Tungsten carbide market size to increase by USD 4,818.79 million: Increasing demand from the mining and construction industries to drive growth

NEW YORK, May 10, 2023 /PRNewswire/ -- The tungsten carbide market size is forecasted to increase by USD 4,818.79 million from 2022 to 2027 at a CAGR of 4.23%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing demand for tungsten carbide from the automotive industry, the dynamic properties of tungsten carbide, and increasing demand from the mining and construction industries. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download a sample report

The increasing demand from the mining and construction industries is driving market growth. Mining and construction machinery and tools easily wear and tear due to harsh conditions. Therefore, tungsten carbide is ideal for such conditions owing to its high toughness, strength, and durability. The growth of the mining and construction industries in developing countries, such as China, India, Malaysia, and Japan, as well as rapid urbanization, will boost the demand for residential and commercial buildings in the construction industry. This will increase the sales of construction equipment globally, which, in turn, will fuel market growth during the forecast period.

The emerging applications of tungsten carbide are key trends in the market. Technological advances are increasing the scope of tungsten carbide applications in machine tools, cutting tools, dies, punches, and abrasives. For example, tungsten carbide is used as a reforming catalyst for the conversion of natural gas to hydrogen gas. Tungsten carbide powder is used in HVOF systems to provide high porosity, density, and strength for spraying and coating applications. Silver-tungsten-carbide composites are used to manufacture surface films and contacts and exhibit erosion resistance and anti-weld properties. These factors will support the growth of the global market during the forecast period.

Toxicity and safety concerns are challenging market growth. Tungsten carbide is composed of 5%-10% of cobalt. Ingestion of tungsten metal and carbide through the air, water, or food lead to lung diseases and carcinogenic health issues. Tungsten carbide plants release residue wastewater that is highly toxic. Moreover, governments of various countries recommend a certain limit of tungsten in air, water, and food to avoid issues related to toxicity and safety. These factors may hinder the growth of the global market during the forecast period.

Technavio has extensively analyzed 15 major vendors, including American Elements, Buffalo Tungsten Inc., CY Carbide Mfg. Co. Ltd., DAAO Industry Co. Ltd., Federal Carbide Co., GuangDong XiangLu Tungsten Co. Ltd., Reade International Corp., Hengdian Group Holdings Ltd., Japan New Metals Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Kennametal Inc., Murugappa Group, Nanchang Cemented Carbide Co. Ltd., Sandvik AB, Sumitomo Electric Industries Ltd., Plansee SE, Umicore NV, Extramet Products LLC, ILJIN Diamond Co. Ltd., and HC Starck Tungsten GmbH.

Key benefits for industry players & stakeholders –

The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.

It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.

The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer landscape - Analysis of price sensitivity, adoption lifecycle, customer purchase basket, adoption rates, and purchase criteria by Technavio

One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.

Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.

Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by application (machine components and tools, cutting and drilling tools, dies and punches, abrasives, and others), end-user (mining and construction, automotive, power generation and fluid power manufacturing, oil and gas, and others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Segmentation by application

The machine components and tools segment will account for a significant share of market growth during the forecast period. Tungsten carbide imparts properties such as high performance, strength, hardness, and durability to machine components and tools. Moreover, tungsten carbide-based components and tools can bear high temperatures. They also offer wear resistance, which is crucial in industries such as metalworking, automotive, aerospace, defense, oil and gas, and power. These factors will drive the growth of the segment during the forecast period.

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What are the key data covered in this tungsten carbide market report?

CAGR of the market during the forecast period

Detailed information on factors that will drive the growth of the tungsten carbide market between 2023 and 2027

Precise estimation of the size of the tungsten carbide market and its contribution to the parent market

Accurate predictions about upcoming trends and changes in consumer behavior

Growth of the tungsten carbide market across APAC, Europe, North America, South America, and Middle East and Africa

A thorough analysis of the market's competitive landscape and detailed information about vendors

Comprehensive analysis of factors that will challenge the growth of tungsten carbide market vendors

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Tungsten Carbide Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 4.23%

Market growth 2023-2027

USD 4,818.79 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

3.67

Regional analysis

APAC, Europe, North America, South America, and Middle East and Africa

Performing market contribution

APAC at 44%

Key countries

US, China, India, Japan, and Russia

Competitive landscape

Leading vendors, market positioning of vendors, competitive strategies, and industry risks

Key companies profiled

American Elements, Buffalo Tungsten Inc., CY Carbide Mfg. Co. Ltd., DAAO Industry Co. Ltd., Federal Carbide Co., GuangDong XiangLu Tungsten Co. Ltd., Reade International Corp., Hengdian Group Holdings Ltd., Japan New Metals Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Kennametal Inc., Murugappa Group, Nanchang Cemented Carbide Co. Ltd., Sandvik AB, Sumitomo Electric Industries Ltd., Plansee SE, Umicore NV, Extramet Products LLC, ILJIN Diamond Co. Ltd., and HC Starck Tungsten GmbH

Market dynamics

Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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Table of contents

1 Executive Summary

1.1 Market overview

2 Market Landscape

2.1 Market ecosystem

3 Market Sizing

3.1 Market definition

3.2 Market segment analysis

3.3 Market size 2022

3.4 Market outlook: Forecast for 2022-2027

4 Historic Market Size

4.1 Global tungsten carbide market 2017 - 2021

4.2 Application Segment Analysis 2017 - 2021

4.3 End-user Segment Analysis 2017 - 2021

4.4 Geography Segment Analysis 2017 - 2021

4.5 Country Segment Analysis 2017 - 2021

5 Five Forces Analysis

5.1 Five forces summary

5.2 Bargaining power of buyers

5.3 Bargaining power of suppliers

5.4 Threat of new entrants

5.5 Threat of substitutes

5.6 Threat of rivalry

5.7 Market condition

6 Market Segmentation by Application

6.1 Market segments

6.2 Comparison by Application

6.3 Machine components and tools - Market size and forecast 2022-2027

6.4 Cutting and drilling tools - Market size and forecast 2022-2027

6.5 Dies and punches - Market size and forecast 2022-2027

6.6 Abrasives - Market size and forecast 2022-2027

6.7 Others - Market size and forecast 2022-2027

6.8 Market opportunity by Application

7 Market Segmentation by End-user

7.1 Market segments

7.2 Comparison by End-user

7.3 Mining and construction - Market size and forecast 2022-2027

7.4 Automotive - Market size and forecast 2022-2027

7.5 Power generation and fluid power manufacturing - Market size and forecast 2022-2027

7.6 Oil and gas - Market size and forecast 2022-2027

7.7 Others - Market size and forecast 2022-2027

7.8 Market opportunity by End-user

8 Customer Landscape

8.1 Customer landscape overview

9 Geographic Landscape

9.1 Geographic segmentation

9.2 Geographic comparison

9.3 APAC - Market size and forecast 2022-2027

9.4 Europe - Market size and forecast 2022-2027

9.5 North America - Market size and forecast 2022-2027

9.6 South America - Market size and forecast 2022-2027

9.7 Middle East and Africa - Market size and forecast 2022-2027

9.8 China - Market size and forecast 2022-2027

9.9 India - Market size and forecast 2022-2027

9.10 Japan - Market size and forecast 2022-2027

9.11 Russia - Market size and forecast 2022-2027

9.12 US - Market size and forecast 2022-2027

9.13 Market opportunity by geography

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape

11.3 Landscape disruption

11.4 Industry risks

12 Vendor Analysis

12.1 Vendors covered

12.2 Market positioning of vendors

12.3 American Elements

12.4 Buffalo Tungsten Inc.

12.5 CY Carbide Mfg. Co. Ltd.

12.6 Extramet Products LLC

12.7 HC Starck Tungsten GmbH

12.8 Hengdian Group Holdings Ltd.

12.9 Japan New Metals Co. Ltd.

12.10 Jiangxi Yaosheng Tungsten Co. Ltd.

12.11 Kennametal Inc.

12.12 Murugappa Group

12.13 Nanchang Cemented Carbide Co. Ltd.

12.14 Plansee SE

12.15 Sandvik AB

12.16 Sumitomo Electric Industries Ltd.

12.17 Umicore NV

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist

13.3 Currency conversion rates for US$

13.4 Research methodology

13.5 List of abbreviations

About us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]: www.technavio.com/

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