Global Tungsten Carbide Market: Focus on Application (Cutting Tools, Mining & Drilling Tools, Wear Parts, Mill Products, and Others) and End-Use Industry-Analysis and Forecast: 2018-2028
The global tungsten carbide market is expected to grow at a significant rate during the forecast period. This is due to their unique combination of strength, hardness and toughness that satisfy the most demanding application requirements. The increase in the number of end-use industries that use tungsten carbide and related products and the ever-increasing application areas have all led to the surging demand of tungsten carbide worldwide. The top uses of tungsten carbide include their use in metal cutting, wear parts, mining and drilling tools.
Growing demand from end-use industry such as automotive and mining industry, among others is propelling the overall market expansion of tungsten carbide. Tungsten carbide is used in the making of tools for their outstanding reliability and effectiveness. The material provides an outstanding combination of ease of use and effectiveness which is why it is preferred across industries.
The global tungsten carbide market in terms of application is segmented into cutting tools, mining & drilling tools, wear parts, mill products, and others. In terms of end-use industry, the market is segmented into automotive, oil & gas, aerospace & defense, electronics, and other industries. The need for tungsten carbide across these industries arises for production of parts that can withstand high temperature and also bear high impact resistance. Tungsten carbide is used for making drill tools, ball and gate valves, mud motor rotors, mandrels, pump impellers, stabilizers, and drill collars in the automotive sector. The increase in the production of automobiles and increase in the various applications involving the use of tungsten carbide is a big factor for its large-scale market growth during the forecast period.
The global tungsten carbide market is expected to grow at a CAGR of 4.07% from 2018 and 2028 in terms of value.
The report is a compilation of the different segments of the global tungsten carbide market, including market breakdown by application, end-use industry, and region. Herein, the revenue generated from the application (cutting tools, mining & drilling tools, wear parts, mill products, and others), end-use industry (automotive, oil & gas, aerospace & defense, electronics, and other industries),and regions (North America, Europe, Asia-Pacific, Middle East & Africa, and South America) are tracked to calculate the overall market size in terms of value ($million) and volume (Metric Tons). While highlighting the key driving and restraining forces for this market, the report also provides a detailed summary of the global tungsten carbide market. It also includes the key participants involved in the industry at the relevant sections.
Key questions answered in the report:
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