The global tungsten carbide market is expected to grow by USD 4.04 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Tungsten Carbide Market 2020-2024 (Graphic: Business Wire)
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Tungsten carbide is a versatile material because of its remarkable hardness, strength, and high temperature resistance. Owing to these characteristic properties, it is pressed or sintered into different forms, including seals, inserts, cutting knives, cutting tools, machinery parts, discs, wear parts, dies, punches, and blanks, for applications in various end markets. Tungsten carbide is three times harder than steel. The hardness of tungsten carbide falls in between 8.5 and 9 on the Mohs hardness scale, which is next only to diamond. In addition, tungsten carbide shows good resistance to flame, water, organic solvents, oxidation, strong acids, strong alkalis, weak alkalis, and wear and friction. Such dynamic properties of tungsten carbide are expected to drive the growth of the market during the forecast period.
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As per Technavio, the increasing demand from mining and construction industries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Tungsten Carbide Market: Increasing Demand from Mining and Construction Industries
The machinery and tools used in the mining and construction industry are used under harsh conditions, as a result of which there is a significant amount of wear and tear of tools and devices. Tungsten carbide with its high toughness, strength, and durability is ideal to withstand these harsh conditions. Moreover, the growth in the mining and construction industries in developing countries, especially in China, India, Malaysia, and Japan, along with increasing urbanization is expected boost the demand for residential and commercial buildings. This is expected to increase the global sale of construction equipment, resulting in high demand for tungsten carbide during the forecast period.
"Factors such as the emerging applications of tungsten carbide, and the vast reserves of tungsten ores in China will have a significant impact on the growth of the tungsten carbide market value during the forecast period," says a senior analyst at Technavio.
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Tungsten Carbide Market: Segmentation Analysis
This market research report segments the tungsten carbide market by end-user (mining and construction, automotive, power generation and fluid power manufacturing, oil and gas, and others), application (machine components and tools, cutting and drilling tools, dies and punches, abrasives, and others), and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the tungsten carbide market share in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the strong growth of end-user industries, and the expansion of road and railway networks in the region.
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Some of the key topics covered in the report include:
Market positioning of vendors
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