DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Global Tungsten Carbide Market - Analysis & Forecast, 2017 - 2022 (Focus on Applications in Metal Cutting, Wear Parts, Mining & Drilling; End Use in Automotive, Aerospace & Defense, Oil & Gas, Mining & Construction, Electronics; and Region)" report to their offering.
The global tungsten carbide market, by value, is estimated to witness growth at a CAGR of 4.4% over the period 2017 to 2022.
This growth in the market is attributed to the increasing demand for various applications such as metal cutting tools, wear parts, mining & drilling tools etc. and various end use industries like automotive, aerospace & defense, oil & gas, mining & construction, electronics etc.
Tungsten carbide is a highly dense material constituting of tungsten and carbon as their constituent materials. They exhibit significant properties like extreme hardness, toughness, wear & abrasion resistance, pressure resistance, and many more. The unique combination of these properties and their cost effectiveness have set them apart to be the ideal choice of many industry manufacturers.
Metal cutting application dominated the tungsten carbide market in 2015 accounting for a market share of 41.9% by value. Similarly, automotive industry held the highest market share by end use industry accounting for a market share of 36.3% in 2015. Asia Pacific generated the maximum amount of revenue in the year 2015 in the global tungsten carbide market followed by Europe and North America. Also, APAC currently has the highest potential to grow in the forecast period. If the industry has the prospects of growing at a similar pace, it will cross $ 3,355.0 million in total market value by the end of forecast period.
The report is a compilation of different segments of global tungsten carbide market including market breakdown by application, end use industry and geographical location. It also includes sections on competitive insights and market dynamics. Herein the revenue generated from tungsten carbide is tracked to calculate the market size.
Some of the key players involved in this market are Sandvik, IMC Group, Kennametal, Mitsubishi Materials, Sumitomo Corporation, Hitachi Metals, Ceratizit S.A, China Minmetals, Xiamen Tungsten, and American Elements.
- Remarkable Properties
- Cost Effectiveness
- High Demand from Varied End Use Application Verticals
- Substantial Focus on R&D Towards Making of Ultrafine Grades
- Tungsten Recycling from Scrap
- Toxicity and Safety issues
- Recent Economic Slowdown in China
- Opportunities in Emerging Applications
- Opportunities in Emerging Economies
- New Mine Projects
- IMC Group
- Kennametal Inc.
- China Minmetals
- Xiamen Tungsten
- H.C Starck
- Durit Hartmetall
- Ceratizit S.A
- American Elements
- Chongyi Zhanguan
For more information about this report visit http://www.researchandmarkets.com/research/t78ph6/global_tungsten