Tungsten Carbide Market Size, Share, and Forecast 2023

According to Precision Business Insights (PBI), latest report tungsten carbide market was valued at USD 20,613.8 million in 2022, growing at 7.3% CAGR from 2023 to 2029. The significant amount of cutting tools required to create automobile engines, axles, transmissions, and steering components is the driving force behind the market's expansion. Furthermore, the recent research and advancement in 3D printing for industrial and medical applications have created tremendous opportunities for market. For instance, in February 2023, Dyze Design, a 3D printing accessory developer launched a range of Tungsten Carbide Nozzles to fit numerous FDM desktop machines. Currently, the use of tungsten carbide to fabricate machine equipment is in trend. The market for tungsten carbide powder has expanded as a result of the rising demand for heavy equipment like loaders, evacuators, rollers, and cranes, among others. The increasing applications of tungsten carbide in various industries are expected to increase the growth of the market over the forecast years.

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The tungsten carbide market is segmented based on grade, application, end-user industry and geography.

Based on the grade, the market is segmented into the following:
• Rotary Drilling & Mining
• Metal Forming & Wear
• Submicron
• Corrosion Resistant
• General Purpose
• Others

Based on the application, the market is segmented into the following:
• Cemented Carbide
• Metal Cutting Tools
• Dies & Punches
• Abrasive Products
• Wear Part Tools
• Mining & Drilling Tools
• Coatings
• Alloys
• Others

Based on the end-user industry, the market is segmented into the following:
• Mining & Construction
• Industrial Engineering
• Transportation
• Automotive
• Electronics
• Oil & Gas
• Aerospace & Defence
• Others

Based on Geography, the market is segmented into the following:
• North America
• Europe
• Asia Pacific
• Latin America
• MEA

Based on the application Cemented carbide is anticipated to show a significant growth rate over the forecasting period. Cemented carbide is a composite of tungsten carbide and a metallic binder that is used to make aluminium cans, glass bottles, plastic tubes, steel wires, and copper wires. In addition to this application, cemented carbide is utilized for woodworking, metal cutting, soft ceramics, plastics, and chip less shaping in the mining and construction sector as well as for structural wear, military parts, and different industries. For instance, in December 2018, VBN Components launched a new cemented carbide for metal additive manufacturing the hard metal Vibenite 480 which is extremely heat and wear resistant and is able to manufacture industrial tools and components in complex shapes, while reducing the environmental impact of their production. As a result of the multiple applications, the demand for tungsten carbide is predicted to rise, leading to market expansion.

Asia Pacific Leads Tungsten Carbide Market
The tungsten carbide market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific is dominating the market owing to the increased mining, transportation and infrastructure industries. China, Japan, India and South Korea have the largest contribution to the growth of the tungsten carbide market in the Asia Pacific region. Leading market firms are making significant investments in R&D to broaden their product offerings, which will spur further expansion of the tungsten carbide market. Market players are engaged in a variety of strategic initiatives to increase their footprint. Moreover, China, India, Japan and Kazakhstan consume 27% of total medical devices leading to increased demand for tungsten carbide to create surgical instruments owing to enhanced precision and corrosion-resistant properties. Furthermore, China and India are the largest producers of jewellery market throughout the world accounting for 270 billion U.S. dollars in 2022.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players

The tungsten carbide market further reveals that the key players increasingly adopting strategies such as the launch of newer products, and long-term alliances to improve market revenue share and gain significant geographic presence across the region. For instance,

In July 2022, HC Starck and Nyobolt signed a contract for an investment of roughly 52 million dollars for the business of making tungsten-intensive batteries.

In October 2022, Lepu Medical's Ultraskin TM Hydrophilic Guidewire received the MDR certificate from the BSI Netherlands Notified Body (2797) and was authorized for sale in the EU market. For excellent radiopacity, a PU jacket containing tungsten carbide is used.

In September 2022, CERATIZIT S.A., a leader in tungsten carbide agricultural wear parts for over 35 years, announced the purchase of all the shares of AgriCarb SAS. With the aid of a significant amount of added value and knowledge in the area of hybrid tools composed of steel and tungsten carbide, this acquisition has assisted the company in entering new markets.

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Key player's profiles in the tungsten carbide market report are Sandvik AB, HC Starck, Jenmar, Xiamen Tungsten Co Ltd., Hitachi Metals, Mitsubishi Material Corporation, GuangDong XiangLu Tungsten Co. Ltd, Kennametal Inc, Umicore, Xiamen Tungsten Co. Ltd, Federal Carbide Company, American Elements, Manu & Sales Corporation, Sumitomo Corporation.

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