Tungsten Carbide Market Report: Trends, Forecast and Competitive Analysis to 2030

Tungsten Carbide Trends and Forecast

The future of the global tungsten carbide market looks promising with opportunities in the aerospace & defence, automotive, mining & construction, and electronic sectors. The global tungsten carbide market is expected to reach an estimated $26.1 billion by 2030 with a CAGR of 7.1% from 2024 to 2030. The major drivers for this market are rising demand for recyclable tungsten carbide scrap and growing application of this substrate in manufacture of jewelry.

A more than 150-page report is developed to help in your business decisions.

Tungsten Carbide by Segment

The study includes a forecast for the global tungsten carbide by application, end use, and region.

Tungsten Carbide Market by Application [Shipment Analysis by Value from 2018 to 2030]:

• Cemented Carbide
• Coatings
• Alloys
• Others

Tungsten Carbide Market by End Use [Shipment Analysis by Value from 2018 to 2030]:

• Aerospace & Defence
• Automotive
• Mining & Construction
• Electronics
• Others

Tungsten Carbide Market by Region [Shipment Analysis by Value from 2018 to 2030]:

• North America
• Europe
• Asia Pacific
• The Rest of the World

List of Tungsten Carbide Companies

Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies tungsten carbide companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the tungsten carbide companies profiled in this report include-

• Sandvik
• HC Starck
• Jenmar
• Xiamen Tungsten
• Hitachi Metals
• Mitsubishi Material
• Federal Carbide
• American Elements
• Manu & Sales
• Sumitomo

Tungsten Carbide Market Insights

Lucintel forecasts that cemented carbide is expected to witness highest growth over the forecast period due to its features like it is hard and durable material, making it ideal for a wide range of applications.

Within this market, aerospace & defense is expected to witness highest growth over the forecast period due to significant application of tungsten carbide in this sector owing to its high hardness, strength, and wear resistance.

APAC is expected to witness highest growth over the forecast period due to rapid urbanization, continual expansion of construction and infrastructure projects, and presence of major manufacturing units in the region.

Features of the Global Tungsten Carbide Market

Market Size Estimates: Tungsten carbide market size estimation in terms of value ($B).

Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.

Segmentation Analysis: Tungsten carbide market size by application, end use, and region in terms of value ($B).

Regional Analysis: Tungsten carbide market breakdown by North America, Europe, Asia Pacific, and Rest of the World.

Growth Opportunities: Analysis of growth opportunities in different applications, end uses, and regions for the tungsten carbide market.

Strategic Analysis: This includes M&A, new product development, and competitive landscape of the tungsten carbide market.

Analysis of competitive intensity of the industry based on Porter's Five Forces model.

FAQ

Q.1 What is the tungsten carbide market size?

Answer: The global tungsten carbide market is expected to reach an estimated $26.1 billion by 2030.

Q.2 What is the growth forecast for tungsten carbide market?

Answer: The global tungsten carbide market is expected to grow with a CAGR of 7.1% from 2024 to 2030.

Q.3 What are the major drivers influencing the growth of the tungsten carbide market?

Answer: The major drivers for this market are rising demand for recyclable tungsten carbide scrap and growing application of this substrate in manufacture of jewelry.

Q4. What are the major segments for tungsten carbide market?

Answer: The future of the tungsten carbide market looks promising with opportunities in the aerospace & defence, automotive, mining & construction, and electronic sectors.

Q5. Who are the key tungsten carbide market companies?

Answer: Some of the key tungsten carbide companies are as follows:

• Sandvik
• HC Starck
• Jenmar
• Xiamen Tungsten
• Hitachi Metals
• Mitsubishi Material
• Federal Carbide
• American Elements
• Manu & Sales
• Sumitomo

Q6. Which tungsten carbide market segment will be the largest in future?

Answer: Lucintel forecasts that cemented carbide is expected to witness highest growth over the forecast period due to its features like it is hard and durable material, making it ideal for a wide range of applications.

Q7. In tungsten carbide market, which region is expected to be the largest in next 5 years?

Answer: APAC is expected to witness highest growth over the forecast period due to rapid urbanization, continual expansion of construction and infrastructure projects, and presence of major manufacturing units in the region.

Q.8 Do we receive customization in this report?

Answer: Yes, Lucintel provides 10% customization without any additional cost.

This report answers following 11 key questions:

• Q.1. What are some of the most promising, high-growth opportunities for the tungsten carbide market by application (cemented carbide, coatings, alloys, and others), end use (aerospace & defence, automotive, mining & construction, electronics, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
• Q.2. Which segments will grow at a faster pace and why?
• Q.3. Which region will grow at a faster pace and why?
• Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
• Q.5. What are the business risks and competitive threats in this market?
• Q.6. What are the emerging trends in this market and the reasons behind them?
• Q.7. What are some of the changing demands of customers in the market?
• Q.8. What are the new developments in the market? Which companies are leading these developments?
• Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
• Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
• Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?