Global Tungsten Carbide Market 2024-2028
The tungsten carbide market is forecasted to grow by USD 4668.9 mn during 2023-2028, accelerating at a CAGR of 3.97% during the forecast period. The report on the tungsten carbide market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing demand for tungsten carbide from automotive industry, dynamic properties of tungsten carbide, and increasing demand from mining and construction industries.
Technavio's tungsten carbide market is segmented as below:
By Application
- Machine components and tools
- Cutting and drilling tools
- Dies and punches
- Abrasives
- Others
By End-user
- Mining and construction
- Automotive
- Power generation and fluid power manufacturing
- Oil and gas
- Others
By Geographical Landscape
- APAC
- Europe
- North America
- South America
- Middle East and Africa
This study identifies the emerging applications of tungsten carbide as one of the prime reasons driving the tungsten carbide market growth during the next few years. Also, opportunities in emerging economies and an emerging alternative to depleted uranium reserves will lead to sizable demand in the market.
The report on the tungsten carbide market covers the following areas:
- Tungsten carbide market sizing
- Tungsten carbide market forecast
- Tungsten carbide market industry analysis
The robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading tungsten carbide market vendors that include American Elements, Buffalo Tungsten Inc., CY Carbide Mfg. Co. Ltd., DAAO Industry Co. Ltd., Extramet Products LLC, Federal Carbide Co., GuangDong XiangLu Tungsten Co. Ltd., HC Starck Tungsten GmbH, Hengdian Group Holdings Ltd., ILJIN Diamond Co. Ltd., Japan New Metals Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Kennametal Inc., Murugappa Group, Nanchang Cemented Carbide Co. Ltd., Plansee SE, Reade International Corp., Sandvik AB, Sumitomo Electric Industries Ltd., and Umicore SA. Also, the tungsten carbide market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.