Global Tungsten Carbide Market Overview 2023-2028
IMARC Group, a leading market research company, has recently releases report titled “Tungsten carbide Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global Tungsten carbide market growth, size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Tungsten carbide, a dense and light grey compound, is produced by combining tungsten and carbon atoms. Its remarkable attributes include heightened toughness, low electrical resistivity, and exceptional resistance to high temperatures and extreme weather. Moreover, it imparts improved strength and resistance to abrasion, heat, scratches, and corrosion. Due to these outstanding properties, tungsten carbide finds extensive application in various industries worldwide, including mining, construction, automotive, aerospace and defense, electronics, medical, and manufacturing.
The global tungsten carbide market size reached US$ 19.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 27.5 Billion by 2028, exhibiting a growth rate (CAGR) of 5.9% during 2023-2028.
Global Tungsten Carbide Market Trends and Drivers:
Currently, the automotive industry’s escalating use of tungsten carbide to create high-performance auto parts, including ball joints, tires, and brakes, capable of enduring high stress and heat, stands out as a significant driver for market growth. Furthermore, the medical sector’s increasing adoption of tungsten carbide for manufacturing diverse medical equipment is reinforcing this positive trend. The market is also propelled by the surging demand for wear-resistant and durable components. Additionally, the mining industry’s growing reliance on tungsten carbide to produce downhole hammers, drill bits, tunnel boring machines, and roller cutters contributes to the market’s expansion. Moreover, the rising demand for tungsten carbide driven by an increasing number of construction projects offers a promising market outlook.
Global Tungsten Carbide Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: American Elements, Ceratizit S.A (Plansee SE), Extramet AG, Federal Carbide Company, H.C. Starck Tungsten GmbH, Japan New Metal Co. Ltd., Jiangxi Yaosheng Tunsten Company Ltd., Kennametal Inc., Merck KGaA, OC Oerlikon Management AG, Reade International Corp., Sumitomo Electric Industries Ltd. and Umicore N.V.
The report segmented the market on the basis of region, grade, application and industry vertical.
Breakup by Grade:
- General Purpose
- Metal Forming and Wear
- Rotary Drilling and Mining
- Corrosion Resistant
Breakup by Application:
- Machine Tools and Components
- Cutting Tools
- Dies and Punches
- Abrasive Products
Breakup by Industry Vertical:
- Aerospace and Defense
- Mining and Construction
Breakup by Region:
- North America
- United States
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
If you want the latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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