Tungsten carbide market size to increase by USD 4,818.79 million: Increasing demand from the mining and construction industries to drive growth - Technavio

NEW YORK, May 10, 2023 /PRNewswire/ -- The tungsten carbide market size is forecasted to increase by USD 4,818.79 million from 2022 to 2027 at a CAGR of 4.23%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing demand for tungsten carbide from the automotive industry, the dynamic properties of tungsten carbide, and increasing demand from the mining and construction industries. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download a sample report

The increasing demand from the mining and construction industries is driving market growth. Mining and construction machinery and tools easily wear and tear due to harsh conditions. Therefore, tungsten carbide is ideal for such conditions owing to its high toughness, strength, and durability. The growth of the mining and construction industries in developing countries, such as China, India, Malaysia, and Japan, as well as rapid urbanization, will boost the demand for residential and commercial buildings in the construction industry. This will increase the sales of construction equipment globally, which, in turn, will fuel market growth during the forecast period.

The emerging applications of tungsten carbide are key trends in the market. Technological advances are increasing the scope of tungsten carbide applications in machine tools, cutting tools, dies, punches, and abrasives. For example, tungsten carbide is used as a reforming catalyst for the conversion of natural gas to hydrogen gas. Tungsten carbide powder is used in HVOF systems to provide high porosity, density, and strength for spraying and coating applications. Silver-tungsten-carbide composites are used to manufacture surface films and contacts and exhibit erosion resistance and anti-weld properties. These factors will support the growth of the global market during the forecast period. 

Toxicity and safety concerns are challenging market growth. Tungsten carbide is composed of 5%-10% of cobalt. Ingestion of tungsten metal and carbide through the air, water, or food lead to lung diseases and carcinogenic health issues. Tungsten carbide plants release residue wastewater that is highly toxic. Moreover, governments of various countries recommend a certain limit of tungsten in air, water, and food to avoid issues related to toxicity and safety. These factors may hinder the growth of the global market during the forecast period. 

Technavio has extensively analyzed 15 major vendors, including American Elements, Buffalo Tungsten Inc., CY Carbide Mfg. Co. Ltd., DAAO Industry Co. Ltd., Federal Carbide Co., GuangDong XiangLu Tungsten Co. Ltd., Reade International Corp., Hengdian Group Holdings Ltd., Japan New Metals Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Kennametal Inc., Murugappa Group, Nanchang Cemented Carbide Co. Ltd., Sandvik AB, Sumitomo Electric Industries Ltd., Plansee SE, Umicore NV, Extramet Products LLC, ILJIN Diamond Co. Ltd., and HC Starck Tungsten GmbH.

Key benefits for industry players & stakeholders – 

• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer landscape - Analysis of price sensitivity, adoption lifecycle, customer purchase basket, adoption rates, and purchase criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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The market is segmented by application (machine components and tools, cutting and drilling tools, dies and punches, abrasives, and others), end-user (mining and construction, automotive, power generation and fluid power manufacturing, oil and gas, and others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Segmentation by application

• The machine components and tools segment will account for a significant share of market growth during the forecast period. Tungsten carbide imparts properties such as high performance, strength, hardness, and durability to machine components and tools. Moreover, tungsten carbide-based components and tools can bear high temperatures. They also offer wear resistance, which is crucial in industries such as metalworking, automotive, aerospace, defense, oil and gas, and power. These factors will drive the growth of the segment during the forecast period.

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What are the key data covered in this tungsten carbide market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the tungsten carbide market between 2023 and 2027
• Precise estimation of the size of the tungsten carbide market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the tungsten carbide market across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of tungsten carbide market vendors

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Table of contents

1 Executive Summary

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Application
• Exhibit 06: Executive Summary – Chart on Market Segmentation by End-user
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global tungsten carbide market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global tungsten carbide market 2017 - 2021 ($ million)

• 4.2 Application Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Application Segment 2017 - 2021 ($ million)

• 4.3 End-user Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – End-user Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Application

• 6.1 Market segments
• Exhibit 30: Chart on Application - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Application - Market share 2022-2027 (%)

• 6.2 Comparison by Application 
• Exhibit 32: Chart on Comparison by Application
• Exhibit 33: Data Table on Comparison by Application

• 6.3 Machine components and tools - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Machine components and tools - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Machine components and tools - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Machine components and tools - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Machine components and tools - Year-over-year growth 2022-2027 (%)

• 6.4 Cutting and drilling tools - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Cutting and drilling tools - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Cutting and drilling tools - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Cutting and drilling tools - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Cutting and drilling tools - Year-over-year growth 2022-2027 (%)

• 6.5 Dies and punches - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Dies and punches - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Dies and punches - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Dies and punches - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Dies and punches - Year-over-year growth 2022-2027 (%)

• 6.6 Abrasives - Market size and forecast 2022-2027 
• Exhibit 46: Chart on Abrasives - Market size and forecast 2022-2027 ($ million)
• Exhibit 47: Data Table on Abrasives - Market size and forecast 2022-2027 ($ million)
• Exhibit 48: Chart on Abrasives - Year-over-year growth 2022-2027 (%)
• Exhibit 49: Data Table on Abrasives - Year-over-year growth 2022-2027 (%)

• 6.7 Others - Market size and forecast 2022-2027 
• Exhibit 50: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 51: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 52: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 53: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.8 Market opportunity by Application 
• Exhibit 54: Market opportunity by Application ($ million)

7 Market Segmentation by End-user

• 7.1 Market segments
• Exhibit 55: Chart on End-user - Market share 2022-2027 (%)
• Exhibit 56: Data Table on End-user - Market share 2022-2027 (%)

• 7.2 Comparison by End-user 
• Exhibit 57: Chart on Comparison by End-user
• Exhibit 58: Data Table on Comparison by End-user

• 7.3 Mining and construction - Market size and forecast 2022-2027 
• Exhibit 59: Chart on Mining and construction - Market size and forecast 2022-2027 ($ million)
• Exhibit 60: Data Table on Mining and construction - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Chart on Mining and construction - Year-over-year growth 2022-2027 (%)
• Exhibit 62: Data Table on Mining and construction - Year-over-year growth 2022-2027 (%)

• 7.4 Automotive - Market size and forecast 2022-2027 
• Exhibit 63: Chart on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 64: Data Table on Automotive - Market size and forecast 2022-2027 ($ million)
• Exhibit 65: Chart on Automotive - Year-over-year growth 2022-2027 (%)
• Exhibit 66: Data Table on Automotive - Year-over-year growth 2022-2027 (%)

• 7.5 Power generation and fluid power manufacturing - Market size and forecast 2022-2027
• Exhibit 67: Chart on Power generation and fluid power manufacturing - Market size and forecast 2022-2027 ($ million)
• Exhibit 68: Data Table on Power generation and fluid power manufacturing - Market size and forecast 2022-2027 ($ million)
• Exhibit 69: Chart on Power generation and fluid power manufacturing - Year-over-year growth 2022-2027 (%)
• Exhibit 70: Data Table on Power generation and fluid power manufacturing - Year-over-year growth 2022-2027 (%)

• 7.6 Oil and gas - Market size and forecast 2022-2027 
• Exhibit 71: Chart on Oil and gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on Oil and gas - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on Oil and gas - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on Oil and gas - Year-over-year growth 2022-2027 (%)

• 7.7 Others - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.8 Market opportunity by End-user 
• Exhibit 79: Market opportunity by End-user ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 80: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 81: Chart on Market share by geography 2022-2027 (%)
• Exhibit 82: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 83: Chart on Geographic comparison
• Exhibit 84: Data Table on Geographic comparison

• 9.3 APAC - Market size and forecast 2022-2027 
• Exhibit 85: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 86: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 87: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 88: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 89: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 90: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 91: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 92: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 North America - Market size and forecast 2022-2027 
• Exhibit 93: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 94: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 95: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 96: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 97: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 98: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 99: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 100: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 101: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 102: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 103: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 104: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 China - Market size and forecast 2022-2027 
• Exhibit 105: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 106: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 107: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 108: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.9 India - Market size and forecast 2022-2027 
• Exhibit 109: Chart on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 110: Data Table on India - Market size and forecast 2022-2027 ($ million)
• Exhibit 111: Chart on India - Year-over-year growth 2022-2027 (%)
• Exhibit 112: Data Table on India - Year-over-year growth 2022-2027 (%)

• 9.10 Japan - Market size and forecast 2022-2027 
• Exhibit 113: Chart on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 114: Data Table on Japan - Market size and forecast 2022-2027 ($ million)
• Exhibit 115: Chart on Japan - Year-over-year growth 2022-2027 (%)
• Exhibit 116: Data Table on Japan - Year-over-year growth 2022-2027 (%)

• 9.11 Russia - Market size and forecast 2022-2027 
• Exhibit 117: Chart on Russia - Market size and forecast 2022-2027 ($ million)
• Exhibit 118: Data Table on Russia - Market size and forecast 2022-2027 ($ million)
• Exhibit 119: Chart on Russia - Year-over-year growth 2022-2027 (%)
• Exhibit 120: Data Table on Russia - Year-over-year growth 2022-2027 (%)

• 9.12 US - Market size and forecast 2022-2027 
• Exhibit 121: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 122: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 123: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 124: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 125: Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 126: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 127: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 128: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 129: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 130: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 131: Matrix on vendor position and classification

• 12.3 American Elements
• Exhibit 132: American Elements - Overview
• Exhibit 133: American Elements - Product / Service
• Exhibit 134: American Elements - Key offerings

• 12.4 Buffalo Tungsten Inc. 
• Exhibit 135: Buffalo Tungsten Inc. - Overview
• Exhibit 136: Buffalo Tungsten Inc. - Product / Service
• Exhibit 137: Buffalo Tungsten Inc. - Key offerings

• 12.5 CY Carbide Mfg. Co. Ltd. 
• Exhibit 138: CY Carbide Mfg. Co. Ltd. - Overview
• Exhibit 139: CY Carbide Mfg. Co. Ltd. - Product / Service
• Exhibit 140: CY Carbide Mfg. Co. Ltd. - Key offerings

• 12.6 Extramet Products LLC 
• Exhibit 141: Extramet Products LLC - Overview
• Exhibit 142: Extramet Products LLC - Product / Service
• Exhibit 143: Extramet Products LLC - Key offerings

• 12.7 HC Starck Tungsten GmbH
• Exhibit 144: HC Starck Tungsten GmbH - Overview
• Exhibit 145: HC Starck Tungsten GmbH - Product / Service
• Exhibit 146: HC Starck Tungsten GmbH - Key offerings

• 12.8 Hengdian Group Holdings Ltd. 
• Exhibit 147: Hengdian Group Holdings Ltd. - Overview
• Exhibit 148: Hengdian Group Holdings Ltd. - Product / Service
• Exhibit 149: Hengdian Group Holdings Ltd. - Key offerings

• 12.9 Japan New Metals Co. Ltd. 
• Exhibit 150: Japan New Metals Co. Ltd. - Overview
• Exhibit 151: Japan New Metals Co. Ltd. - Product / Service
• Exhibit 152: Japan New Metals Co. Ltd. - Key offerings

• 12.10 Jiangxi Yaosheng Tungsten Co. Ltd. 
• Exhibit 153: Jiangxi Yaosheng Tungsten Co. Ltd. - Overview
• Exhibit 154: Jiangxi Yaosheng Tungsten Co. Ltd. - Product / Service
• Exhibit 155: Jiangxi Yaosheng Tungsten Co. Ltd. - Key offerings

• 12.11 Kennametal Inc.
• Exhibit 156: Kennametal Inc. - Overview
• Exhibit 157: Kennametal Inc. - Business segments
• Exhibit 158: Kennametal Inc. - Key offerings
• Exhibit 159: Kennametal Inc. - Segment focus

• 12.12 Murugappa Group
• Exhibit 160: Murugappa Group - Overview
• Exhibit 161: Murugappa Group - Business segments
• Exhibit 162: Murugappa Group - Key offerings
• Exhibit 163: Murugappa Group - Segment focus

• 12.13 Nanchang Cemented Carbide Co. Ltd. 
• Exhibit 164: Nanchang Cemented Carbide Co. Ltd. - Overview
• Exhibit 165: Nanchang Cemented Carbide Co. Ltd. - Product / Service
• Exhibit 166: Nanchang Cemented Carbide Co. Ltd. - Key offerings

• 12.14 Plansee SE
• Exhibit 167: Plansee SE - Overview
• Exhibit 168: Plansee SE - Product / Service
• Exhibit 169: Plansee SE - Key offerings

• 12.15 Sandvik AB
• Exhibit 170: Sandvik AB - Overview
• Exhibit 171: Sandvik AB - Business segments
• Exhibit 172: Sandvik AB - Key news
• Exhibit 173: Sandvik AB - Key offerings
• Exhibit 174: Sandvik AB - Segment focus

• 12.16 Sumitomo Electric Industries Ltd. 
• Exhibit 175: Sumitomo Electric Industries Ltd. - Overview
• Exhibit 176: Sumitomo Electric Industries Ltd. - Business segments
• Exhibit 177: Sumitomo Electric Industries Ltd. - Key news
• Exhibit 178: Sumitomo Electric Industries Ltd. - Key offerings
• Exhibit 179: Sumitomo Electric Industries Ltd. - Segment focus

• 12.17 Umicore NV
• Exhibit 180: Umicore NV - Overview
• Exhibit 181: Umicore NV - Business segments
• Exhibit 182: Umicore NV - Key news
• Exhibit 183: Umicore NV - Key offerings
• Exhibit 184: Umicore NV - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 185: Inclusions checklist
• Exhibit 186: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 187: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 188: Research methodology
• Exhibit 189: Validation techniques employed for market sizing
• Exhibit 190: Information sources

• 13.5 List of abbreviations 
• Exhibit 191: List of abbreviations

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