Increasing research & development activities, superior properties as compared to conventional materials, to boost the global Tungsten Carbide market through 2024.
According to TechSci Research report, “Global Tungsten Carbide Market By End-User, By Application, By Region, Competition, Forecast & Opportunities, 2024’’, the global tungsten carbide market is projected to grow at a CAGR of over 4.8% during the forecast period. The market is mainly driven by increasing research & development activities to augment the growth in technology and superior properties compared to conventional materials.
Tungsten carbide (WC) is basically a chemical compound containing equal parts of tungsten and carbon atoms. In its most basic form, WC is a fine grey powder, however it can be pressed and formed into shapes through the process of sintering for applications in industrial machinery, cutting tools, armour-piercing rounds, among others. Notably, the market for tungsten carbide has been segmented into end-user, application and region. Based on application, the market has been categorized as cemented carbide, industrial alloys, mill products, jewellery, surgical tools, others (Tipping Trekking, Ski Poles). Notably, tungsten carbide is a popular material in jewellery manufacturing, on account of its high resistance to scratching and the hardness of the material) and is expected to register fastest growth during forecast period. Cemented carbide application led the tungsten carbide market in 2018 holding a market share of approximately 61% by value owing to the growing demand for metal cutting tools in machinery. Despite these positive attributes, the tungsten carbide market is anticipated to be inhibited by its relatively high cost when compared to other metal carbides.
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Based on end-user, the market has been segmented into automotive industry, aerospace and defense industry, mining and construction industry, oil & gas industry, electronic industry and others. Among these, the automotive industry held the largest market share in 2018 and is anticipated to dominate the market during the forecast period as well. The automotive industry dominated the market owing to its usage in manufacturing high performance mechanical parts such as studs for tires.
Regionally, the Tungsten Carbide market has been segmented into North America, South America, Europe, Asia-Pacific and Middle East & Africa. Among these regions, economies in the APAC region, particularly in India and China, are anticipated to play a substantial role in the growth of the market for tungsten carbide during the forecast period. This is mainly due to the rising adoption of sustainable technology in production.
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“China is the largest revenue generating country in the APAC region, followed by Japan. Advanced industrial advancements, investments for dedicated R&D facilities and development of tungsten carbide-based products are few primary factors that are fueling the growth of the market in the region. Furthermore, on account of the large-scale tungsten reserve in China and technological advancements to produce tungsten carbide. Tungsten carbide is emerging as a crucial part of the traditional manufacturing, and the leading players in the market are encashing on the opportunity to augment their global market share.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Tungsten Carbide Market By End-User, By Application, By Region, Competition, Forecast & Opportunities, 2024’” has evaluated the future growth potential of Global Tungsten Carbide market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in Global Tungsten Carbide market.
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Source: TechSci Research