Industry Background:
Tungsten carbide is a chemical compound containing both tungsten and carbon atoms in equal parts. Tungsten carbide is generally a grey powder in its basic form but has the ability to be pressed and formed into different shapes depending upon its use at the end-user industries. The properties such as high tensile strength, durability, and abrasion resistance find their application in many end-user industries. Moreover, the advantages coupled with its cost-effectiveness make them suitable and its major applications include automobiles, mining & construction, oil & gas, defense, and electrical & electronics among others.
According to AMA Research, the market for Tungsten Carbide is expected to register a CAGR of 4.5% during the forecast period to 2027. This growth is primarily driven by Growing Demand for Industrial Machinery
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Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Forecast Period | 2022-2027 |
Volume Unit | K Tons |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Materials sector in the Asia Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Vendors, such as Sandvik AB (Sweden), Kennametal Inc. (United States), Ceratizit S.A. (Luxembourg), Extramet AG (Switzerland), Federal Carbide Company (United States), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan) and China Tungsten (Xiamen) (China), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In 2022, Plansee Group has signed a final agreement to acquire Mi-Tech Tungsten Metals. Mi-Tech is acquired by the Plansee Group through Global Tungsten & Powders (GTP), an American company specializing in the manufacture of tungsten powders. The acquisition of Mi-Tech strengthens the company's position in the tungsten products market in North America. and In September 2013, Sandvik acquired the complete share of Precorp, Inc. (U.S.), a company that offers polycrystalline diamond and carbide tools, such as drills, reamers, end mills, port tools, and micro tools. This acquisition helped Sandvik in providing high-speed machining of die-cast aluminum, carbide parts, and the machining of advanced composite materials mainly for the aerospace and automotive markets.
In 2021, Kennametal Inc. introduces KAR85-AM-K, the most corrosion-resistant tungsten carbide grade for metal additive manufacturing. It can only be used in conjunction with Kennametal's binder jet 3D printing capabilities to create fully finished wear parts., In 2020, Australia-based Jenmar started XCAL Industries. Manufactures tungsten carbide blanks. The company wanted to expand its product range of tungsten carbide blanks and cutting tools for the tunneling and mining sector in North America. and In December 2014, Ceratizit S.A. partnered with Grasche (USA) for the distribution of the company’s product offerings, mainly for the North American market. This strategy helped the company maintain a better distribution network, along with superior customer relationships, in the North American market.
Tungsten Carbide Market Dynamics:
Attributes | Details |
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Growth Drivers | - Growing Demand for Industrial Machinery
- Outstanding Properties of Tungsten Carbide Powder
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Influencing Trends | - Technological Advancement In Tungsten Carbide
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Restraints | - Oversupply of Tungsten By China
- Toxicity due to Tungsten carbide is a restraint to the growth of the market
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Road Blocks / Challenges | - The slowdown in the Chinese Manufacturing Sector
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Gaps & Opportunities | - Emerging Alternative to Depleted Uranium
- Adoption of Tungsten Carbide in 3D Printing Technology
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AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Vendors landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Tungsten Carbide Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Tungsten Carbide Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols:
By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Tungsten Carbide players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Tungsten Carbide Study Sheds Light on
The Tungsten Carbide Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Tungsten Carbide industry Vendors. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Tungsten Carbide industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Vendors can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.