Tungsten Carbide Market to be Dominated by Automotive Industry through 2024
Increasing
research & development activities, superior properties as compared to
conventional materials, to boost the 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 CAGR of over 4.8% during
the forecast period. The market is mainly driven by increasing research &
development activities to augment the growth in technology and superior
properties compared to conventional materials.
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, armour-piercing
rounds, among others. Notably, the market for tungsten carbide has been
segmented into end-user, application and region. Based on application, the
market has been categorized as cemented carbide, industrial alloys, mill
products, jewellery, surgical tools, others (Tipping Trekking, Ski Poles). Notably,
tungsten carbide is a
popular material in jewellery manufacturing, on account of its high resistance
to scratching and the hardness of the material) and is expected to register
fastest growth during forecast period. Cemented carbide application led the
tungsten carbide market in 2018 holding a market share of approximately 61% by
value owing to the growing demand for metal cutting tools in machinery. Despite
these positive attributes, the tungsten carbide market is anticipated to be inhibited
by its relatively high cost when compared to other metal carbides.
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Based on
end-user, the market has been segmented into automotive industry, aerospace and
defense industry, mining and construction industry, oil & gas industry,
electronic industry and others. Among these, the automotive industry held the
largest market share in 2018 and is anticipated to dominate the market during
the forecast period as well. The automotive industry dominated the market owing
to its usage in manufacturing high performance mechanical parts such as studs
for tires.
Regionally, the Tungsten Carbide market has been
segmented into North America, South America, Europe, Asia-Pacific and Middle
East & Africa. Among these regions, economies in the APAC region,
particularly in India and China, are anticipated to play a substantial role in
the growth of the market for tungsten carbide during the forecast period. This
is mainly due to the rising adoption of sustainable technology in production.
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“China is the largest revenue generating country in
the APAC region, followed by Japan. Advanced industrial advancements,
investments for dedicated R&D facilities and development of tungsten
carbide-based products are few primary factors that are fueling the growth of
the market in the region. Furthermore, on account of the large-scale tungsten
reserve in China and technological advancements to produce tungsten carbide.
Tungsten carbide is emerging as a crucial part of the traditional
manufacturing, and the leading players in the market are encashing on the
opportunity to augment 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, structure and future market growth. The report
offers decision makers superior market intelligence, thereby enabling them
conduct thorough investment appraisal. Besides, the report also analyzes the
evolving market trends along with drivers, challenges and opportunities in Global
Tungsten Carbide market.
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