Tungsten carbide are used in various end use industries such as mining and construction, automobile, electronics, and defense among others. The growing demand from the developing region throughout the globe are the major factors driving the global market of tungsten carbide. The growing government investments in the infrastructural development coupled with the augmenting demand from the automobile sector are other factors contributing to the growth of the market. Among the various end-use industry mining and construction is the dominant segment and expected to show the same trend during the forecast years. The properties such as high tensile strength, corrosion and impact resistance, has increased the demand for tungsten carbide in the mining and construction industry.
Market Segmentation
The global tungsten carbide market is segmented into grade type and end use industry. On the basis of grade the market is segmented into general purpose grade, metal foaming and wear grades, submicron grades, rotary drilling and mining grades, and corrosion resistant grades. On the basis of end use industry the global tungsten carbide market is segmented into mining and construction, oil and gas, electrical and electronics, automobiles, defense and others.
Market Scenario
The rotary drilling and mining grade segment is the leading type in the market on account of its properties such as impact strength, tensile strength, stiffness and high performance ability among other. The growing construction and oil & gas activities throughout the globe is expected to positively impact the growth of the segment.
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Regional Analysis
The global tungsten carbide market is spanned across five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major portion of the global market and is anticipated to continue its dominance during the forecast period. The developing end use industries in the region such as construction and automotive is expected to fuel the market growth. Moreover, the favorable government regulation has resulted in the shifting of manufacturing base in the Asia Pacific which has further propelled the market growth. The major counties attributing to growth of tungsten carbide in this region are India, China, and Japan. North America is the dominant region for this market. The developed end use industries coupled with the growing adoption of tungsten carbide are the major factors contributing to the growth of the market. The major countries attributing to this growth are the U.S. and Canada. European market of tungsten carbide is mainly driven by the developed automobile and electronic industry. Moreover, the increasing use of tungsten carbide in defense sector coupled with the growing government defense budget will further add to the growth of the market during the forecast years.
Competitive Analysis
Some of the prominent players operating in the Global tungsten carbide market are Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet AG(Switzerland), Federal Carbide Company (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan), China Tungsten (Xiamen), and Eurotungstene (France), among others.
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