Rising Demand for Tungsten Carbide in Mining and Drilling Boosts Market Growth

Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Tungsten Carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.

The global tungsten carbide market has witnessed remarkable growth, with a market size of US$ 19.4 Billion in 2022. Projections indicate that the market will continue to expand, reaching US$ 27.5 Billion by 2028, with a substantial Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period from 2023 to 2028.

Tungsten carbide (WC) is a dense, light gray inorganic chemical compound produced by heating tungsten with carbon black in the presence of hydrogen. It can be shaped into various forms through the process of sintering and finds widespread use across multiple industries.

Tungsten carbide is renowned for its exceptional durability and performance, offering attributes such as increased strength, low electrical resistivity, high melting and boiling points, impressive hardness, and resistance to abrasion, heat, scratches, and corrosion. As a result, it is extensively applied in industries including aerospace and defense, automotive, mining and construction, electronics, sports, and medical.

Tungsten Carbide Market Trends:

Several trends are shaping the growth of the tungsten carbide market:

  1. Automotive Industry Growth: The significant expansion of the automotive industry is fueling market growth. Tungsten carbide is used in the production of high-performance auto parts that can withstand high stress and heat, including ball joints, brakes, crankshafts, and tire studs.
  2. Cutting Tools Production: The wide-ranging use of tungsten carbide to manufacture cutting tools for automotive components such as engines, transmissions, axles, and steering assemblies is another major driver of market growth.
  3. Mining and Drilling: The increasing demand for tungsten carbide in the drilling and mining industry for the production of drill bits, roller cutters, downhole hammers, and tunnel boring machines is significantly boosting the market.
  4. 3D Printing: The growing adoption of tungsten carbide in 3D printing for the creation of efficient and cost-effective high-performance parts is facilitating market expansion.
  5. Medical Applications: The extensive use of tungsten carbide in the medical sector for surgical instruments such as scissors, forceps, blade handles, hemostats, graspers, needle holders, and cautery is driving market growth.
  6. Recycling: Increasing recycling of tungsten carbide scrap, its incorporation in sports gear, and growth in the construction industry are expected to further drive market growth.

Key Market Segmentation:

The report offers a comprehensive analysis of key market segments, including grade, application, and industry vertical.

Breakdown by Grade:

  • General Purpose
  • Metal Forming and Wear
  • Rotary Drilling and Mining
  • Submicron
  • Corrosion Resistant

Breakdown by Application:

  • Machine Tools and Components
  • Cutting Tools
  • Dies and Punches
  • Abrasive Products
  • Others

Breakdown by Industry Vertical:

  • Aerospace and Defense
  • Automotive
  • Mining and Construction
  • Electronics
  • Others

Breakdown by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa

Competitive Landscape:

The report presents an in-depth examination of the competitive landscape, featuring profiles of key players such as American Elements, Ceratizit S.A (Plansee SE), Extramet AG, Federal Carbide Company, H.C. Starck Tungsten GmbH, Japan New Metal Co. Ltd., Jiangxi Yaosheng Tungsten Company Ltd., Kennametal Inc., Merck KGaA, OC Oerlikon Management AG, Reade International Corp., Sumitomo Electric Industries Ltd., and Umicore N.V.

Key Questions Answered in This Report:

  1. How has the global tungsten carbide market performed, and what is its growth outlook?
  2. What impact has COVID-19 had on the global tungsten carbide market?
  3. What are the key regional markets?
  4. What is the breakdown of the market based on grade?
  5. What is the breakdown of the market based on application?
  6. What is the breakdown of the market based on industry vertical?
  7. What are the key regions in the global tungsten carbide market?
  8. Who are the key players/companies in the global tungsten carbide market?

Key Attributes:

Report AttributeDetails
No. of Pages141
Forecast Period2022 - 2028
Estimated Market Value (USD) in 2022$19.4 Billion
Forecasted Market Value (USD) by 2028$27.5 Billion
Compound Annual Growth Rate6.0%
Regions CoveredGlobal

For more information about this report visit https://www.researchandmarkets.com/r/buradk

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Global Tungsten Carbide Market

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