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Global Tungsten Carbide Market

Global Tungsten Carbide Market - Analysis & Forecast, 2016 – 2022 (Focus on Applications in Metal Cutting, Wear Parts, Mining & Drilling; End Use in Automotive, Aerospace & Defense, Oil & Gas, Mining & Construction, Electronics; and Region)

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.

SKU: MC005A
Published Year: 2017
 
 

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.

TABLE OF CONTENT
Executive Summary
1 Research Scope and Methodology
1.1 Scope of the Report
1.2 Global Tungsten Carbide Market Research Methodology
1.2.1 Assumptions and Limitations
1.2.2 Primary Research
1.2.3 Secondary Research
1.2.4 Data Triangulation
1.2.5 Data Analysing & Market Estimation
1.2.6 Stakeholders
1.2.7 Influencing Factors
2 Market Dynamics
2.1 Introduction
2.2 Drivers
2.2.1 Remarkable Properties
2.2.2 Cost Effectiveness
2.2.3 High Demand from Varied End Use Application Verticals
2.2.4 Substantial Focus on R&D Towards Making of Ultrafine Grades
2.2.5 Tungsten Recycling from Scrap
2.3 Restraints
2.3.1 Toxicity and Safety issues
2.3.2 Recent Economic Slowdown in China
2.4 Opportunities
2.4.1 Opportunities in Emerging Applications
2.4.2 Opportunities in Emerging Economies
2.4.3 New Mine Projects
3 Competitive Insights
3.1 Key Strategies and Development Adopted by Players
3.1.1 New Product Launches and Product Developments
3.1.2 Business Expansions
3.1.3 Mergers and Acquisitions
3.1.4 Partnerships, Agreements and Collaborations
3.1.5 Others
3.2 R & D Analysis of Leading Players Tungsten Carbide Market
4 Industry Analysis
4.1 Supply Chain/ Value Chain Analysis
4.2 Pricing Analysis
4.2.1 Pricing Analysis by Application
4.2.2 Pricing Analysis by Region
4.3 Opportunity Matrix Analysis
4.4 Country Share Analysis
4.5 Porter’s Five Forces Analysis
4.5.1 Bargaining Power of Buyers (Moderate-High)
4.5.2 Bargaining Power of Suppliers (Moderate- High)
4.5.3 Threat of Substitutes (Moderate to Low)
4.5.4 Threat of New Entrants (Moderate to Low)
4.5.5 Intensity of Competitive Rivalry (Moderate-High)
4.6 Future Trends and Developments in Tungsten Carbide Market
5 Global Tungsten Carbide Market, by Application
5.1 Metal Cutting Tools
5.2 Wear Part Tools
5.3 Mining & Drilling Tools
5.4 Others (Wood & Plastic Working Tools, Medical Tools, Jewelry etc.)
6 Tungsten Carbide Market Size by End Use Industry
6.1 Automotive Industry
6.2 Aerospace and Defense Industry
6.3 Oil & Gas Industry
6.4 Mining and Construction Industry
6.5 Electronic Industry
6.6 Others
7 Global Tungsten Carbide Market, by Geography
7.1 Asia-Pacific
7.1.1 Overall APAC’s Tungsten Carbide Market
7.1.1.1 APAC’s Tungsten Carbide Market by Country
7.1.1.2 APAC’s Tungsten Carbide Market by Application
7.1.1.3 APAC’s Tungsten Carbide Market by End Use Industry
7.1.2 China
7.1.2.1 China Tungsten Carbide Market by Application
7.1.3 Japan
7.1.3.1 Japan Tungsten Carbide Market by Application
7.1.4 South Korea
7.1.4.1 South Korea Tungsten Carbide Market by Application
7.1.5 India
7.1.5.1 India Tungsten Carbide Market by Application
7.1.6 Rest of APAC
7.1.6.1 Rest of APAC Tungsten Carbide Market by Application
7.2 Europe
7.2.1 Overall Europe Tungsten Carbide Market
7.2.1.1 Europe’s Tungsten Carbide Market by Country
7.2.1.2 Europe’s Tungsten Carbide Market by Application
7.2.1.3 Europe’s Tungsten Carbide Market by End Use Industry
7.2.2 Germany
7.2.2.1 Germany Tungsten Carbide Market by Application
7.2.3 The U.K
7.2.3.1 UK Tungsten Carbide Market by Application
7.2.4 France
7.2.4.1 France Tungsten Carbide Market by Application
7.2.5 Russia
7.2.5.1 Russia Tungsten Carbide Market by Application
7.2.6 Italy
7.2.6.1 Italy Tungsten Carbide Market by Application
7.2.7 Rest of Europe
7.2.7.1 Rest of Europe Tungsten Carbide Market by Application
7.3 North America
7.3.1 Overall North America’s Tungsten Carbide Market
7.3.1.1 North America’s Tungsten Carbide Market by Country
7.3.1.2 North America’s Tungsten Carbide Market by Application
7.3.1.3 North America’s Tungsten Carbide Market by End Use Industry
7.3.2 The U.S
7.3.2.1 US Tungsten Carbide Market by Application
7.3.3 Canada
7.3.3.1 Canada Tungsten Carbide Market by Application
7.3.4 Mexico
7.3.4.1 Mexico Tungsten Carbide Market by Application
7.4 Rest of the World (RoW)
7.4.1 Overall ROW’s Tungsten Carbide Market
7.4.1.1 ROW’s Tungsten Carbide Market by Country
7.4.1.2 ROW’s Tungsten Carbide Market by Application
7.4.1.3 ROW’s Tungsten Carbide Market by End Use Industry
8 Company Profiles
8.1 Sandvik AB
8.1.1 Company Overview
8.1.2 Financials
8.1.2.1 Overall Financials
8.1.2.2 Geographic Revenue Mix
8.1.2.3 Business Segment Revenue Mix
8.1.2.4 Financial Summary
8.1.3 SWOT Analysis
8.2 Mitsubishi Materials Corporation
8.2.1 Company Overview
8.2.2 Financials
8.2.2.1 Overall Financials
8.2.2.2 Geographic Revenue Mix
8.2.2.3 Business Segment Revenue Mix
8.2.2.3.1 Financials of Advanced Materials and Tools Business Segment
8.2.2.5 Financial Summary
8.2.3 SWOT Analysis
8.3 Kennametal Inc.
8.3.1 Company Overview
8.3.2 Financials
8.3.2.1 Overall Financials
8.3.2.2 Country Revenue Mix
8.3.2.3 Business Segment Revenue Mix
8.3.2.4 Financial Summary
8.3.3 SWOT Analysis
8.4 Sumitomo Electric Industries
8.4.1 Company Overview
8.4.2 Financials
8.4.2.1 Overall Financials
8.4.2.2 Geographical Revenue Mix
8.4.2.3 Business Segment Revenue Mix
8.4.2.4 Financial Summary
8.4.3 SWOT Analysis
8.5 International Metalworking Companies (IMC) Group
8.5.1 ISCAR Ltd
8.5.1.1 Company Overview
8.5.1.2 About the Company
8.5.2 TaeguTec
8.5.2.1 Company Overview
8.5.2.2 About the Company
8.5.3 Tungaloy
8.5.3.1 Company Overview
8.5.3.2 About the Company
8.5.4 Ingersoll Cutting Tool Company
8.5.4.1 Company Overview
8.5.4.2 About the Company
8.6 Durit HartMetall GmBH
8.6.1 Company Overview
8.6.2 About the Company
8.7 Xiamen Tungsten Co Ltd
8.7.1 Company Overview
8.7.2 About the Company
8.7.3 Financials
8.7.3.1 Overall Financials
8.7.4 SWOT Analysis
8.8 Global Tungsten and Powder Corporation (GTP)
8.8.1 Company Overview
8.8.2 About the Company
8.9 CERATIZIT S.A
8.9.1 Company Overview
8.9.2 About the Company
8.10 Chongyi Zhangyuan Tungsten Co Ltd
8.10.1 Company Overview
8.10.2 About the Company
8.11 China Minmetals Corporation
8.11.1 Company Overview
8.11.2 About the Company
8.12 Buffalo Tungsten Inc.
8.12.1 Company Overview
8.12.2 About the Company
8.13 American Elements
8.13.1 Company Overview
8.13.2 About the Company
8.14 Element Six
8.14.1 Company Overview
8.14.2 About the Company
8.15 HC Starck GmBH
8.15.1 Company Overview
8.15.2 About the Company
8.16 Federal Carbide Company
8.16.1 Company Overview
8.16.2 About the Company
8.17 Lineage Alloys
8.17.1 Company Overview
8.17.2 About the Company
8.18 Xiamen Golden Egret Special Alloy Co. Ltd (GESAC)
8.18.1 Company Overview
8.18.2 About the Company
8.19 CY Carbide Mfg. Co Ltd
8.19.1 Company Overview
8.19.2 About the Company
8.20 Rock River Tool Inc.
8.20.1 Company Overview
8.20.2 About the Company
8.21 Guangdong Xianglu Tungsten Co Ltd
8.21.1 Company Overview
8.21.2 About the Company
8.22 Jiangxi Yaosheng Tungsten Co Ltd
8.22.1 Company Overview
8.22.2 About the Company
8.23 Eurotungstene Metal Powders
8.23.1 Company Overview
8.23.2 About the Company
8.24 Japan New Metals Co Ltd
8.24.1 Company Overview
8.24.2 About the Company
8.25 SinterMet LLC
8.25.1 Company Overview
8.25.2 About the Company
8.26 Sinter Sud S.p.A
8.26.1 Company Overview
8.26.2 About the Company
8.27 Wolfram Company
8.27.1 Company Overview
8.27.2 About the Company
List of Tables
Table 2.1 End Use Industries and their Specific Usage of Tungsten Carbide
Table 3.1 New Product Launches and Product Developments
Table 3.2 Business Expansions
Table 3.3 Mergers and Acquisitions
Table 3.4 Partnerships, Agreements and Collaborations
Table 3.5 Other Developments
Table 3.6 Tungsten Carbide R&D Investment Analysis
Table 5.1 Global Tungsten Carbide Market Size by Application, $ Million (2015 – 2022)
Table 5.2 Global Tungsten Carbide Market Size by Application, Metric Tons (2015 – 2022)
Table 5.3 Tungsten Carbide Market Size for Metal Cutting Application (2015 – 2022)
Table 5.4 Tungsten Carbide Market Size for Wear Parts Application (2015 – 2022)
Table 5.5 Tungsten Carbide Market Size for Mining & Drilling Application (2015 – 2022)
Table 5.6 Tungsten Carbide Market Size for Other Applications (2015 – 2022)
Table 6.1 Global Tungsten Carbide Market Size by End Use Industry, $ Million (2015 – 2022)
Table 6.2 Global Tungsten Carbide Market Size by End Use Industry, Metric Tons (2015 – 2022)
Table 6.3 Global Tungsten Carbide Market Size
Table 6.4 Tungsten Carbide Market Size in Automotive Industry (2015 – 2022)
Table 6.5 Tungsten Carbide Market Size in Aerospace & Defense Industry (2015 – 2022)
Table 6.6 Tungsten Carbide Market Size in Oil & Gas Industry (2015 – 2022)
Table 6.7 Tungsten Carbide Market Size in Mining & Construction Industry (2015 – 2022)
Table 6.8 Tungsten Carbide Market Size in Electronics Industry (2015 – 2022)
Table 6.9 Tungsten Carbide Market Size in Other End Use Industries (2015 – 2022)
Table 7.1 Global Tungsten Carbide Market by Region, $ Million (2015 – 2022)
Table 7.2 Global Tungsten Carbide Market by Region, Metric Tons (2015 – 2022)
Table 7.3 APAC’s Tungsten Carbide Market by Country, $ Million (2015 – 2022)
Table 7.4 APAC’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022)
Table 7.5 APAC’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.6 APAC’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.7 APAC’s Tungsten Carbide Market by End Use Industry, $ Million (2015 – 2022)
Table 7.8 APAC’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022)
Table 7.9 China’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.10 China’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.11 Japan’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.12 Japan’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.13 South Korea’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.14 South Korea’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.15 India’s Tungsten Carbide Market by Application, $Million (2015 – 2022)
Table 7.16 India’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.17 RoAP’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.18 RoAP’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.19 Europe’s Tungsten Carbide Market by Country, $ Million (2015 – 2022)
Table 7.20 Europe’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022)
Table 7.21 Europe’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.22 Europe’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.23 Europe’s Tungsten Carbide Market by End Use Industry, $Million (2015 – 2022)
Table 7.24 Europe’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022)
Table 7.25 Germany’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.26 Germany’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.27 U.K’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.28 U.K’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.29 France’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.30 France’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.31 Russia’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.32 Russia’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.33 Italy’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.34 Italy’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.35 RoEU’s Tungsten Carbide Market by Application, $Million (2015 – 2022)
Table 7.36 RoEU’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.37 North America’s Tungsten Carbide Market by Country, $Million (2015 – 2022)
Table 7.38 North America’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022)
Table 7.39 North America’s Tungsten Carbide Market by Application, $Million (2015 – 2022)
Table 7.40 North America’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.41 North America’s Tungsten Carbide Market by End Use Industry, $Million (2015 – 2022)
Table 7.42 North America’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022)
Table 7.43 The U.S’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.44 The U.S’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.45 Canada’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.46 Canada’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.47 Mexico’s Tungsten Carbide Market by Application, $ Million (2015 – 2022)
Table 7.48 Mexico’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.49 RoW’s Tungsten Carbide Market by Country, $ Million (2015 – 2022)
Table 7.50 RoW’s Tungsten Carbide Market by Country, Metric Tons (2015 – 2022)
Table 7.51 ROW’s Tungsten Carbide Market by Application, $Million (2015 – 2022)
Table 7.52 ROW’s Tungsten Carbide Market by Application, Metric Tons (2015 – 2022)
Table 7.53 ROW’s Tungsten Carbide Market by End Use Industry, $Million (2015 – 2022)
Table 7.54 ROW’s Tungsten Carbide Market by End Use Industry, Metric Tons (2015 – 2022)
List of Figures
Figure 1 Tungsten Carbide Market Attractiveness, By Application, End Use and Region
Figure 2 Global Tungsten Carbide Market size Overview
Figure 3 Pricing Analysis
Figure 4 Market Segmentation: Tungsten Carbide Market
Figure 5 Tungsten Carbide Sales Volume Market Share by Application: 2015 & 2022
Figure 6 Tungsten Carbide Market Share by End Use Industry: 2016- 2022
Figure 7 Tungsten Carbide Market, by Region
Figure 1.1 Global Tungsten Carbide Market Scope
Figure 1.2 Report Design
Figure 1.3 Primary Interviews’ Breakdown, by Companies, Designation, and Region
Figure 1.4 Sources of Secondary Research
Figure 1.5 Data Triangulation
Figure 1.6 Top-Down & Bottom-Up Approach
Figure 1.7 Tungsten Carbide Stakeholders
Figure 1.8 Tungsten Carbide Market Influencing Factors
Figure 2.1 Global Tungsten Carbide Market Dynamics
Figure 3.1 Snapshot of Organic & Inorganic Strategies adopted by Key Players
Figure 3.2 Total Number of Strategies and Developments
Figure 3.3 Percentage share of Strategies and Developments adopted by Key Players
Figure 4.1 Global Tungsten Carbide Supply Chain
Figure 4.2 Global Tungsten Carbide Price Analysis: $/KG (2015-2022)
Figure 4.3 Global Tungsten Carbide Price Analysis by Application: $/KG (2015-2022)
Figure 4.4 Global Tungsten Carbide Price Analysis by Region: $/KG (2015-2022)
Figure 4.5 Global Tungsten Carbide Market Opportunity Matrix, by Region, 2015
Figure 4.6 Global Tungsten Carbide Market Opportunity Matrix, by Country, 2015
Figure 4.7 Global Tungsten Carbide Market Opportunity Matrix, by Country, 2022
Figure 4.8 Global Tungsten Carbide Market Country Share Analysis, 2022
Figure 4.9 Global Tungsten Carbide Porter’s Five Forces Analysis
Figure 5.1 Global Tungsten Carbide Market Segmentation: By Application
Figure 5.2 Tungsten Carbide Market Size Overview by Application: $ Million
Figure 5.3 Global Tungsten Carbide Market Attractiveness, by Application
Figure 5.4 Metal Cutting Tools Application Market Size Overview
Figure 5.5 Wear Parts Application Market Overview
Figure 5.6 Mining & Drilling Tools Application Market Overview
Figure 5.7 Other Applications Market Overview
Figure 6.1 Market Overview of Tungsten Carbide End Use Industries: Metric Tons
Figure 6.2 Tungsten Carbide End Use Industry Overview, 2016-2022
Figure 6.3 Global Tungsten Carbide End Use Industry Market Size Overview by Volume (Metric Tons): 2016-2022
Figure 6.4 Tungsten Carbide in Automotive Industry: Market Size Overview
Figure 6.5 Tungsten Carbide in Aerospace and Defense Industry: Market Size Overview
Figure 6.6 Tungsten Carbide in Oil & Gas Industry: Market Size Overview
Figure 6.7 Tungsten Carbide in Mining & Construction Industry: Market Size Overview
Figure 6.8 Tungsten Carbide in Electronics Industry: Market Size Overview
Figure 6.9 Tungsten Carbide in Other End Use Industries: Market Size Overview
Figure 7.1 Carbon Tungsten Carbide Geographical Segmentation
Figure 7.2 Global Tungsten Carbide Market Forecast by Region, 2016-2022
Figure 7.3 APAC’s Tungsten Carbide Market Forecast by Country, 2016 & 2022
Figure 7.4 APAC’s Tungsten Carbide Market Snapshot by Country, 2016-2022
Figure 7.5 Europe’s Tungsten Carbide Market Overview by Country
Figure 7.6 Europe’s Tungsten Carbide Market Snapshot by Country, 2015-2022
Figure 7.7 North America’s Tungsten Carbide Market Forecast by Country, 2016 & 2022
Figure 7.8 North America’s Tungsten Carbide Market Snapshot by Country, 2016-2022
Figure 7.9 ROW’s Tungsten Carbide Market Overview by Country
Figure 7.10  ROW’s Tungsten Carbide Market Snapshot by Country, 2015-2022
Figure 8.1 Overall Financials, 2013-15 ($Million)
Figure 8.2 Geographic Revenue Mix, 2013-15 ($Million)
Figure 8.3 Segment Revenue Mix, 2013-15 ($ Million)
Figure 8.4 Sandvik AB.: SWOT Analysis
Figure 8.5 Overall Financials, 2013-15
Figure 8.6 Geographic Revenue Mix, 2013-15 ($ Million)
Figure 8.7 Business Segment Revenue Mix, 2013-15 ($ Million)
Figure 8.8 Financials of Advanced Materials and Tools Business Segment
Figure 8.9 Mitsubishi Materials Corporation: Swot Analysis
Figure 8.10 Overall Financials
Figure 8.11 Country Revenue Mix
Figure 8.12 Business Segment Revenue Mix
Figure 8.13 Kennametal Inc: SWOT Analysis
Figure 8.14 Overall Financials
Figure 8.15 Geographical Revenue Mix
Figure 8.16 Business Segment Revenue Mix
Figure 8.17 Sumitomo Electric Industries: SWOT Analysis
Figure 8.18 Overall Financials
Figure 8.19 Xiamen Tungsten Co Ltd: SWOT Analysis

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. 

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