Tungsten Carbide Market - Analysis & Forecast, 2016 – 2022 - SINGLE USER

The global tungsten carbide market, by value, is estimated to witness growth at a CAGR of 4.4% over the period 2016 to 2022. This growth in the market is attributed to the increasing demand for various applications such as metal cutting tools, wear parts, mining & drilling tools etc. and various end use industries like automotive, aerospace & defense, oil & gas, mining & construction, electronics etc.
Tungsten carbide is a highly dense material constituting of tungsten and carbon as their constituent materials. They exhibit significant properties like extreme hardness, toughness, wear & abrasion resistance, pressure resistance, and many more. The unique combination of these properties and their cost effectiveness have set them apart to be the ideal choice of many industry manufacturers.
The report is a compilation of different segments of global tungsten carbide market including market breakdown by application, end use industry and geographical location. It also includes sections on competitive insights and market dynamics. Herein the revenue generated from tungsten carbide is tracked to calculate the market size.
While highlighting the key driving and restraining forces for this market, the report also provides a comprehensive section of the application areas of the tungsten carbide market. It also details the key participants involved in the industry. The report answers the following questions about the global tungsten carbide market:
• What is global market size by value and volume of tungsten carbide market? What is the average price of tungsten carbide currently?
• What are the different application areas of tungsten carbide? What is their contribution in terms of revenue to the overall tungsten carbide revenue?
• What are the different end use industry verticals of tungsten carbide? What is their contribution in terms of revenue to the overall tungsten carbide revenue?
• What are the different factors driving and challenging the global tungsten carbide market in the forecast period?
• What are the different opportunities to look for investment in the tungsten carbide market?
• Who are the leading players in the global tungsten carbide market? What are the key strategies they have followed to expand their market in tungsten carbide business?
• What kind of new strategies are being adopted by established and naive participants to make a mark in the industry?
• What is currently the average price of tungsten carbide globally? What is the price of this material in different regions and in different application verticals?
• Which region will lead the global tungsten carbide market by the end of forecast period? Also which country in that specific region will have the largest and smallest market share by value and volume in the forecast period?
• Which application will lead the global tungsten carbide market by the end of forecast period?
• Which end use industry will find the largest usage of tungsten carbide in the forecast period?
• What is the future trend that will trail in this industry and what can be the right domains to focus on to make a smart move in investment?
The report has put special emphasis on the market share and size of automotive industry and wear parts industry, owing to their large scale share in the current and upcoming market of tungsten carbide. The industry analysis have also been done to examine the impact of various factors and understand the overall attractiveness of the industry.
The most often used strategy for developing a better hold on to the market has been through product launches and developments, business expansions followed by mergers & acquisitions and partnerships, agreements & collaborations. The company profile section includes highlights of significant information about the key companies involved, along with their financials, financial summaries and key strategies & developmental activities of recent years. Some of the key players involved in this market are Sandvik, IMC Group, Kennametal, Mitsubishi Materials, Sumitomo Corporation, Hitachi Metals, Ceratizit S.A, China Minmetals, Xiamen Tungsten, and American Elements.
Metal cutting application dominated the tungsten carbide market in 2015 accounting for a market share of 41.9% by value. Similarly, automotive industry held the highest market share by end use industry accounting for a market share of 36.3% in 2015.Asia Pacific generated the maximum amount of revenue in the year 2015 in the global tungsten carbide market followed by Europe and North America. Also, APAC currently has the highest potential to grow in the forecast period. If the industry has the prospects of growing at a similar pace, it will cross $ 3,355.0 million in total market value by the end of forecast period.

Executive Summary 18
1 Research Scope and Methodology 28
1.1 Scope of the Report 28
1.2 Global Tungsten Carbide Market Research Methodology 29
1.2.1 Assumptions and Limitations 29
1.2.2 Primary Research 30
1.2.3 Secondary Research 31
1.2.4 Data Triangulation 32
1.2.5 Data Analysing & Market Estimation 34
1.2.6 Stakeholders 35
1.2.7 Influencing Factors 35
2 Market Dynamics 37
2.1 Introduction 37
2.2 Drivers 38
2.2.1 Remarkable Properties 38
2.2.2 Cost Effectiveness 38
2.2.3 High Demand from Varied End Use Application Verticals 39
2.2.4 Substantial Focus on R&D Towards Making of Ultrafine Grades 40
2.2.5 Tungsten Recycling from Scrap 41
2.3 Restraints 42
2.3.1 Toxicity and Safety issues 42
2.3.2 Recent Economic Slowdown in China 42
2.4 Opportunities 43
2.4.1 Opportunities in Emerging Applications 43
2.4.2 Opportunities in Emerging Economies 43
2.4.3 New Mine Projects 44
3 Competitive Insights 45
3.1 Key Strategies and Development Adopted by Players 47
3.1.1 New Product Launches and Product Developments 47
3.1.2 Business Expansions 53
3.1.3 Mergers and Acquisitions 56
3.1.4 Partnerships, Agreements and Collaborations 59
3.1.5 Others 62
3.2 R & D Analysis of Leading Players Tungsten Carbide Market 66
4 Industry Analysis 69
4.1 Supply Chain/ Value Chain Analysis 69
4.2 Pricing Analysis 71
4.2.1 Pricing Analysis by Application 72
4.2.2 Pricing Analysis by Region 73
4.3 Opportunity Matrix Analysis 74
4.4 Country Share Analysis 76
4.5 Porter’s Five Forces Analysis 76
4.5.1 Bargaining Power of Buyers (Moderate-High) 77
4.5.2 Bargaining Power of Suppliers (Moderate- High) 77
4.5.3 Threat of Substitutes (Moderate to Low) 78
4.5.4 Threat of New Entrants (Moderate to Low) 78
4.5.5 Intensity of Competitive Rivalry (Moderate-High) 79
4.6 Future Trends and Developments in Tungsten Carbide Market 79
5 Global Tungsten Carbide Market, by Application 81
5.1 Metal Cutting Tools 86
5.2 Wear Part Tools 88
5.3 Mining & Drilling Tools 90
5.4 Others (Wood & Plastic Working Tools, Medical Tools, Jewelry etc.) 92
6 Tungsten Carbide Market Size by End Use Industry 95
6.1 Automotive Industry 101
6.2 Aerospace and Defense Industry 104
6.3 Oil & Gas Industry 107
6.4 Mining and Construction Industry 110
6.5 Electronic Industry 112
6.6 Others 114
7 Global Tungsten Carbide Market, by Geography 118
7.1 Asia-Pacific 122
7.1.1 Overall APAC’s Tungsten Carbide Market 125
7.1.1.1 APAC’s Tungsten Carbide Market by Country 125
7.1.1.2 APAC’s Tungsten Carbide Market by Application 127
7.1.1.3 APAC’s Tungsten Carbide Market by End Use Industry 128
7.1.2 China 129
7.1.2.1 China Tungsten Carbide Market by Application 130
7.1.3 Japan 131
7.1.3.1 Japan Tungsten Carbide Market by Application 132
7.1.4 South Korea 133
7.1.4.1 South Korea Tungsten Carbide Market by Application 133
7.1.5 India 134
7.1.5.1 India Tungsten Carbide Market by Application 135
7.1.6 Rest of APAC 136
7.1.6.1 Rest of APAC Tungsten Carbide Market by Application 136
7.2 Europe 138
7.2.1 Overall Europe Tungsten Carbide Market 140
7.2.1.1 Europe’s Tungsten Carbide Market by Country 140
7.2.1.2 Europe’s Tungsten Carbide Market by Application 142
7.2.1.3 Europe’s Tungsten Carbide Market by End Use Industry 143
7.2.2 Germany 144
7.2.2.1 Germany Tungsten Carbide Market by Application 145
7.2.3 The U.K 146
7.2.3.1 UK Tungsten Carbide Market by Application 147
7.2.4 France 148
7.2.4.1 France Tungsten Carbide Market by Application 149
7.2.5 Russia 150
7.2.5.1 Russia Tungsten Carbide Market by Application 150
7.2.6 Italy 151
7.2.6.1 Italy Tungsten Carbide Market by Application 152
7.2.7 Rest of Europe 153
7.2.7.1 Rest of Europe Tungsten Carbide Market by Application 153
7.3 North America 155
7.3.1 Overall North America’s Tungsten Carbide Market 157
7.3.1.1 North America’s Tungsten Carbide Market by Country 157
7.3.1.2 North America’s Tungsten Carbide Market by Application 158
7.3.1.3 North America’s Tungsten Carbide Market by End Use Industry 160
7.3.2 The U.S 161
7.3.2.1 US Tungsten Carbide Market by Application 162
7.3.3 Canada 163
7.3.3.1 Canada Tungsten Carbide Market by Application 163
7.3.4 Mexico 164
7.3.4.1 Mexico Tungsten Carbide Market by Application 165
7.4 Rest of the World (RoW) 167
7.4.1 Overall ROW’s Tungsten Carbide Market 168
7.4.1.1 ROW’s Tungsten Carbide Market by Country 168
7.4.1.2 ROW’s Tungsten Carbide Market by Application 169
7.4.1.3 ROW’s Tungsten Carbide Market by End Use Industry 170
8 Company Profiles 172
8.1 Sandvik AB 172
8.1.1 Company Overview 172
8.1.2 Financials 173
8.1.2.1 Overall Financials 173
8.1.2.2 Geographic Revenue Mix 173
8.1.2.3 Business Segment Revenue Mix 174
8.1.2.4 Financial Summary 174
8.1.3 SWOT Analysis 175
8.2 Mitsubishi Materials Corporation 176
8.2.1 Company Overview 176
8.2.2 Financials 177
8.2.2.1 Overall Financials 177
8.2.2.2 Geographic Revenue Mix 177
8.2.2.3 Business Segment Revenue Mix 178
8.2.2.3.1 Financials of Advanced Materials and Tools Business Segment 178
8.2.2.5 Financial Summary 179
8.2.3 SWOT Analysis 179
8.3 Kennametal Inc. 180
8.3.1 Company Overview 180
8.3.2 Financials 181
8.3.2.1 Overall Financials 181
8.3.2.2 Country Revenue Mix 181
8.3.2.3 Business Segment Revenue Mix 182
8.3.2.4 Financial Summary 182
8.3.3 SWOT Analysis 183
8.4 Sumitomo Electric Industries 184
8.4.1 Company Overview 184
8.4.2 Financials 185
8.4.2.1 Overall Financials 185
8.4.2.2 Geographical Revenue Mix 185
8.4.2.3 Business Segment Revenue Mix 186
8.4.2.4 Financial Summary 186
8.4.3 SWOT Analysis 187
8.5 International Metalworking Companies (IMC) Group 188
8.5.1 ISCAR Ltd 188
8.5.1.1 Company Overview 188
8.5.1.2 About the Company 189
8.5.2 TaeguTec 189
8.5.2.1 Company Overview 189
8.5.2.2 About the Company 190
8.5.3 Tungaloy 190
8.5.3.1 Company Overview 190
8.5.3.2 About the Company 191
8.5.4 Ingersoll Cutting Tool Company 191
8.5.4.1 Company Overview 191
8.5.4.2 About the Company 192
8.6 Durit HartMetall GmBH 192
8.6.1 Company Overview 192
8.6.2 About the Company 193
8.7 Xiamen Tungsten Co Ltd 193
8.7.1 Company Overview 193
8.7.2 About the Company 194
8.7.3 Financials 195
8.7.3.1 Overall Financials 195
8.7.4 SWOT Analysis 196
8.8 Global Tungsten and Powder Corporation (GTP) 197
8.8.1 Company Overview 197
8.8.2 About the Company 197
8.9 CERATIZIT S.A 198
8.9.1 Company Overview 198
8.9.2 About the Company 198
8.10 Chongyi Zhangyuan Tungsten Co Ltd 200
8.10.1 Company Overview 200
8.10.2 About the Company 200
8.11 China Minmetals Corporation 201
8.11.1 Company Overview 201
8.11.2 About the Company 202
8.12 Buffalo Tungsten Inc. 203
8.12.1 Company Overview 203
8.12.2 About the Company 204
8.13 American Elements 205
8.13.1 Company Overview 205
8.13.2 About the Company 206
8.14 Element Six 207
8.14.1 Company Overview 207
8.14.2 About the Company 208
8.15 HC Starck GmBH 209
8.15.1 Company Overview 209
8.15.2 About the Company 210
8.16 Federal Carbide Company 211
8.16.1 Company Overview 211
8.16.2 About the Company 211
8.17 Lineage Alloys 212
8.17.1 Company Overview 212
8.17.2 About the Company 212
8.18 Xiamen Golden Egret Special Alloy Co. Ltd (GESAC) 213
8.18.1 Company Overview 213
8.18.2 About the Company 213
8.19 CY Carbide Mfg. Co Ltd 214
8.19.1 Company Overview 214
8.19.2 About the Company 214
8.20 Rock River Tool Inc. 215
8.20.1 Company Overview 215
8.20.2 About the Company 215
8.21 Guangdong Xianglu Tungsten Co Ltd 216
8.21.1 Company Overview 216
8.21.2 About the Company 216
8.22 Jiangxi Yaosheng Tungsten Co Ltd 217
8.22.1 Company Overview 217
8.22.2 About the Company 217
8.23 Eurotungstene Metal Powders 218
8.23.1 Company Overview 218
8.23.2 About the Company 218
8.24 Japan New Metals Co Ltd 219
8.24.1 Company Overview 219
8.24.2 About the Company 219
8.25 SinterMet LLC 220
8.25.1 Company Overview 220
8.25.2 About the Company 220
8.26 Sinter Sud S.p.A 221
8.26.1 Company Overview 221
8.26.2 About the Company 221
8.27 Wolfram Company 222
8.27.1 Company Overview 222
8.27.2 About the Company 222

List of Tables
Table 2.1 End Use Industries and their Specific Usage of Tungsten Carbide 39
Table 3.1 New Product Launches and Product Developments 47
Table 3.2 Business Expansions 53
Table 3.3 Mergers and Acquisitions 56
Table 3.4 Partnerships, Agreements and Collaborations 60
Table 3.5 Other Developments 62
Table 3.6 Tungsten Carbide R&D Investment Analysis 66
Table 5.1 Global Tungsten Carbide Market Size by Application, $ Million (2015 – 2022) 83
Table 5.2 Global Tungsten Carbide Market Size by Application, Metric Tons (2015 – 2022) 84
Table 5.3 Tungsten Carbide Market Size for Metal Cutting Application (2015 – 2022) 87
Table 5.4 Tungsten Carbide Market Size for Wear Parts Application (2015 – 2022) 89
Table 5.5 Tungsten Carbide Market Size for Mining & Drilling Application (2015 – 2022) 92
Table 5.6 Tungsten Carbide Market Size for Other Applications (2015 – 2022) 94
Table 6.1 Global Tungsten Carbide Market Size by End Use Industry, $ Million (2015 – 2022) 98
Table 6.2 Global Tungsten Carbide Market Size by End Use Industry, Metric Tons (2015 – 2022) 99
Table 6.3 Global Tungsten Carbide Market Size 101
Table 6.4 Tungsten Carbide Market Size in Automotive Industry (2015 – 2022) 103
Table 6.5 Tungsten Carbide Market Size in Aerospace & Defense Industry (2015 – 2022) 106
Table 6.6 Tungsten Carbide Market Size in Oil & Gas Industry (2015 – 2022) 109
Table 6.7 Tungsten Carbide Market Size in Mining & Construction Industry (2015 – 2022) 111
Table 6.8 Tungsten Carbide Market Size in Electronics Industry (2015 – 2022) 113
Table 6.9 Tungsten Carbide Market Size in Other End Use Industries (2015 – 2022) 116
Table 7.1 Global Tungsten Carbide Market by Region, $ Million (2015 – 2022) 120
Table 7.2 Global Tungsten Carbide Market by Region, Metric Tons (2015 – 2022) 121
Table 7.3 APAC’s Tungsten Carbide Market by Country, $ Million (2015 – 2022) 125
Table 7.4 APAC’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022) 126
Table 7.5 APAC’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 127
Table 7.6 APAC’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 127
Table 7.7 APAC’s Tungsten Carbide Market by End Use Industry, $ Million (2015 – 2022) 128
Table 7.8 APAC’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022) 129
Table 7.9 China’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 130
Table 7.10 China’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 131
Table 7.11 Japan’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 132
Table 7.12 Japan’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 132
Table 7.13 South Korea’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 133
Table 7.14 South Korea’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 134
Table 7.15 India’s Tungsten Carbide Market by Application, $Million (2015 – 2022) 135
Table 7.16 India’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 135
Table 7.17 RoAP’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 136
Table 7.18 RoAP’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 137
Table 7.19 Europe’s Tungsten Carbide Market by Country, $ Million (2015 – 2022) 140
Table 7.20 Europe’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022) 141
Table 7.21 Europe’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 142
Table 7.22 Europe’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 142
Table 7.23 Europe’s Tungsten Carbide Market by End Use Industry, $Million (2015 – 2022) 143
Table 7.24 Europe’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022) 144
Table 7.25 Germany’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 145
Table 7.26 Germany’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 146
Table 7.27 U.K’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 147
Table 7.28 U.K’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 148
Table 7.29 France’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 149
Table 7.30 France’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 149
Table 7.31 Russia’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 150
Table 7.32 Russia’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 151
Table 7.33 Italy’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 152
Table 7.34 Italy’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 152
Table 7.35 RoEU’s Tungsten Carbide Market by Application, $Million (2015 – 2022) 153
Table 7.36 RoEU’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 154
Table 7.37 North America’s Tungsten Carbide Market by Country, $Million (2015 – 2022) 157
Table 7.38 North America’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022) 157
Table 7.39 North America’s Tungsten Carbide Market by Application, $Million (2015 – 2022) 158
Table 7.40 North America’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 159
Table 7.41 North America’s Tungsten Carbide Market by End Use Industry, $Million (2015 – 2022) 160
Table 7.42 North America’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022) 161
Table 7.43 The U.S’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 162
Table 7.44 The U.S’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 162
Table 7.45 Canada’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 163
Table 7.46 Canada’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 163
Table 7.47 Mexico’s Tungsten Carbide Market by Application, $ Million (2015 – 2022) 165
Table 7.48 Mexico’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 165
Table 7.49 RoW’s Tungsten Carbide Market by Country, $ Million (2015 – 2022) 168
Table 7.50 RoW’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022) 169
Table 7.51 ROW’s Tungsten Carbide Market by Application, $Million (2015 – 2022) 169
Table 7.52 ROW’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022) 170
Table 7.53 ROW’s Tungsten Carbide Market by End Use Industry, $Million (2015 – 2022) 170
Table 7.54 ROW’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022) 171
List of Figures
Figure 1 Tungsten Carbide Market Attractiveness, By Application, End Use and Region 19
Figure 2 Global Tungsten Carbide Market size Overview 20
Figure 3 Pricing Analysis 22
Figure 4 Market Segmentation: Tungsten Carbide Market 23
Figure 5 Tungsten Carbide Sales Volume Market Share by Application: 2015 & 2022 24
Figure 6 Tungsten Carbide Market Share by End Use Industry: 2016- 2022 25
Figure 7 Tungsten Carbide Market, by Region 26
Figure 1.1 Global Tungsten Carbide Market Scope 28
Figure 1.2 Report Design 29
Figure 1.3 Primary Interviews’ Breakdown, by Companies, Designation, and Region 31
Figure 1.4 Sources of Secondary Research 32
Figure 1.5 Data Triangulation 33
Figure 1.6 Top-Down & Bottom-Up Approach 34
Figure 1.7 Tungsten Carbide Stakeholders 35
Figure 1.8 Tungsten Carbide Market Influencing Factors 36
Figure 2.1 Global Tungsten Carbide Market Dynamics 37
Figure 3.1 Snapshot of Organic & Inorganic Strategies adopted by Key Players 45
Figure 3.2 Total Number of Strategies and Developments 46
Figure 3.3 Percentage share of Strategies and Developments adopted by Key Players 46
Figure 4.1 Global Tungsten Carbide Supply Chain 69
Figure 4.2 Global Tungsten Carbide Price Analysis: $/KG (2015-2022) 71
Figure 4.3 Global Tungsten Carbide Price Analysis by Application: $/KG (2015-2022) 72
Figure 4.4 Global Tungsten Carbide Price Analysis by Region: $/KG (2015-2022) 73
Figure 4.5 Global Tungsten Carbide Market Opportunity Matrix, by Region, 2015 74
Figure 4.6 Global Tungsten Carbide Market Opportunity Matrix, by Country, 2015 75
Figure 4.7 Global Tungsten Carbide Market Opportunity Matrix, by Country, 2022 75
Figure 4.8 Global Tungsten Carbide Market Country Share Analysis, 2022 76
Figure 4.9 Global Tungsten Carbide Porter’s Five Forces Analysis 77
Figure 5.1 Global Tungsten Carbide Market Segmentation: By Application 82
Figure 5.2 Tungsten Carbide Market Size Overview by Application: $ Million 83
Figure 5.3 Global Tungsten Carbide Market Attractiveness, by Application 85
Figure 5.4 Metal Cutting Tools Application Market Size Overview 87
Figure 5.5 Wear Parts Application Market Overview 89
Figure 5.6 Mining & Drilling Tools Application Market Overview 91
Figure 5.7 Other Applications Market Overview 94
Figure 6.1 Market Overview of Tungsten Carbide End Use Industries: Metric Tons 96
Figure 6.2 Tungsten Carbide End Use Industry Overview, 2016-2022 97
Figure 6.3 Global Tungsten Carbide End Use Industry Market Size Overview by Volume (Metric Tons): 2016-2022 98
Figure 6.4 Tungsten Carbide in Automotive Industry: Market Size Overview 102
Figure 6.5 Tungsten Carbide in Aerospace and Defense Industry: Market Size Overview 105
Figure 6.6 Tungsten Carbide in Oil & Gas Industry: Market Size Overview 108
Figure 6.7 Tungsten Carbide in Mining & Construction Industry: Market Size Overview 111
Figure 6.8 Tungsten Carbide in Electronics Industry: Market Size Overview 113
Figure 6.9 Tungsten Carbide in Other End Use Industries: Market Size Overview 116
Figure 7.1 Carbon Tungsten Carbide Geographical Segmentation 118
Figure 7.2 Global Tungsten Carbide Market Forecast by Region, 2016-2022 119
Figure 7.3 APAC’s Tungsten Carbide Market Forecast by Country, 2016 & 2022 123
Figure 7.4 APAC’s Tungsten Carbide Market Snapshot by Country, 2016-2022 124
Figure 7.5 Europe’s Tungsten Carbide Market Overview by Country 138
Figure 7.6 Europe’s Tungsten Carbide Market Snapshot by Country, 2015-2022 139
Figure 7.7 North America’s Tungsten Carbide Market Forecast by Country, 2016 & 2022 155
Figure 7.8 North America’s Tungsten Carbide Market Snapshot by Country, 2016-2022 156
Figure 7.9 ROW’s Tungsten Carbide Market Overview by Country 167
Figure 7.10 ROW’s Tungsten Carbide Market Snapshot by Country, 2015-2022 168
Figure 8.1 Overall Financials, 2013-15 ($Million) 173
Figure 8.2 Geographic Revenue Mix, 2013-15 ($Million) 173
Figure 8.3 Segment Revenue Mix, 2013-15 ($ Million) 174
Figure 8.4 Sandvik AB.: SWOT Analysis 175
Figure 8.5 Overall Financials, 2013-15 177
Figure 8.6 Geographic Revenue Mix, 2013-15 ($ Million) 177
Figure 8.7 Business Segment Revenue Mix, 2013-15 ($ Million) 178
Figure 8.8 Financials of Advanced Materials and Tools Business Segment 178
Figure 8.9 Mitsubishi Materials Corporation: Swot Analysis 179
Figure 8.10 Overall Financials 181
Figure 8.11 Country Revenue Mix 181
Figure 8.12 Business Segment Revenue Mix 182
Figure 8.13 Kennametal Inc: SWOT Analysis 183
Figure 8.14 Overall Financials 185
Figure 8.15 Geographical Revenue Mix 185
Figure 8.16 Business Segment Revenue Mix 186
Figure 8.17 Sumitomo Electric Industries: SWOT Analysis 187
Figure 8.18 Overall Financials 195
Figure 8.19 Xiamen Tungsten Co Ltd: SWOT Analysis 196
The tungsten carbide market is at a rapid as well as constant phase of evolution at present. It is gradually witnessing a dynamic growth rate, with its usage ranging from a variety of end-use applications. Tungsten carbide is a hard, composite material that is increasingly gaining popularity for numerous applications like cutting tools, wear resistance tools, impact resistant tools and many more. Its unique combination of strength, hardness and toughness has created an excessively high demand in various end use industries. It is in the form of a fine powder which is gray in color and whose chemical formula is WC. This material has numerous noteworthy properties which distinguishes it from other similar materials in the market. These include the fact that it is twice as rigid as steel and has a density double than that of steel (and nearly midway between lead and gold). Tungsten carbide is the toughest man made metal matrix composite. This material possesses a unique combination of properties that have allowed manufacturers across a broad spectrum of industries to increase throughput rates, reduce downtime, and extend the life of production tools and component wear parts
The wide range of useful properties of tungsten carbide have led to the development of a number of applications, many of which are paving their way towards practical and commercial applicability. There are lots of metal compounds that are heavily used for various applications across the planet, but there are none that possess the particular attributes of tungsten carbide. Hence, the market potential of tungsten carbide is extremely high in this regard.
The global tungsten carbide market is emerging at a rapid pace. The market is at an extremely competitive stage, and will remain so in future as well.
Tungsten carbide is also used in the manufacturing of various automobile parts and components. One of the primary examples is that of car’s engine. They are actively dominating the automotive market and have the potential for usage in a range of user-applications. Tungsten carbide is slowly establishing itself in many more end use industries like medical, jewelry etc. and is anticipated to have a good growth potential in these.
Some of the major players in the global tungsten carbide market are: Sandvik, IMC Group, Kennametal Inc., China Minmetals, Xiamen Tungsten, H.C Starck, Durit Hartmetall, Ceratizit S.A, American Elements, Chongyi Zhanguan.
The global tungsten carbide market was worth $ 2,492.9 million in 2015, and is estimated to grow at a CAGR of 4.4% over the period of 2016-2022, hitting $ 3,355.0 million by 2022. Wide applications of these materials across automotive, aerospace & defense, oil & gas, mining & construction, electronics, wood & plastic working, medical & healthcare, jewelry etc. are likely to drive the market growth over the forecast period. The tungsten carbide component are currently dominating in the metal cutting tools market amongst many other varied applications and a similar trend is expected to continue by the end of 2022. Asia Pacific region accounted for the largest market share of 49.4%, by value, in 2015 and this trend is expected to continue in the forecast period.
Asia-Pacific
China
Japan
South Korea
India
Europe
Germany
U.K
France
Russia
Italy
Rest of Europe
North America
U.S
Canada
Mexico
Rest of the World (RoW)
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The tungsten carbide market is expected to grow at a significant rate during the forecast period between 2016 and 2022 due to the increase in the application areas and end use industries using this material. Its dynamic properties, cost effectiveness, large scale demand from varied end use application verticals, and rapid technological development in this field are some of the factors driving the growth of tungsten carbide market. However, health care & safety issues, and recent economic slowdown in China are restraining the growth of the global tungsten carbide market. As China is one of the leading countries in the global supply and consumption of tungsten carbide, the recent economic slowdown in China had a significantly negative impact on the raw material (tungsten) supply to local and international markets. This in turn has impacted the manufacturing of tungsten carbide from raw tungsten. This has caused the average selling price of tungsten carbide to increase which has affected and hampered its global volume production.
China has been the leader in the supply of tungsten in the global tungsten carbide market. Since the resources of tungsten carbide are majorly located in China, the effect on the economy of China has negatively impacted the raw material (tungsten) supply to local and international market. Hence, this in turn will negatively impact the manufacturing of tungsten carbide from raw tungsten. Also, due to the slowdown of economy, the average selling price of tungsten have increased which has affected and hampered the volume production of tungsten carbide.
With the growing popularity of tungsten carbide in the market, BIS Research has published a report titled, “Global Tungsten Carbide Market : Analysis & Forecast, 2016-22”, incorporating a comprehensive segmentation of the market by application, end use industry, region and country including detailed analysis of the factors that are likely to influence and shape the market in the forecast period.
The ongoing changes in the industry has led the study to incorporate a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global tungsten carbide market through the forecast period. The market numbers play an important role in the industry, following which a proper market sizing & estimation by application, by end use industry and by region and country has been done for the industry.
The report has laid special emphasis on the dominant application verticals in the market for instance, the metal cutting application segment which held 41.9% of the total tungsten carbide market in 2015. A similar analysis is done for end use industry wherein automotive industry dominates with occupancy of 36.3% market share. Moreover, having identified the potential for further development in the form of product launches, acquisitions, and partnerships among others, the report has included a separate section of detailed competitive insights. The recent activities by the key players in this market have also been tracked in the form of company profiles. The key companies covered in the report include Sandvik, IMC Group, Kennametal, China Minmetals, H.C Starck, Durit Hartmetall, China Minmetals, Sumitomo Corporation, Mitsubishi Materials, American Elements, Xiamen Tungsten, GESAC, Chongyi Zhanguan and Ceratizit S.A among others.
In spite of the high rate of initial investment and risks perceived by the investors, the analysis by BIS Research has estimated the industry to grow over $ 3350 million by 2022 at a CAGR of 4.4% through 2016-2022, with Asia-Pacific region leading the market. Metal cutting application is currently the dominant application where tungsten carbide is used the most followed by wear parts and other applications. Automotive industry currently has the largest share in the tungsten carbide market followed by aerospace & defense industry. The other end use application verticals of tungsten carbide like oil & gas and mining & construction also gathered a significant revenue in 2015 and are expected to grow at a decent pace in the forecast period. However, electronics industry, medical industry and jewelry industry are anticipated to grow at a comparatively faster pace.
Sandvik, IMC Group, Kennametal Inc., China Minmetals, Xiamen Tungsten, H.C Starck, Durit Hartmetall, Ceratizit S.A, American Elements, Chongyi Zhanguan