Tungsten Carbide Market

Tungsten Carbide Market Analysis by Cemented Carbide, Metal Cutting Tools, Wear Part Tools, Mining & Drilling Tools, Cutting Tools, and Mill Products from 2023 to 2033

Analysis of Tungsten Carbide Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more

Tungsten Carbide Market Growth Outlook (2023 to 2033)

The global tungsten carbide market is forecasted to increase rapidly at a CAGR of 7.5% from 2023 to 2033. Global demand for tungsten carbide is valued at US$ 21.3 billion in 2023 and is thus expected to reach US$ 43.9 billion by the end of 2033.

The substance called tungsten carbide is made up of carbon and tungsten atoms in about equal amounts. In its purest form, it is a fine grey powder; however, it can be crushed and moulded into objects through melting for use in jewellery, armour piercing, hand tools, cutting tools, grinding wheels, and industrial equipment.

Tungsten carbide can be formed into many different shapes, accurately sharpened, fused with other metals, or connected to other metals. It is created by heating hydrogen, carbon black, and granulated tungsten to temperatures between 1,400°C and 1,600°C. Due to its superior abrasion resistance, tungsten carbide is commonly used in the industrial sector in sawing or cutting equipment.

Tungsten carbide is utilized in the making of cemented carbide, metal cutting tools, wear part tools, mining & drilling tools, cutting tools, and mill products. Cemented carbide is a metallurgical powder made up of tungsten carbide granules and a cobalt-rich binder.

Cement carbide is regarded as the best material option and is widely utilized, because of its exceptional physical and mechanical qualities, including deflection resistance, abrasion resistance, tensile & compressive strength, and high-temperature wear resistance. Cemented carbide is used to make the equipment that is used to create steel wires, copper wires, aluminium cans, plastic tubes, and glass bottles.

  • The Bureau of Economic Analysis estimates that the value added by the construction sector in the United States during the first three quarters of 2022 was around US$ 2,980 billion, or about 5% more than it was during the same period in the prior year.

The principal role of cement carbide in the equipment used in the construction industry is to produce qualities that no other substance can provide.

The market for cement carbide is anticipated to expand over the forecast period as a result of the qualities it offers that give it an advantage over competing tools and subsequently boost demand from various applications.

Expansion of manufacturing activities is driving up demand for tungsten carbide. Also, because tungsten carbide scrap is recyclable, it becomes a very valuable alloy for a variety of uses, which is positively driving the sales of tungsten carbide.

Report Attributes Details
Tungsten Carbide Market Size (2023E) US$ 21.3 Billion
Forecasted Market Value (2033F) US$ 43.9 Billion
Global Market Growth Rate (2023 to 2033) 7.5% CAGR
Dominant Regional Market North America
Fast Emerging Regional Market Asia Pacific
Key Companies Profiled Ceratizit S.A.; China Tungsten; Chongyi Zhang Yuan Tungsten Co. Ltd.; Federal Carbide Company; GuangDong XiangLu Tungsten Co. Ltd.; H.C. Starck GmbH; Japan New Metals Co. Ltd; Kennametal Inc.; Merck KGaA; Nanchang Cemented Carbide Co., Ltd.; Reade International Corp.; Sandvik AB; Umicore

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What Growth Prospects are Stimulating Sales of Tungsten Carbide Tools?

“Rising Infrastructural Developments across Regions”

Shipments of tungsten carbide powder are anticipated to expand as a result of the rapid urbanization and industrialization occurring in emerging countries around the world. The scope of applications for tungsten carbide powder in the construction and mining industries is expanding as a result of the governments of emerging economies investing in significant infrastructure projects.

Demand for tungsten carbide products, including cobalt powder, titanium carbide powder, welding powder, and other products, is anticipated to steadily increase from developing economies during the forecast period.

“Increasing Mining Activities Worldwide”

The mining sector is experiencing significant growth as a result of the expanding demand for minerals and metals across numerous industrial sectors. In the high-pressure down-the-hole (DTH) hammer drilling sector, tungsten carbide is the material of choice for mining equipment including carbide inserts, buttons, and tips that can be used for petroleum drilling, mining, and tunnelling.

The operating performance of tungsten carbide mining tools is enhanced by their high hardness, superior wear resistance, and great impact toughness.

The mining of sandstone, granite, and limestone, among other materials, is suitable for tungsten carbide inserts because of their high drilling speed and long service life, which reduces labour costs and speeds up engineering processes. Also, in applications requiring deep-hole drilling or heavy-duty rock drilling, tungsten carbide is a drilling bit accessory.

Which Aspects are Challenging Product Sales Growth?

“Toxic Effects of Tungsten Carbide”

Inhalation of dust and lung fibrosis similar to silicosis is the major dangers connected with tungsten carbide.

  • Cobalt-cemented tungsten carbide is regarded as a human carcinogen by the American National Toxicology Program. Major respiratory issues, vision issues, and skin allergies can all result from inhaling them.

The excessive use of these materials in cement carbide also has detrimental impacts on the environment and human health. These characteristics of tungsten carbide powder could be a hindrance to sales growth.

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Country-wise Analysis

Why is Asia Pacific Considered an Emerging Market for Tungsten Carbide?

“Highly Employed in Automobile & Electronic Sectors”

The tungsten carbide market is anticipated to develop at a rapid pace in Asia Pacific. Due to its expanding need in metalworking, construction, transportation, and the automotive industries, countries such as China, India, and Japan are beneficial marketplaces for tungsten carbide.

  • The world's leading manufacturer and user of automobiles is China. According to the Chin Association of Automobile Manufacturers, China's automobile sales climbed by roughly 2.1% in 2022 compared to the previous year. Over 26.86 million vehicles were sold in 2022 compared to 26.27 million in 2021.
  • According to the Philippine Statistical Authority's annual report for 2022, the country's 7.6% GDP growth over the previous year was greatly aided by the upkeep of cars and motorcycles.
  • According to the estimations by the Japan Electronics and Information Technology Industries Association (JEITA), the total manufacturing worth of the electronics sector in Japan was expected to exceed JPY 10.1 trillion in November 2022, which is around 100.7% of the amount from the previous year. Up to November, Japanese electronics exports rose by over 15% in comparison to the prior year.

Thus, increasing mining activities and growing automobile and electronic sectors are benefiting the market players manufacturing tungsten carbide in the Asia Pacific region.

How are United States Aerospace & Defense Product Manufacturing Facilities Benefitting Tungsten Carbide Providers?

“Tungsten Metals Widely Used in Aerospace & Defense Equipment Manufacturing”

Tungsten is widely utilized in the aerospace and defense sectors in manufacturing devices & equipment due to its strong tensile strength quality. The world's top exporter and manufacturer of defense products is the United States.

Aerospace is the design and production of space-operating objects such as aircraft, missiles, rockets, and ships. Arms, equipment, and weaponry utilized for military operations are referred to as defense items.

  • One of the biggest FDI investors and FDI recipients worldwide is the United States. At its headquarters in Waterton Canyon, close to Denver, Lockheed Martin spent US$ 350 million building a satellite manufacturing plant, which it finished in 2020.

In terms of governmental decision-making, military actions, and national security, space capabilities give the United States and its allies unmatched advantages.

How is the Construction Sector Driving the Sales of Tungsten Carbide in Germany?

“Tungsten Carbide Essential Component in Production of Construction Tools”

Whether it be residential buildings, industrial buildings, or commercial construction, Germany is one of Europe's top construction markets and has the major stock of structures. The rapidly developing construction sector is increasing the sales of construction machinery and tools, which is subsequently boosting tungsten carbide tool sales.

It takes a particularly strong and resilient blade or drill bit, such as those composed of tungsten carbide, to cut through tough materials such as cement and asphalt. Because it is nearly unbreakable, tungsten carbide is widely used in construction products such as saws and drills.

When machining hard materials such as carbon steel or stainless steel or in situations where steel tools would soon wear out such as in high-volume, high-precision production, carbide cutting surfaces are commonly utilized. Tools made of carbide tungsten metal maintain their cutting edge more effectively than steel tools, which results in superior component finishes and faster machining due to their temperature resilience.

Category-wise Analysis

Why is Tungsten Carbide Widely Used in the Aerospace & Defense Sectors?

“High Tensile Strength of Tungsten Carbide”

Aerospace and defense product manufacturing companies widely need tungsten carbide alloys and metals in the manufacturing process. In the production of aerospace and defense products, tungsten carbide materials with high toughness, high temperature, abrasion, and corrosion resistance are commonly utilized.

Many counterweights for the rotor blades of satellites and helicopters, missiles, and aerospace gyro controls are among the many uses of tungsten alloys in the aerospace sector.

Tungsten carbide coatings & materials are employed in the cockpit to boost the needed vibration-warning management rather than anti-vibration. Due to its great tensile strength, tungsten is being used highly in aircraft. Also, the parts needed for the aircraft industry must be of the greatest quality, which raises the cost of procurement. This feature encourages the market's overall development.

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Competitive Landscape

Key players in the tungsten carbide market have adopted several organic and inorganic tactics such as product launches, mergers, alliances, and more. Major tungsten carbide companies are also focusing on developing advanced tungsten carbide tools.

According to Fact.MR, a market research and competitive intelligence provider, some of the leading companies in the tungsten carbide market are Ceratizit S.A., China Tungsten, Chongyi Zhang Yuan Tungsten Co. Ltd., Federal Carbide Company, GuangDong XiangLu Tungsten Co. Ltd., H.C. Starck GmbH, and Japan New Metals Co. Ltd.

  • In September 2022, CERATIZIT S.A., a leading provider of tungsten carbide agricultural wear parts for more than 35 years, stated that it had acquired all the shares of AgriCarb SAS. With the aid of a significant amount of added value and knowledge in the area of hybrid tools composed of steel and tungsten carbide, this acquisition can assist the company in entering new markets.
  • The lithium-ion batteries with tungsten-based cathode coatings are being studied by the Center for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) and H.C. Starck Tungsten Powders, a division of the Masan High-Tech Materials Group. This relationship is seen as a significant turning point in the advancement of materials such as tungsten in the design and application of batteries. Wider adoption and use in the global EV push require safer batteries and improved battery performance.
  • On January 11, 2019, Sandvik completed the purchase of Dura-Mill, a company based in the United States that makes precision cemented carbide end mills. Dura-Mill may increase its experience working with specialized end mills as a part of the Sandvik AB subsidiary.

Key Segments of Tungsten Carbide Industry Research

  • By Application:

    • Cemented Carbide
    • Metal Cutting Tools
    • Wear Part Tools
    • Mining & Drilling Tools
    • Cutting Tools
    • Mill Products
  • By End User:

    • Aerospace & Defense
    • Automotive
    • Oil & Gas
    • Mining & Construction
    • Electronics
  • By Region:

    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia & Oceania
    • MEA

Table of Content

  • 1. Executive Summary
  • 2. Market Overview
  • 3. Key Market Trends
  • 4. Key Success Factors
  • 5. Market Background
  • 6. Global Market Volume (Units) Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 7. Global Market - Pricing Analysis
  • 8. Global Market Value Analysis 2018 to 2022 and Forecast, 2023 to 2033
  • 9. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Application
    • 9.1. Cemented Carbide
    • 9.2. Metal Cutting Tools
    • 9.3. Wear Part Tools
    • 9.4. Mining & Drilling Tools
    • 9.5. Cutting Tools
    • 9.6. Mill Products
  • 10. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by End User
    • 10.1. Aerospace & Defense
    • 10.2. Automotive
    • 10.3. Oil & Gas
    • 10.4. Mining & Construction
    • 10.5. Electronics
  • 11. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, by Region
    • 11.1. North America
    • 11.2. Latin America
    • 11.3. Europe
    • 11.4. East Asia
    • 11.5. South Asia
    • 11.6. Oceania
    • 11.7. Middle East and Africa (MEA)
  • 12. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 13. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 14. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 15. South Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 16. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 17. Oceania Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 18. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 19. Key and Emerging Countries Market Analysis 2018 to 2022 and Forecast 2023 to 2033
  • 20. Market Structure Analysis
  • 21. Competition Analysis
    • 21.1. Ceratizit S.A.
    • 21.2. China Tungsten
    • 21.3. Chongyi Zhang Yuan Tungsten Co. Ltd.
    • 21.4. Federal Carbide Company
    • 21.5. GuangDong XiangLu Tungsten Co. Ltd.
    • 21.6. H.C. Starck GmbH
    • 21.7. Japan New Metals Co. Ltd
    • 21.8. Kennametal Inc.
    • 21.9. Merck KGaA
    • 21.10. Nanchang Cemented Carbide Co., Ltd.
    • 21.11. Reade International Corp.
    • 21.12. Sandvik AB
    • 21.13. Umicore
  • 22. Assumptions and Acronyms Used
  • 23. Research Methodology

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List Of Table

Table 01: Global Market Volume (‘000 Units) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 02: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 03: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 04: Global Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Region

Table 05: North America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 06: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 07: North America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 08: Latin America Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 09: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 10: Latin America Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 11: Europe Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 12: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 13: Europe Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 14: South Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 15: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 16: South Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 17: East Asia Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 18: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 19: East Asia Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 20: Oceania Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 21: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 22: Oceania Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

Table 23: Middle East and Africa Market Value (US$ Mn) Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country

Table 24: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By Application

Table 25: Middle East and Africa Market Value (US$ Mn) Analysis and Opportunity Assessment 2018 to 2033, By End User

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List Of Figures

Figure 01: Global Market Volume (in 000' Units) Analysis, 2018 to 2022

Figure 02: Global Market Volume Forecast (in 000' Units), 2023 to 2033

Figure 03: Pricing Analysis (US$) Per Application, By Region, 2022

Figure 04: Pricing Analysis (US$) Per Application, By Region, 2022

Figure 05: Global Market Value Analysis (US$ Mn), 2018 to 2022

Figure 06: Global Market Value Forecast (US$ Mn), 2023 to 2033

Figure 07: Global Market Absolute $ Opportunity, 2023 to 2033

Figure 08: Global Market Share Analysis (%), By Application, 2023 to 2033

Figure 09: Global Market Y-o-Y Analysis (%), By Application, 2023 to 2033

Figure 10: Global Market Attractiveness Analysis by Application, 2023 to 2033

Figure 11: Global Market Share Analysis (%), By End User, 2023 to 2033

Figure 12: Global Market Y-o-Y Analysis (%), By End User, 2023 to 2033

Figure 13: Global Market Attractiveness Analysis by End User, 2023 to 2033

Figure 14: Global Market Share Analysis (%), By Region, 2023 to 2033

Figure 15: Global Market Y-o-Y Analysis (%), By Region, 2023 to 2033

Figure 16: Global Market Attractiveness Analysis by Region, 2023 to 2033

Figure 17: North America Market Value Share, By Application, 2023 (E)

Figure 18: North America Market Value Share, By End User, 2023 (E)

Figure 19: North America Market Value Share, By Country, 2023 (E)

Figure 20: North America Market Value Analysis (US$ Mn), 2018 to 2022

Figure 21: North America Market Value Forecast (US$ Mn), 2023 to 2033

Figure 22: North America Market Attractiveness Analysis by Application, 2023 to 2033

Figure 23: North America Market Attractiveness Analysis by End User, 2023 to 2033

Figure 24: North America Market Attractiveness Analysis by Country, 2023 to 2033

Figure 25: Latin America Market Value Share, By Application, 2023 (E)

Figure 26: Latin America Market Value Share, By End User, 2023 (E)

Figure 27: Latin America Market Value Share, By Country, 2023 (E)

Figure 28: Latin America Market Value Analysis (US$ Mn), 2018 to 2022

Figure 29: Latin America Market Value Forecast (US$ Mn), 2023 to 2033

Figure 30: Latin America Market Attractiveness Analysis by Application, 2023 to 2033

Figure 31: Latin America Market Attractiveness Analysis by End User, 2023 to 2033

Figure 32: Latin America Market Attractiveness Analysis by Country, 2023 to 2033

Figure 33: Europe Market Value Share, By Application, 2023 (E)

Figure 34: Europe Market Value Share, By End User, 2023 (E)

Figure 35: Europe Market Value Share, By Country, 2023 (E)

Figure 36: Europe Market Value Analysis (US$ Mn), 2018 to 2022

Figure 37: Europe Market Value Forecast (US$ Mn), 2023 to 2033

Figure 38: Europe Market Attractiveness Analysis by Application, 2023 to 2033

Figure 39: Europe Market Attractiveness Analysis by End User, 2023 to 2033

Figure 40: Europe Market Attractiveness Analysis by Country, 2023 to 2033

Figure 41: South Asia Market Value Share, By Application, 2023 (E)

Figure 42: South Asia Market Value Share, By End User, 2023 (E)

Figure 43: South Asia Market Value Share, By Country, 2023 (E)

Figure 44: South Asia Market Value Analysis (US$ Mn), 2018 to 2022

Figure 45: South Asia Market Value Forecast (US$ Mn), 2023 to 2033

Figure 46: South Asia Market Attractiveness Analysis by Application, 2023 to 2033

Figure 47: South Asia Market Attractiveness Analysis by End User, 2023 to 2033

Figure 48: South Asia Market Attractiveness Analysis by Country, 2023 to 2033

Figure 49: East Asia Market Value Share, By Application, 2023 (E)

Figure 50: East Asia Market Value Share, By End User, 2023 (E)

Figure 51: East Asia Market Value Share, By Country, 2023 (E)

Figure 52: East Asia Market Value Analysis (US$ Mn), 2018 to 2022

Figure 53: East Asia Market Value Forecast (US$ Mn), 2023 to 2033

Figure 54: East Asia Market Attractiveness Analysis by Application, 2023 to 2033

Figure 55: East Asia Market Attractiveness Analysis by End User, 2023 to 2033

Figure 56: East Asia Market Attractiveness Analysis by Country, 2023 to 2033

Figure 57: Oceania Market Value Share, By Application, 2023 (E)

Figure 58: Oceania Market Value Share, By End User, 2023 (E)

Figure 59: Oceania Market Value Share, By Country, 2023 (E)

Figure 60: Oceania Market Value Analysis (US$ Mn), 2018 to 2022

Figure 61: Oceania Market Value Forecast (US$ Mn), 2023 to 2033

Figure 62: Oceania Market Attractiveness Analysis by Application, 2023 to 2033

Figure 63: Oceania Market Attractiveness Analysis by End User, 2023 to 2033

Figure 64: Oceania Market Attractiveness Analysis by Country, 2023 to 2033

Figure 65: Middle East and Africa Market Value Share, By Application, 2023 (E)

Figure 66: Middle East and Africa Market Value Share, By End User, 2023 (E)

Figure 67: Middle East and Africa Market Value Share, By Country, 2023 (E)

Figure 68: Middle East and Africa Market Value Analysis (US$ Mn), 2018 to 2022

Figure 69: Middle East and Africa Market Value Forecast (US$ Mn), 2023 to 2033

Figure 70: Middle East and Africa Market Attractiveness Analysis by Application, 2023 to 2033

Figure 71: Middle East and Africa Market Attractiveness Analysis by End User, 2023 to 2033

Figure 72: Middle East and Africa Market Attractiveness Analysis by Country, 2023 to 2033

Figure 73: UNITED STATES Market Value Analysis (US$ Mn), 2023 & 2033

Figure 74: UNITED STATES Market Value Share, By Application, 2023 (E)

Figure 75: UNITED STATES Market Value Share, By End User, 2023 (E)

Figure 76: Canada Market Value Analysis (US$ Mn), 2023 & 2033

Figure 77: Canada Market Value Share, By Application, 2023 (E)

Figure 78: Canada Market Value Share, By End User, 2023 (E)

Figure 79: Mexico Market Value Analysis (US$ Mn), 2023 & 2033

Figure 80: Mexico Market Value Share, By Application, 2023 (E)

Figure 81: Mexico Market Value Share, By End User, 2023 (E)

Figure 82: Brazil Market Value Analysis (US$ Mn), 2023 & 2033

Figure 83: Brazil Market Value Share, By Application, 2023 (E)

Figure 84: Brazil Market Value Share, By End User, 2023 (E)

Figure 85: UNITED KINGDOM Market Value Analysis (US$ Mn), 2023 & 2033

Figure 86: UNITED KINGDOM Market Value Share, By Application, 2023 (E)

Figure 87: UNITED KINGDOM Market Value Share, By End User, 2023 (E)

Figure 88: Germany Market Value Analysis (US$ Mn), 2023 & 2033

Figure 89: Germany Market Value Share, By Application, 2023 (E)

Figure 90: Germany Market Value Share, By End User, 2023 (E)

Figure 91: France Market Value Analysis (US$ Mn), 2023 & 2033

Figure 92: France Market Value Share, By Application, 2023 (E)

Figure 93: France Market Value Share, By End User, 2023 (E)

Figure 94: Italy Market Value Analysis (US$ Mn), 2023 & 2033

Figure 95: Italy Market Value Share, By Application, 2023 (E)

Figure 96: Italy Market Value Share, By End User, 2023 (E)

Figure 97: Spain Market Value Analysis (US$ Mn), 2023 & 2033

Figure 98: Spain Market Value Share, By Application, 2023 (E)

Figure 99: Spain Market Value Share, By End User, 2023 (E)

Figure 100: Russia Market Value Analysis (US$ Mn), 2023 & 2033

Figure 101: Russia Market Value Share, By Application, 2023 (E)

Figure 102: Russia Market Value Share, By End User, 2023 (E)

Figure 103: China Market Value Analysis (US$ Mn), 2023 & 2033

Figure 104: China Market Value Share, By Application, 2023 (E)

Figure 105: China Market Value Share, By End User, 2023 (E)

Figure 106: Japan Market Value Analysis (US$ Mn), 2023 & 2033

Figure 107: Japan Market Value Share, By Application, 2023 (E)

Figure 108: Japan Market Value Share, By End User, 2023 (E)

Figure 109: South Korea Market Value Analysis (US$ Mn), 2023 & 2033

Figure 110: South Korea Market Value Share, By Application, 2023 (E)

Figure 111: South Korea Market Value Share, By End User, 2023 (E)

Figure 112: India Market Value Analysis (US$ Mn), 2023 & 2033

Figure 113: India Market Value Share, By Application, 2023 (E)

Figure 114: India Market Value Share, By End User, 2023 (E)

Figure 115: ASEAN Market Value Analysis (US$ Mn), 2023 & 2033

Figure 116: ASEAN Market Value Share, By Application, 2023 (E)

Figure 117: ASEAN Market Value Share, By End User, 2023 (E)

Figure 118: Australia Market Value Analysis (US$ Mn), 2023 & 2033

Figure 119: Australia Market Value Share, By Application, 2023 (E)

Figure 120: Australia Market Value Share, By End User, 2023 (E)

Figure 121: New Zealand Market Value Analysis (US$ Mn), 2023 & 2033

Figure 122: New Zealand Market Value Share, By Application, 2023 (E)

Figure 123: New Zealand Market Value Share, By End User, 2023 (E)

Figure 124: GCC Countries Market Value Analysis (US$ Mn), 2023 & 2033

Figure 125: GCC Countries Market Value Share, By Application, 2023 (E)

Figure 126: GCC Countries Market Value Share, By End User, 2023 (E)

Figure 127: Turkey Market Value Analysis (US$ Mn), 2023 & 2033

Figure 128: Turkey Market Value Share, By Application, 2023 (E)

Figure 129: Turkey Market Value Share, By End User, 2023 (E)

Figure 130: South Africa Market Value Analysis (US$ Mn), 2023 & 2033

Figure 131: South Africa Market Value Share, By Application, 2023 (E)

Figure 132: South Africa Market Value Share, By End User, 2023 (E)

Know thy Competitors

Competitive landscape highlights only certain players
Complete list available upon request

- FAQs -

What is the estimated value of the tungsten carbide market in 2023?

The global tungsten carbide market is valued at US$ 21.3 billion in 2023.

What is the growth rate of the tungsten carbide market?

Global demand for tungsten carbide is predicted to increase at a CAGR of 7.5% from 2023 to 2033.

What is the projected value of the tungsten carbide market for 2033?

The market for tungsten carbide is expected to reach US$ 43.9 billion by 2033.

What are the factors driving tungsten carbide market growth?

Rapidly developing aerospace & defense and construction markets are generating huge opportunities for tungsten carbide manufacturing companies.

Who are the key players in the tungsten carbide market?

Ceratizit S.A., China Tungsten, and Federal Carbide Company are leading manufacturers of tungsten carbide.

Tungsten Carbide Market

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