. Stark GmbH
  8. International Metalworking Companies Group
  9. Mitsubishi Materials Corporation
  10. Extramet AG

Recent Developments

  • In May 2022, Sandwik company introduced the 3D-printed components in the cemented carbide, which is prepared using Tungsten Carbide powder. The technology is aimed to have major applications in metal cutting, oil & gas and the agriculture sector.
  • In June 2021, Hyperion Materials & Technologies announced the agreement for the acquisition of Sinter Sud S.p.A, a manufacturer of cemented carbide products. This acquisition aimed to boost the production of cemented carbide for cutting and metalworking and offer the best services to toolmakers globally.
  • In October 2020, Mitsubishi Materials Corporation agreed to invest USD 90 million in the tungsten-focused Masan High-Tech Materials Corporation in order to boost its tungsten business, including cemented carbide recycling.

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1. Tungsten Carbide Market - Market Overview
    1.1 Definitions and Scope
2. Tungsten Carbide Market - Executive Summary
    2.1 Key Trends by Grade
    2.2 Key Trends by Purity
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Tungsten Carbide Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.2 Product Benchmarking - Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Tungsten Carbide Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Tungsten Carbide Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Tungsten Carbide Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Tungsten Carbide Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Tungsten Carbide Market – By Grade (Market Size - $Million/Billion)
    8.1 Metal Forming Grade
    8.2 Mining Grade
    8.3 Technical Grade
    8.4 Other
9. Tungsten Carbide Market – By Purity (Market Size - $Million/Billion)
    9.1 Below 99%
    9.2 99%
    9.3 Above 99%
10. Tungsten Carbide Market – By Application (Market Size - $Million/Billion)
    10.1 Cutting Tools
    10.2 Industrial Alloys
    10.3 Wear Part Tools
    10.4 Jewelry
    10.5 Surgical Instrument
    10.6 Other
11. Tungsten Carbide Market - By End-Use Industry (Market Size - $Million/Billion)
    11.1 Automotive
        11.1.1 Passenger Vehicle
        11.1.2 Commercial Vehicle
    11.2 Construction
        11.2.1 Commercial
        11.2.2 Industrial
        11.2.3 Residential
    11.3 Mining Industry
    11.4 Oil & Gas
    11.5 Medical Industry
    11.6 Defense
    11.7 Other
12. Tungsten Carbide Market - By Geography (Market Size - $Million/Billion)
    12.1 North America
        12.1.1 USA
        12.1.2 Canada
        12.1.3 Mexico
    12.2 Europe
        12.2.1 UK
        12.2.2 Germany
        12.2.3 France
        12.2.4 Italy
        12.2.5 Netherlands
        12.2.6 Spain
        12.2.7 Russia
        12.2.8 Belgium
        12.2.9 Rest of Europe
    12.3 Asia-Pacific
        12.3.1 China
        12.3.2 Japan
        12.3.3 India
        12.3.4 South Korea
        12.3.5 Australia and New Zeeland
        12.3.6 Indonesia
        12.3.7 Taiwan
        12.3.8 Malaysia
        12.3.9 Rest of APAC
    12.4 South America
        12.4.1 Brazil
        12.4.2 Argentina
        12.4.3 Colombia
        12.4.4 Chile
        12.4.5 Rest of South America
    12.5 Rest of the World
        12.5.1 Middle East
            12.5.1.1 Saudi Arabia
            12.5.1.2 UAE
            12.5.1.3 Israel
            12.5.1.4 Rest of the Middle East
        12.5.2 Africa
            12.5.2.1 South Africa
            12.5.2.2 Nigeria
            12.5.2.3 Rest of Africa
13. Tungsten Carbide Market – Entropy
    13.1 New Product Launches
    13.2 M&As, Collaborations, JVs and Partnerships
14. Tungsten Carbide Market – Industry/Competition Segment Analysis Premium
    14.1 Company Benchmarking Matrix – Major Companies
    14.2 Market Share at Global Level - Major companies
    14.3 Market Share by Key Region - Major companies
    14.4 Market Share by Key Country - Major companies
    14.5 Market Share by Key Application - Major companies
    14.6 Market Share by Key Product Type/Product category - Major companies
15. Tungsten Carbide Market – Key Company List by Country Premium Premium
16. Tungsten Carbide Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    16.1 Company 1
    16.2 Company 2
    16.3 Company 3
    16.4 Company 4
    16.5 Company 5
    16.6 Company 6
    16.7 Company 7
    16.8 Company 8
    16.9 Company 9
    16.10 Company 10 and more
*"Financials would be provided to private companies on best-efforts basis."

LIST OF TABLES

1.Global Tungsten Carbide Market By End-Use Industry), Market 2019-2024 ($M)
1.1 Automotive Industry Market 2019-2024 ($M) - Global Industry Research
1.2 Oil Gas Industry Market 2019-2024 ($M) - Global Industry Research
1.3 Aerospace Defense Industry Market 2019-2024 ($M) - Global Industry Research
1.4 Mining Construction Industry Market 2019-2024 ($M) - Global Industry Research
1.5 Electronics Industry Market 2019-2024 ($M) - Global Industry Research
2.Global Tungsten Carbide Market By End-Use Industry), Market 2019-2024 (Volume/Units)
2.1 Automotive Industry Market 2019-2024 (Volume/Units) - Global Industry Research
2.2 Oil Gas Industry Market 2019-2024 (Volume/Units) - Global Industry Research
2.3 Aerospace Defense Industry Market 2019-2024 (Volume/Units) - Global Industry Research
2.4 Mining Construction Industry Market 2019-2024 (Volume/Units) - Global Industry Research
2.5 Electronics Industry Market 2019-2024 (Volume/Units) - Global Industry Research
3.North America Tungsten Carbide Market By End-Use Industry), Market 2019-2024 ($M)
3.1 Automotive Industry Market 2019-2024 ($M) - Regional Industry Research
3.2 Oil Gas Industry Market 2019-2024 ($M) - Regional Industry Research
3.3 Aerospace Defense Industry Market 2019-2024 ($M) - Regional Industry Research
3.4 Mining Construction Industry Market 2019-2024 ($M) - Regional Industry Research
3.5 Electronics Industry Market 2019-2024 ($M) - Regional Industry Research
4.South America Tungsten Carbide Market By End-Use Industry), Market 2019-2024 ($M)
4.1 Automotive Industry Market 2019-2024 ($M) - Regional Industry Research
4.2 Oil Gas Industry Market 2019-2024 ($M) - Regional Industry Research
4.3 Aerospace Defense Industry Market 2019-2024 ($M) - Regional Industry Research
4.4 Mining Construction Industry Market 2019-2024 ($M) - Regional Industry Research
4.5 Electronics Industry Market 2019-2024 ($M) - Regional Industry Research
5.Europe Tungsten Carbide Market By End-Use Industry), Market 2019-2024 ($M)
5.1 Automotive Industry Market 2019-2024 ($M) - Regional Industry Research
5.2 Oil Gas Industry Market 2019-2024 ($M) - Regional Industry Research
5.3 Aerospace Defense Industry Market 2019-2024 ($M) - Regional Industry Research
5.4 Mining Construction Industry Market 2019-2024 ($M) - Regional Industry Research
5.5 Electronics Industry Market 2019-2024 ($M) - Regional Industry Research
6.APAC Tungsten Carbide Market By End-Use Industry), Market 2019-2024 ($M)
6.1 Automotive Industry Market 2019-2024 ($M) - Regional Industry Research
6.2 Oil Gas Industry Market 2019-2024 ($M) - Regional Industry Research
6.3 Aerospace Defense Industry Market 2019-2024 ($M) - Regional Industry Research
6.4 Mining Construction Industry Market 2019-2024 ($M) - Regional Industry Research
6.5 Electronics Industry Market 2019-2024 ($M) - Regional Industry Research
7.MENA Tungsten Carbide Market By End-Use Industry), Market 2019-2024 ($M)
7.1 Automotive Industry Market 2019-2024 ($M) - Regional Industry Research
7.2 Oil Gas Industry Market 2019-2024 ($M) - Regional Industry Research
7.3 Aerospace Defense Industry Market 2019-2024 ($M) - Regional Industry Research
7.4 Mining Construction Industry Market 2019-2024 ($M) - Regional Industry Research
7.5 Electronics Industry Market 2019-2024 ($M) - Regional Industry Research

LIST OF FIGURES

1.US Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
2.Canada Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
3.Mexico Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
4.Brazil Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
5.Argentina Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
6.Peru Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
7.Colombia Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
8.Chile Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
9.Rest of South America Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
10.UK Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
11.Germany Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
12.France Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
13.Italy Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
14.Spain Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
15.Rest of Europe Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
16.China Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
17.India Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
18.Japan Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
19.South Korea Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
20.South Africa Global Tungsten Carbide Market Revenue, 2019-2024 ($M)
21.North America Global Tungsten Carbide By Application
22.South America Global Tungsten Carbide By Application
23.Europe Global Tungsten Carbide By Application
24.APAC Global Tungsten Carbide By Application
25.MENA Global Tungsten Carbide By Application
26.CERATIZIT S.A., Sales /Revenue, 2015-2018 ($Mn/$Bn)
27.Minmetals Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
28.CY Carbide Mfg. Co., Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
29.Durit HartMetall GmBH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
30.Element Six, Sales /Revenue, 2015-2018 ($Mn/$Bn)
31.Federal Carbide Company, Sales /Revenue, 2015-2018 ($Mn/$Bn)
32.H.C. Stark GmbH, Sales /Revenue, 2015-2018 ($Mn/$Bn)
33.International Metalworking Companies Group, Sales /Revenue, 2015-2018 ($Mn/$Bn)
34.Kennametal Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
35.Mitsubishi Materials Corporation, Sales /Revenue, 2015-2018 ($Mn/$Bn)
36.Rock River Tool, Inc., Sales /Revenue, 2015-2018 ($Mn/$Bn)
37.Sandvik AB, Sales /Revenue, 2015-2018 ($Mn/$Bn)
38.Sumitomo Electric Industries, Ltd., Sales /Revenue, 2015-2018 ($Mn/$Bn)
39.Wolfram Company JSC, Sales /Revenue, 2015-2018 ($Mn/$Bn)