Tungsten Carbide Market Size, Share, Industry, Forecast and Outlook (2024-2031)

The global Tungsten Carbide Market is Segmented By Grade (Rotary Drilling & Mining Grades, Submicron Grades, Metal Forming & Wear Grades, Corrosion Resistant Grades, General Purpose Grades, and Others), By Application (Machine Tools & Components, Dies & Punches, Cutting Tools, Abrasive Products, Others), By End-User (Mining & Construction, Transportation, Industrial Engineering, Oil & Gas, Aerospace & Defense, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

Tungsten Carbide Market Overview

The Global Tungsten Carbide Market reached USD 20.2 billion in 2022 and is expected to reach USD 34.7 billion by 2031, growing with a CAGR of 7.0% during the forecast period 2024-2031. The exploration and exploitation of new oil and gas reserves is currently ongoing to feed the rapidly growing global energy demand. The global oil and gas industry is likely to become a key source of demand for tungsten carbide drilling tools and is expected to augment the growth of the global tungsten carbide market. 

During the forecast period, advances in manufacturing technology are likely to expand the application of tungsten carbide across various sectors. 3D printing of tungsten carbide tools is likely to be widely commercialized. For instance, in July 2022, Australia’s national science agency CSIRO in collaboration with the Australian tool maker ANCA, developed a novel 3D printing technology for tungsten carbide cutting tools.  

Tungsten Carbide Market Scope

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Tungsten Carbide Market Dynamics

Expansion of Mining Activities

Major multinational mining companies are rapidly expanding their investment in increasing mining output to keep up with the global demand for minerals. The top 20 global mining companies are expected to invest USD 71.6 billion in 2023, an increase of 11.6% from 2022. The growth in mining output is likely to augment demand for tungsten carbide tools.

Tungsten carbide is extensively used in mining operations for drilling and cutting tools due to its exceptional hardness and wear resistance. The discovery of new mineral deposits will likely increase investment in mining activities. The expansion of the mining sector, particularly in developing countries, boosts the global tungsten carbide market growth.

Advancements in Manufacturing Processes

Technological advancements in manufacturing processes, including powder metallurgy, have improved the production efficiency, quality and performance of tungsten carbide products, thus increasing their potential applications. Furthermore, it has become possible to produce composite formulations that combine tungsten carbide with other materials, such as cobalt or nickel. The composite formulations optimize the properties of tungsten carbide, such as hardness, toughness, and wear resistance, for specific applications.

Coatings play a vital role in enhancing the performance and durability of tungsten carbide products. Technological advancements in coating technologies, such as chemical vapor deposition (CVD) and physical vapor deposition (PVD), have enabled thin, wear-resistant coatings deposition on tungsten carbide tools and components. The coatings provide additional hardness, lubricity, and protection against abrasion, extending the lifespan and improving the performance of tungsten carbide products.

Availability of Better Alternatives

Cost is a significant factor in material selection for various industries. In some cases, alternative materials may be more cost-effective than tungsten carbide. Advances in material science and manufacturing technologies have led to developing new and improved alternatives to tungsten carbide. Ceramics and other non-metals are being rapidly adopted for various applications.

In certain niche applications, tungsten carbide is superseded by alternative materials such as ceramics, high-speed steels and cubic boron nitride (CBN). The materials offer specific advantages in certain machining operations and may be preferred due to cost, ease of manufacturing, or specific performance characteristics. The availability of viable alternatives limits the market potential demand for tungsten carbide in specific applications.

Tungsten Carbide Market Segment Analysis

The Global Tungsten Carbide Market is segmented based on grade, application, end-user and region.

Exceptional Physical Properties Make Tungsten Carbide a Popular Choice For Machine Tools

Tungsten carbide is one of the most complex materials available, surpassing the hardness of most steel and other alloys. The exceptional hardness gives tungsten carbide superior wear resistance, making it highly suitable for applications where tools and components are subjected to high wear and abrasion. 

It can withstand extreme cutting forces, resist deformation, and maintain sharpness for longer durations than other materials.

Tungsten carbide exhibits high strength and toughness, allowing it to withstand heavy loads, shocks, and impacts. Its exceptional strength-to-weight ratio makes it ideal for applications requiring durability and mechanical stress resistance. Tungsten carbide tools and components can endure high-speed machining, heavy cutting, and demanding operational conditions without compromising performance.

Source: DataM Intelligence Analysis (2023)

Tungsten Carbide Market Geographical Penetration

Maturing Aerospace Industry is Expected to Propel the Growth of the Market in Asia-Pacific

Asia-Pacific is expected to account for nearly half of the global tungsten carbide market. The aerospace industry in recently is undergoing unprecedented maturation, with many countries rolling out new military and commercial aircraft. A significant increase in aerospace manufacturing is likely to augment demand for tungsten carbide in the region. 

In July 2022, the KF-21 Boramae, a joint fifth-generation fighter jet project between South Korea and Indonesia, undertook its first flight. Furthermore, in May 2023, the COMAC C919, China’s first commercial passenger aircraft, entered service with a domestic flight between Shanghai and Beijing. In April 2023, India’s state-owned Hindustan Aeronautics Limited (HAL) announced plans to increase the annual production of indigenous Tejas Mk1A fighter jet from 16 to 24.

Source: DataM Intelligence Analysis (2023)

Tungsten Carbide Market Key Players

The major global players include Sandvik AB, Kennametal Inc., CERATIZIT S.A.,  Federal Carbide Company, GuangDong XiangLu Tungsten Co. Ltd., JAPAN NEW METALS CO. LTD, China Tungsten, Chongyi Zhang Yuan Tungsten Co. Ltd, Merck KGaA and H.C. GmbH.

COVID-19 Impact on Tungsten Carbide Market

The COVID-19 pandemic deeply impacted many industries, including various end-users of tungsten carbide. The slump in demand from these industries impacted the global tungsten carbide market, which experienced a severe decline. Production of tungsten carbide components was also affected as pandemic restrictions led to a contraction of manufacturing and mining activities.

Despite the severe short-term impact caused by the pandemic, the global tungsten carbide market is unlikely to be significantly impacted in the long term. With strong recoveries in aerospace and defense, oil and gas and transportation sectors in the post-pandemic period, the global market is poised to achieve significant growth in the coming years.  

Russia- Ukraine War Impact 

The Ukraine-Russia war disrupted the global tungsten carbide market since Russia is a major global tungsten producer, producing nearly 2300 metric tons in 2022. It led to short-term volatility in prices as consumers sought alternative supplies due to the ongoing geopolitical tensions.

The high energy prices experienced by Europe in the wake of the war have negatively impacted the European tungsten carbide processors. It is supposed that China, which is the largest Tungsten producer, would fill in the supply gap caused due to the war. However, the volatility in global prices is expected to remain, since Chinese producers are expanding production mainly to meet rising domestic demand. 

Key Developments

• In March 2023, Sandvik AB, a Swedish machine tools manufacturer, introduced what it called the mining industry’s first ‘opt out’ tungsten carbide recycling program. The company has set a goal of recycling up to 90% of used tungsten carbide drill bits by 2025.
• On October 4, 2022, GS Bavaria, a German startup specializing in industrial materials, unveiled a new process that produces tungsten carbide nanoparticles from hard scrap metal with the help of bacteria.
• In September 2022, Hyperion Materials & Technologies, a U.S.-based material sciences company, unveiled a 3D-printed tungsten carbide block at the International Manufacturing Technology Show (IMTS) 2022 in Chicago, U.S.

Why Purchase the Report?

• To visualize the Global Tungsten Carbide Market segmentation based on grade, application, end-user and region to understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous tungsten carbide market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Grade mapping available as Excel consisting of key products of all the major players.

The Global Tungsten Carbide Market Report Would Provide Approximately 57 Tables, 66 Figures And 205 Pages.

Target Audience 2024

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies