Global Tungsten Carbide Market Overview 2023-2028

Tungsten carbide, formed by the combination of tungsten and carbon atoms, is a compact substance that appears light grey in color. It boasts exceptional toughness, low electrical resistivity, and impressive resistance to extreme temperatures and harsh weather conditions. Moreover, it provides enhanced strength and durability, effectively shielding against abrasion, heat, scratches, and corrosion. These outstanding attributes make tungsten carbide widely utilized across numerous industries globally, such as mining, construction, automotive, aerospace and defense, electronics, medical, and manufacturing.

How big is the Global Tungsten Carbide Market?

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:

The tungsten carbide market is witnessing significant growth propelled by its increasing usage in the automotive industry for the production of high-performance auto parts that can endure extreme stress and heat, such as ball joints, tires, and brakes. The medical sector is also embracing tungsten carbide for the manufacturing of various medical equipment, further driving market expansion. The growing demand for wear-resistant and long-lasting components across industries is another factor stimulating market growth. Furthermore, the mining sector is adopting tungsten carbide in the production of downhole hammers, drill bits, tunnel boring machines, and roller cutters, leading to market expansion. Additionally, the construction industry's rising demand for tungsten carbide, supported by an upsurge in construction projects, is contributing to a positive market outlook.

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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
• Submicron
• Corrosion Resistant

Breakup by Application:

• Machine Tools and Components
• Cutting Tools
• Dies and Punches
• Abrasive Products
• Others

Breakup by Industry Vertical:

• Aerospace and Defense
• Automotive
• Mining and Construction
• Electronics
• Others

Breakup by Region:

• North America
• United States
• Canada
• Asia-Pacific
• China
• Japan
• India
• South Korea
• Australia
• Indonesia
• Others
• Europe
• Germany
• France
• United Kingdom
• Italy
• Spain
• Russia
• Others
• Latin America
• Brazil
• Mexico
• Others
• Middle East and Africa

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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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