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The global tungsten carbide market is expected to grow at a significant rate during the forecast period. This is due to their unique combination of strength, hardness and toughness that satisfy the most demanding application requirements. The increase in the number of end-use industries that use tungsten carbide and related products and the ever-increasing application areas have all led to the surging demand of tungsten carbide worldwide. The top uses of tungsten carbide include their use in metal cutting, wear parts, mining and drilling tools.
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Growing demand from end-use industry such as automotive and mining industry, among others is propelling the overall market expansion of tungsten carbide. Tungsten carbide is used in the making of tools for their outstanding reliability and effectiveness. The material provides an outstanding combination of ease of use and effectiveness which is why it is preferred across industries.
The global tungsten carbide market in terms of application is segmented into cutting tools, mining & drilling tools, wear parts, mill products, and others. In terms of end-use industry, the market is segmented into automotive, oil & gas, aerospace & defense, electronics, and other industries. The need for tungsten carbide across these industries arises for production of parts that can withstand high temperature and also bear high impact resistance. Tungsten carbide is used for making drill tools, ball and gate valves, mud motor rotors, mandrels, pump impellers, stabilizers, and drill collars in the automotive sector. The increase in the production of automobiles and increase in the various applications involving the use of tungsten carbide is a big factor for its large-scale market growth during the forecast period.
The global tungsten carbide market is expected to grow at a CAGR of 4.07% from 2018 and 2028 in terms of value.
The report is a compilation of the different segments of the global tungsten carbide market, including market breakdown by application, end-use industry, and region. Herein, the revenue generated from the application (cutting tools, mining & drilling tools, wear parts, mill products, and others), end-use industry (automotive, oil & gas, aerospace & defense, electronics, and other industries),and regions (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) are tracked to calculate the overall market size in terms of value ($million) and volume (Metric Tons). While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the global tungsten carbide market. It also includes the key participants involved in the industry at the relevant sections.
Key questions answered in the report:
- What was the size in terms of value ($million) and volume (Metric Tons) of the tungsten carbide market in 2017, and what will be the growth rate during the forecast period 2018-2028?
- What will be the market size of different types of applications (by value and volume) and their growth rate during the forecast period 2018-2028?
- What will be the market size of different end-use industries of tungsten carbide market (by value and volume) and their growth rate during the forecast period 2018-2028?
- What will be the market size for different regions and countries in terms of value and volume in the tungsten carbide market and their growth rate in the forecast period 2018-2028?
- What are the major driving forces that tend to increase the demand for tungsten carbide in various end-user industries during the forecast period?
- What are the major challenges inhibiting the growth of the global tungsten carbide market?
- What are the competitive strengths of key players in the global tungsten carbide market by analyzing through market share analysis?
- Who are the key players (along with their detailed analysis and profiles including their financials, company snapshots, key products & services, and SWOT analysis) in the market?
The report also has a separate chapter that discusses about the present market scenario of tungsten carbide. The report further includes a thorough analysis of the impact of the Porter’s Five Forces to understand the overall attractiveness of the industry. The most commonly used strategy for developing a better hold on the market has been through partnerships, collaborations, and joint ventures. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years.
Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), Middle East & Africa, and South America. Each geography details the individual push and pull forces in addition to the key players from that region. This report is a meticulous compilation of research on more than 100 players in the global tungsten carbide market and draws upon insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies with their financial analysis, SWOT, and product portfolio.
The company profiles in the report are American Elements, CERATIZIT S.A., China Minmetals Corporation, CY Carbide Mfg. Co., Ltd., Durit HartMetall GmbH, Element Six, Federal Carbide Company, H.C. Starck GmbH, International Metalworking Companies (IMC) Group, Kennametal Inc., Mitsubishi Materials Corporation, Rock River Tool, Inc., Sandvik AB, Sumitomo Electric Industries, Ltd., and Wolfram Company JSC.