Market Overview

The market for tungsten carbide is anticipated to grow at a moderate CAGR of over 3.5% during the forecast period. Growth in the manufacturing activities across the globe is generating demand for tungsten carbide. Tungsten carbide is highly dense material constituting of tungsten and carbide. This alloy is resistant to heat, rust, scratches, and pitting.

  • Tungsten carbide is harder than titanium and only diamond can scratch tungsten carbide. In Mohs scale of mineral hardness, its score is 9 and that of titanium is 6.
  • It can be molded into many shapes, can be sharpened with precision, and can be melded with or grafted to other metals.
  • Tungsten carbide scrap can be recycled which makes it extremely valuable alloy for all sorts of applications.
  • Toxicity due to Tungsten carbide is a restraint to the growth of the market.



Key Market Trends

Cemented Carbide to Drive the Market Growth

  • Cemented carbide is a metallurgical material in a powder form; a composite of tungsten carbide (WC) particles and a binder rich in metallic cobalt (Co).
  • Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
  • The cemented carbide tools are used in the production of glass bottles, aluminum cans, plastic tubes, steel wires, copper wires. Some of the other uses include metal cutting, machining of wood, plastics, composites, soft ceramics, chipless forming (hot and cold), mining and construction, structural parts, wear parts, and military components.
  • Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
  • Cemented carbide is considered as the best material choice and used often because of its unique physical and mechanical properties, such as Abrasion Resistance, Deflection Resistance, Tensil Strength, Compressive Strength, High-Temperature Wear Resistance.
  • With the increasing demand from various applications, the market for cemented carbide is projected to grow over the forecast period.



Asia-Pacific Region to Dominate the Market

  • Asia-Pacific represents the largest regional market for the global tungsten carbide market. There is demand for tungsten carbide in the market as a result of the growing demand for automotive, construction and metalworking industries, in countries like China, India, and Japan.
  • Asia-Pacific dominated the global market share, With growing transportation activities in countries such as China, India, and Japan, the usage of tungsten carbide is increasing in the region.
  • China’s 13th Five Year Plan started in 2016 as it was an important year for the country’s engineering, procurement, and construction (EPC) industry. In addition to this, the country ventured into new business models domestically and internationally, during the year. Although the construction sector slowed down after 2013, it is still a major contributor to the GDP of the country. China’s construction industry developed rapidly, due to the central government’s push for infrastructure investment, as a means to sustain economic growth.
  • In India, investments of USD 31,650 billion has been proposed by 99 cities under their smart cities plan. 100 smart cities and 500 cities are likely to invite investments worth INR 2 trillion in the next 5 years.
  • Housing for All” program, launched in June 2015 aims to build 20 million urban homes and 30 million rural houses by 2022. Around 60 million new homes are expected to be built in India between 2018-2024.
  • India Electronics and Semiconductor Association (IESA) signed a MoU with Singapore Semiconductor Industry Association (SSIA) to establish and develop trade and technical cooperation between the electronics and semiconductor industries of both the countries. This is expected to result in the development of various break-through semiconductor manufacturing technologies that would further increase the scope for the establishment of semiconductor manufacturing facilities in India.
  • In Japan, the mineral industry consists of a small mining sector of coal and nonferrous metals, a large mining sector of industrial minerals, and a large minerals-processing sector of ferrous and nonferrous metals and industrial minerals.
  • Thus, the growing manufacturing activities are instrumental for the growth of cemented carbide which in turn, boosting the market for tungsten carbide during the forecast period.



Competitive Landscape

The global tungsten carbide market is fragmented. The major companies nclude Umicore, CERATIZIT S.A., Extramet products,LLC., Kennametal Inc., and American Elements, among others.

Reasons to Purchase this report:

  • The market estimate (ME) sheet in Excel format
  • Report customization as per the client’s requirements
  • 3 months of analyst support