Tungsten Carbide Market Analysis

Growing urbanization is driving the market growth

Market CAGR for tungsten carbide is being driven by rising urbanization. There is a significant increase in infrastructural developments and mining activities throughout the world. There is an increase in the shipment of tungsten carbide powder due to the fast industrialization and urbanization happening in developing countries globally. The government of the emerging economies' investment in infrastructure projects is anticipated to boost the application of tungsten carbide powder in mining and construction.

The section of mining is witnessing significant growth due to the increasing requirement for minerals and metals throughout different industrial sections. The tungsten carbide is the material of choice for the mining equipment in the high-pressure down-the-hole (DTH) hammer drilling section, including buttons, carbide inserts, and tips which can be utilized for petroleum tunneling, drilling, and mining. The high hardness, super wear resistance, and best impact toughness of the tungsten carbide mining tools enhance the operating performance.

The mining of granite, sandstone, and limestone from other materials is apt for tungsten carbide inserts due to their high drilling speed and longer service life, which minimizes labor costs and fastens the engineering processes. This global tungsten can be applicable in deep-hole drilling or heavy-duty rock drilling. The increasing demand for tungsten carbide products, inclusive of cobalt powder, titanium carbide powder, welding powder, and other products, is anticipated to boost market growth.

The tungsten carbide is largely utilized to develop high-performance auto parts that have the ability to withstand high stress and heat, like brakes, ball joints, crankshafts, and studs for tires. It has a large product used to manufacture cutting tools that are utilized to make automotive engines, axels, transmission, and steering assemblies is leading to factor for the growth of the market. The increasing adoption of 3D printing to create cost-effective and efficient high-performance parts is boosting the growth of the market.

It also has applications in the medical section for generating surgical instruments like, blade handles, scissors, hemostats, graspers, forceps, cautery, and others. Thus, driving the Tungsten Carbide market revenue.

The factors like inhalation of dust and lung fibrosis similar to silicosis are the main cautions related to tungsten carbide, resulting in restraining the growth of the market. The cobalt-cemented tungsten carbide can lead to human carcinogens and other effects like major respiratory issues, vision issues, and skin allergies upon inhaling them. All these factors can hamper the market growth of the tungsten carbide.

April 2024

The limited liability company known as "Zhetysu Tungsten" is now in the process of developing a mining enterprise at the Bugutinskoe deposit, which is situated in the Almaty region. For the Bugutinskoe deposit, there is a mineral extraction contract that has been granted with the number 4608-TPI. This contract was issued on June 2, 2015, and it is valid for a term of twenty-five years.

The construction and mining operations are now going ahead at a quick rate, and it is projected that the commissioning will take place by the end of the year 2024. One thousand new jobs are expected to be created as a direct consequence of the installation of the mine and the processing plant, according to speculation.

Technological innovations in the production and application of tungsten carbide are significantly influencing the Global Tungsten Carbide Market Industry. Advances in manufacturing techniques, such as additive manufacturing and improved sintering processes, enhance the performance and efficiency of tungsten carbide products. These innovations not only reduce production costs but also expand the range of applications, from aerospace to medical devices. As a result, the market is poised for growth, with projections indicating a compound annual growth rate (CAGR) of 6.43% from 2025 to 2035. This suggests that technological progress will play a crucial role in shaping the future landscape of the Global Tungsten Carbide Market Industry.

The Global Tungsten Carbide Market Industry is also benefiting from the surge in construction activities worldwide. Tungsten carbide is utilized in various construction tools, including drills and saws, which are essential for infrastructure development. As urbanization accelerates and governments invest in infrastructure projects, the demand for high-performance tools is likely to increase. This trend is underscored by the projected market growth, with estimates suggesting a rise to 37.7 USD Billion by 2035. Consequently, the construction sector's expansion is expected to significantly bolster the Global Tungsten Carbide Market Industry.

The Global Tungsten Carbide Market Industry is experiencing heightened demand driven by its extensive applications in manufacturing sectors. Tungsten carbide is favored for its hardness and wear resistance, making it ideal for cutting tools, mining, and drilling applications. As industries seek to enhance productivity and reduce downtime, the adoption of tungsten carbide tools is likely to rise. This trend is reflected in the projected market value, which is expected to reach 19.0 USD Billion in 2024. The ongoing industrialization in emerging economies further supports this growth, indicating a robust future for the Global Tungsten Carbide Market Industry.

The oil and gas industry is a significant contributor to the Global Tungsten Carbide Market Industry, as tungsten carbide is extensively used in drilling and exploration activities. The durability and strength of tungsten carbide tools make them suitable for harsh environments, thereby enhancing operational efficiency. With the anticipated increase in global energy demand, investments in oil and gas exploration are likely to rise, further driving the demand for tungsten carbide products. This sector's growth is expected to contribute substantially to the market's expansion, reinforcing the industry's relevance in the coming years.

Increasing environmental regulations are shaping the Global Tungsten Carbide Market Industry, as industries seek sustainable alternatives. The push for eco-friendly practices has led to innovations in tungsten carbide recycling and the development of greener production methods. Companies are increasingly focusing on sustainability to comply with regulations and meet consumer preferences for environmentally responsible products. This shift not only enhances the market's appeal but also positions tungsten carbide as a viable option in various applications. The emphasis on sustainability is likely to drive growth in the industry, aligning with global trends towards responsible manufacturing.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Tungsten Carbide market grow even more. Market participants are also undertaking a various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the Tungsten Carbide industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the Tungsten Carbide industry to benefit clients and increase the market sector. In recent years, the Tungsten Carbide industry has offered some of the most significant advantages to infrastructure organizations. Major players in the Tungsten Carbide market, including Sandvik AB, HC Starck, Jenmar, Xiamen Tungsten Co Ltd., Hitachi Metals, Mitsubishi Material Corporation, Federal Carbide Company, American Elements, Manu & Sales Corporation, Sumitomo Corporation, Xiamen tungsten Co Ltd., and others, are attempting to increase market demand by investing in research and development operations.

CERATIZIT Group was created in the year 2002 by merging the companies CERAMETAL and Plansee Tizit, headquartered in Luxembourg. The company is a high-technology engineering group specializing in cutting tools and hard material solutions. In September 2022, the acquisition of all the shares of AgriCarb SAS, a worldwide leader in tungsten carbide agriculture wear parts for the last 35 years, was announced by CERATIZIT SA. This acquisition will assist the company in coming into new markets, with a high degree of added expertise and value in the hybrid tools fields made of tungsten carbide and steel.

Further, the company also announced the acquisition of the remaining % of the Stadler Mettale shares, which is the prime source of secondary raw materials to manufacture tungsten carbide powder and tungsten.

Sandvik AB, founded in 1862, is a Swedish multinational engineering company, employing over 40,000 employees and providing services in over 150 countries. The company specializes in products and services for mixing, rock drilling, rock excavation, rock processing, machining, and metal cutting. The Sandvik Group conducts operations in three different businesses for production, research and development, and sales of their respective service and products. In January 2019, the company completed the purchase of Dura-Mill, a United States-based company that manufactures precision cemented carbide end mills.

The working experience of the Dura-Mill may rise with specialized end mills as a part of the Sandvik AB subsidiary.