Latest News - Tungsten Carbide Market: Machine components and tools are expected to lead the Application segment during 2024-2028

The Tungsten Carbide Market is being driven by Increasing demand for tungsten carbide from automotive industry

The Tungsten Carbide Market is expected to grow at a CAGR of 3.97% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4668.9 million. Tungsten carbide, a versatile material, finds extensive application in various industries, primarily in machine tools, cutting tools, dies, punches, and abrasives. However, technological innovations are expanding its usage horizons. One such application is the utilization of tungsten carbide as a reforming catalyst for converting natural gas into hydrogen gas. This technology is integral to hydrogen-powered engines and fuel cells, offering significant potential in the renewable energy sector. Another burgeoning application is the adoption of tungsten carbide as a slurry in 3D printing. This fabrication technique, currently used for manufacturing tungsten carbide cutting tools and inserts, provides enhanced flexibility and sharpness compared to traditional dry pressing methods. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Application
  • Machine components and tools
  • Cutting and drilling tools
  • Dies and punches
  • Abrasives
  • Others
• End-user
  • Mining and construction
  • Automotive
  • Power generation and fluid power manufacturing
  • Oil and gas
  • Others
• Geography
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Russia
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for tungsten carbide from automotive industry
• Dynamic properties of tungsten carbide
• Increasing demand from mining and construction industries

However, the market also witnesses some limitations, which are as follows:

• Economic slowdown in China
• Toxicity and safety concerns
• Stringent environmental regulations

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Market Scope in Tungsten Carbide Market Research Report

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Research Analysis Overview

The Tungsten Carbide market has experienced significant challenges in recent times due to shipping delays and raw material shortages. These issues have been attributed to various factors, including infrastructure projects and urbanization in emerging economies, which have led to increased demand for metals and minerals like tungsten carbide. Petroleum tunneling and mining activities have also contributed to the demand for tungsten carbide, particularly in the production of mining equipment. The high compressive strength, tensile strength, deflection resistance, and abrasion resistance of tungsten carbide make it an ideal material for manufacturing automatic valves and other industrial components. Moreover, the scrap market for tungsten carbide is gaining traction as manufacturers seek to reduce costs and minimize waste. Metallic cobalt, a key component in cemented carbide, has also seen increased demand due to its high melting point and excellent wear resistance. Despite these challenges, the Tungsten Carbide market is expected to grow due to the ongoing industrialization and infrastructure developments in various parts of the world. The demand for tungsten carbide in various industries, including oil and gas, construction, and manufacturing, is expected to remain strong in the coming years.

Market Research Overview

The global diversified metals and mining industry encompasses businesses involved in the production or extraction of a range of metals and minerals, including non-ferrous metals such as lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium, as well as salt, borate, phosphate rock, and other diversified mining operations. According to Technavio's market analysis, the industry size is determined by the consolidated revenue generated by these companies from their metal and mineral extraction and diversified mining activities. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
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