DUBLIN--(BUSINESS WIRE)--The "Tungsten Carbide Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
The market for tungsten carbide is anticipated to grow at a moderate CAGR of over 3.5% during the forecast period 2019-2024. Growth in mining and construction industries across the globe is generating demand for tungsten carbide.
- Tungsten carbide scrap can be recycled which makes it extremely valuable alloy for all sorts of applications.
- Toxicity due to Tungsten carbide is a restraint to the growth of the market.
Key Market Trends
Cemented Carbide to Drive the Market
- Cemented carbide is a metallurgical material in a powder form; a composite of tungsten carbide (WC) particles and a binder rich in metallic cobalt (Co).
- Cemented carbides for metal cutting applications consist of more than 80% of hard phase WC.
- The cemented carbide tools are used in the production of glass bottles, aluminium cans, plastic tubes, steel wires, copper wires. Some of the other uses include metal cutting, machining of wood, plastics, composites, soft ceramics, chipless forming (hot and cold), mining and construction, structural parts, wear parts, and military components.
- With the increasing demand from various applications, the market for cemented carbide is projected to grow over the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific represents the largest regional market for global tungsten carbide market in 2018. There is demand for tungsten carbide in the market as a result of the growing demand for automotive, construction and metalworking industries, in the countries like China, India and Japan.
- Asia-Pacific dominated the global market share in 2018. With growing transportation activities in countries such as China, India, and Japan, the usage of tungsten carbide is increasing in the region.
- The total number of vehicles produced in China, in 2018 was 27,809,196 units, showing the highest number globally. And the number of vehicles produced in Japan was 9,728,528 units in 2018. India has seen an increase of 8% in the vehicle's production from the year 2017, i.e. 4,782,896 units to 5,174,645 units in 2018.
- From the points mentioned above reveals that there is the highest opportunity for the consumption of tungsten carbide in the Asia-Pacific region through the forecast period.
The global tungsten carbide market is fragmented. The major companies include Umicore, CERATIZIT, Extramet Products, and American Elements etc., among others.
Key Topics Covered
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Applications of Tungsten Carbide in Various End-user Industries
4.1.2 Recyclable Property of Tungsten Carbide
4.2.1 Toxicity of Tungsten carbide
4.2.2 Other Restraints
4.3 Industry Value-Chain Analysis
4.4 Porters 5 Force Analysis
5 MARKET SEGMENTATION
5.1.1 Cemented carbide
5.2.1 Aerospace & Defense
5.2.3 Mining & Construction
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.3.2 North America
126.96.36.199 United States
188.8.131.52 United Kingdom
184.108.40.206 Rest of Europe
5.3.4 Rest of the World
220.127.116.11 South America
18.104.22.168 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 American Elements
6.4.2 Buffalo Tungsten Inc.
6.4.3 CERATIZIT S.A.
6.4.4 China Tungsten
6.4.5 CY Carbide Mfg. Co. Ltd.
6.4.6 Extramet Products LLC
6.4.7 Federal Carbide Company
6.4.8 Guangdong Xianglu Tungsten Co. Ltd.
6.4.9 H.C. Stark GmbH
6.4.10 Jiangxi Yaosheng Tungsten Co. Ltd.
6.4.11 Kennametal Inc.
6.4.12 Sandvik AB
6.4.13 Sumitomo Electric Industries Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increase in Demand for Automatic Valves
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