Automotive Industry to Lead Global Tungsten Carbide Market till 2024
Increasing research & development activities and tungsten carbide’s superior properties such as hardness, toughness, and resistance to abrasion and impact to boost global tungsten carbide market through 2024
According to TechSci Research report, “Global Tungsten Carbide Market By End-User, By Application, By Region, Competition, Forecast & Opportunities, 2024”, the global tungsten carbide market is projected to grow at a modest pace during the forecast period, backed by superior properties of tungsten carbide and increasing research & development activities. Tungsten carbide (WC) is basically a chemical compound containing equal parts of tungsten and carbon atoms. In its most basic form, WC is a fine grey powder, however, it can be pressed and formed into shapes through the process of sintering for applications in industrial machinery, cutting tools, armor-piercing rounds, etc.
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Tungsten carbide market has been segmented into end-user, application and region. Based on application, the market has been categorized into metal cutting, cemented carbide, industrial alloys, mill products, jewelry, surgical tools and others. Tungsten carbide is a popular material in jewelry manufacturing, on account of its high resistance to scratching and hardness of the material. Despite these positive attributes, the tungsten carbide market is anticipated to be inhibited by its relatively high cost when compared to other metal carbides. Based on end-user, the market has been segmented into automotive industry, aerospace & defense industry, mining & construction industry, oil & gas industry, electronic industry and others. Of these, the automotive industry held the largest market share in 2018 and is anticipated to dominate the market during the forecast period, backed by extensive use of tungsten carbide.
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“China is the largest revenue generating country in Asia-Pacific tungsten carbide market, followed by Japan. Industrial advancements, investments in dedicated R&D facilities and development of tungsten carbide-based products are major factors fueling the growth of the market in the region. Furthermore, on account of large-scale tungsten reserve in China and technological advancements to produce tungsten carbide, the country would lead the region’s tungsten carbide market in coming years. Tungsten carbide is emerging as a crucial part of the traditional manufacturing, and leading players in the market are looking to further boost their global market share.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Tungsten Carbide Market By End-User, By Application, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of global tungsten carbide market and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by global tungsten carbide market.
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