Tungsten Carbide Market : Opportunities, Demand and Forecasts, 2017 – 2027
Tungsten carbides are progressively becoming a part of our daily lives and it is anticipated that their application will increase significantly in the coming future, as they are being produced in large quantities for usage in a diverse variety of products. Growing research & development activities to enhance growth in technology are anticipated to drive the tungsten carbide market, and furthermore support its application in ammunition, jewellery and others over the forecast period.
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Tungsten Carbide Market: Dynamics
Increasing high quality demand in end use industries is expected to drive demand for the tungsten carbide market during the forecast period. Superior properties of final finished products of tungsten carbide are expected to fuel demand for the tungsten carbide market in the future. Tungsten carbide has become a popular material in the manufacturing of jewellery, due to its high resistance to scratching and the hardness of the material. Despite these positive attributes, the tungsten carbide market is expected to be restrained by its relatively high cost when compared to other metal carbides. Tungsten carbide is a good replacement for uranium in the manufacturing of ammunition and in many other end use applications. Therefore, the lack of availability of uranium in some regions, and its severe ill effects on the human body is expected to create a significant opportunity for tungsten carbide manufactures.
On the basis of geographical regions and in terms of production, China is anticipated to dominate the Asia Pacific tungsten carbide market over the forecast period. In terms of consumption, North America is expected to drive the demand for tungsten carbide in the near future.
Tungsten Carbide Market: Segmentation
On the basis of application, the global tungsten carbide market can be segmented into:
Tungsten Carbide Market: Regional Outlook
The tungsten carbide market can be divided into seven different geographical regions/divisions: North America, Latin America, Western and Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa. Economies in the APEJ region, especially India and China, will play a significant role in the growth of the tungsten carbide market over the forecast period.
Owing to the increasing adoption of sustainable technology in production globally, the tungsten carbide market is projected to grow at a significantly high CAGR during the forecast period. Furthermore, new technologies and inventions in tungsten carbide will foster growth in the global market.
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Tungsten Carbide Market: Market Participants
Examples of some of the market participants identified across the value chain of the tungsten carbide market are:
Sinter Sud S.p.A
General Carbide Corp.
T&D Material Manufacturing
China Minmetals Corporation
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