From 2023 to 2033, the global tungsten carbide market is expected to grow at a compound annual growth rate (CAGR) of 7.5%. By the end of 2033, the global demand for tungsten carbide is predicted to have grown from its 2023 valuation of US$21.3 billion to US$43.9 billion.
Tungsten carbide is a chemical compound composed of equal amounts of carbon and tungsten atoms. Because of their uniform purity and uniform particle size distribution, tungsten carbide powders are of great interest to manufacturers of high-performance applications. When equivalent proportions of tungsten carbide are used, the result is rust-, scratch-, and heat-resistant. Any shape can be created by precisely cutting and moulding it. This alloy is even more beneficial because its scrap may be recycled.
Tungsten carbide is an excellent material for usage in the mining, construction, oil and gas, and automotive industries due to its strength, durability, and resistance to abrasion. Rapid industrialization, the developing automobile industry, and rising manufacturing activities are boosting sales of tungsten carbide.
Because of the constantly expanding automotive and electronic industries, the tungsten carbide market in Asia Pacific is anticipated to grow significantly over the projected period. Electronic and automotive components are frequently made using tungsten carbide. Due to its usefulness as a material for cutting gear, mining tools, and abrasive equipment, tungsten carbide powder with a particle size range of 1 to 10 microns is experiencing increasing demand.
The market value of tungsten carbide is rising as a result of its use in 3D printing. Tungsten carbide is increasingly being employed in the manufacturing of tools for the automotive and construction industries as a result of the rising demand for cutting tools.
Key Takeaways from Market Study
- The global tungsten carbide market is projected to reach US$ 43.9 billion by 2033.
- Demand for tungsten carbide in China is predicted to expand at a rapid pace due to the presence of key automobile manufacturing companies.
- Sales of tungsten carbide in the United States are increasing due to the strong aerospace and defense sectors.
- Rapidly developing construction sector in Germany is driving the sales of tungsten carbide.
“High tensile strength makes tungsten carbide a vital component in the manufacturing of aerospace and defense equipment,” says a Fact.MR analyst.
Notable Market Developments
- In February 2022, CERATIZIT S.A. announced that it had acquired the remaining 50% of Stadler Mettale's shares, making it the sole owner of the business. One of the most significant suppliers of secondary raw materials for the production of tungsten & tungsten carbide powders is this firm.
- A prominent manufacturer of tungsten carbide, Sandvik AB, announced the commercial launch of 3D-printed cemented carbide on April 14, 2022. This product offers clients creative flexibility as well as advantages such as decreased material waste and increased component life.
- Australia-based Jenmar opened XCAL Industries in February 2020. It produces blanks made of tungsten carbide. The company sought to broaden its selection of tungsten carbide blanks and cutting tools for the tunnelling and mining industries in North America.
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