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Tungsten Carbide Market

Tungsten Carbide Market : Information by Grade (General Purpose, Metal Forming and Wear, Submicron, Corrosion Resistant), Application, End-Use Industry, and Region — Forecast till 2030

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Market Overview

Metal carbides have been known to play a crucial role in the end-user industries, owing to their many properties. These metal carbides are used in various branches of physics, chemistry, and material sciences. Tungsten carbide is counted among high-performance chemical compound containing an equal amount of high purity carbon atoms and tungsten powder.

Metal carbides exhibit properties such as stiffness, hardness, and come in various shapes and sizes, making it ideal for a variety of uses. Tungsten carbide belongs to the family of metal carbides and mentions the properties described above, which will lead to the growth of the tungsten carbide market during the forecast period. The product is an inorganic chemical compound and is represented by the chemical formula WC.

Physically, it is found in the form of fine grey powder. Tungsten carbide formation involves an equal number of tungsten and carbon atoms. It is denser than titanium and stiffer than steel, and these properties of it make it an ideal metal carbide in place of steel and titanium. It exhibits hardness that can be compared with precious metals, such as corundum, sapphire, and ruby. Furthermore, it is widely used in the manufacturing sector for tool cutting, owing to its high resistivity towards abrasion. However, it gets decomposed at high temperatures and separates into carbide and tungsten, further hampering the market growth. There has been an increasing amount of investments in research and development to support the application of tungsten carbide in jewelry, ammunition, and other such applications.

Market Snapshot

market snapshot
Base Year
: 2021
Study Period
: 2020-2030
: 4.6 %
Fastest Growing Market
: North America
Largest Market
: Asia Pacific
Market Size
: 1450
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Segmental Analysis

The aerospace and defense sector have been witnessing significant growth and a considerable rise in investments. Tungsten carbide has been proving to be a very effective substitute of diamond, owing to it being cheaper and its ability to be recycled. Not only is tungsten carbide used for making parts, but the coatings are used to apply on stainless steel and on other alloys of metal to provide an additional layer of strength. In addition to this, the aerospace industry has been looking at tungsten carbide as an ideal replacement material for many parts of the aircraft owing to it having higher friction and heat resistance.

The global aerospace industry is anticipated to recover after 2020, owing to large scale demands for commercial airplanes, and an estimate of around 40,000 units are expected to be manufactured over the next two decades. In addition to this, the order backlog in 2019 was slightly lesser than in 2018. For instance, the order backlog for commercial flights was around 14,700 in the year 2018 while it was just around 14,000 in the year 2019.

Global defense spending is also likely to grow at a compounded annual growth rate of around 3% during the period 2019–2023. The capital invested by the year 2023 across the globe in defense is likely to reach USD 2.5 trillion by the year 2023. Increasing global aerospace and defense contracts are creating lucrative deals for defense contractors and manufacturers, further driving the market growth. In addition to this, tungsten carbide is also an ideal replacement for uranium, which is used in the manufacturing of various ammunitions and other end-uses. There is a lack in the availability of uranium in some regions while it also has severe ill effects on the health of the human body. These aspects are likely to create a considerable opportunity for tungsten carbide manufacturers.

There have been increasing demands in industrial engineering, mining and construction, and the transportation sector, which will considerably boost the demand for tungsten carbide. In addition, there have been considerable investments from governments of various economies in either up-gradation or building of new public infrastructure. This trend can be observed in Brazil, Russia, India, China, and South Africa (BRICS) group of economies. In addition to this, these economies, along with a host of other economies, are also witnessing a considerable increase in the spending and buying of residential and commercial properties, which will significantly boost the demand for tungsten carbide powder during the forecast period.

Regional Analysis

China: World's Largest Producer of Tungsten Ore

Asia-Pacific holds the highest share in the tungsten carbide market. China is the global leader in the production of tungsten ore. The output from china of the tungsten ore accounts for around 85% of the total tungsten ore production. However, this is likely to hinder global supply chains. The economy has dominant control over the tungsten resources, and it also manages the quota for export, while also implementing strict policies that have adverse negative effects on the global supply chains. Japan, too, is likely to play a noteworthy role in this market. The economy has a small mining sector but a large minerals-processing industry of nonferrous and ferrous industrial minerals and metals.

Emerging economies such as India, Malaysia, Thailand, and Vietnam are focussing on strengthening their manufacturing sector by coming up with policies, further driving the tungsten carbide market in this region. India has pledged USD 30 billion for various projects under the smart city initiative, which will further boost the demand for tungsten carbide in Asia-Pacific. Inexpensive labor, lower land costs, and easy credit availability is making these economies an attractive destination for foreign investments.

Tungsten Carbide Market Regional Analysis
Regional Growth Insights Download Free Sample

Top Key Players of Tungsten Carbide Market

  1. Kennametal
  2. Sandvik AB
  3. Federal Carbide Company
  4. Japan New Metal Company Ltd
  5. Ceratizit
  6. ChinaTungsten Online (Xiamen) Manufacturing & Sales Corporation
  7. Buffalo Tungsten
  8. Global Tungsten & Powders
  9. Jiangxi Yaosheng Tungsten Company Ltd.
  10. Zigong Huagang Cemented Carbide New Materials Company
  11. C Starck
  12. Reade International Corporation
  13. Guangdong Xianglu Tungsten Company Ltd.
  14. Nanchang Cemented Carbide Co. Ltd.
  15. Manu and Sales Corporation (China)
  16. Extranet and Eurotungstene

Report Scope

Report Metric Details
CAGR 4.6%
Forecast Period 2023-2031
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends
Segments Covered
  1. By Grade
    1. General Purpose
    2. Metal Forming and Wear
    3. Rotary Drilling and Mining
    4. Submicron
    5. Corrosion Resistant
  2. By Application
    1. Cutting Tools
    2. Machine Tools and Components
    3. Dies and Punches
    4. Abrasive Products
  3. By End-User
    1. Oil and Gas
    2. Aerospace and Defense
    3. Industrial Engineering
    4. Transportation
    5. Mining and Construction
Geographies Covered
  • North America
  • Europe
  • APAC
  • Middle East and Africa

Tungsten Carbide Market Segmentation

By Grade

  • General Purpose
  • Metal Forming and Wear
  • Rotary Drilling and Mining
  • Submicron
  • Corrosion Resistant

By Application

  • Cutting Tools
  • Machine Tools and Components
  • Dies and Punches
  • Abrasive Products

By End-User

  • Oil and Gas
  • Aerospace and Defense
  • Industrial Engineering
  • Transportation
  • Mining and Construction

By Region

  • North America
  • Europe
  • Asia-Pacific
  • Central and South America and the Caribbean
  • The Middle East and Africa

Frequently Asked Questions (FAQs)

What is the growth rate for the Tungsten Carbide Market?
Tungsten Carbide Market size will grow at approx. CAGR of 4.6% during the forecast period.
Some of the top industry players in Tungsten Carbide Market are, Kennametal, Sandvik AB, Federal Carbide Company, Japan New Metal Company Ltd, Ceratizit, ChinaTungsten Online (Xiamen) Manufacturing & Sales Corporation, Buffalo Tungsten, Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Company Ltd., Zigong Huagang Cemented Carbide New Materials Company, C Starck, Reade International Corporation, Guangdong Xianglu Tungsten Company Ltd., Nanchang Cemented Carbide Co. Ltd., Manu and Sales Corporation (China), Extranet and Eurotungstene, etc.
In the Tungsten Carbide Market, Asia Pacific has established itself as the market leader with a significant market share.
The North America region has experienced the highest growth rate in the Tungsten Carbide Market.
The global Tungsten Carbide Market report is segmented as follows: By Grade, By Application, By End-User
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