Tungsten Carbide Market

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 CAGR of 4.07% from 2018 and 2028 in terms of value.

SKU: MC005B
Published Year: 2019
 

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:
•    What was the size in terms of value ($million) and volume (Metric Tons) of the tungsten carbide market in 2017, and what will be the growth rate during the forecast period 2018-2028?
•    What will be the market size of different types of applications (by value and volume) and their growth rate during the forecast period 2018-2028?
•    What will be the market size of different end-use industries of tungsten carbide market (by value and volume) and their growth rate during the forecast period 2018-2028?
•    What will be the market size for different regions and countries in terms of value and volume in the tungsten carbide market and their growth rate in the forecast period 2018-2028?
•    What are the major driving forces that tend to increase the demand for tungsten carbide in various end-user industries during the forecast period?
•    What are the major challenges inhibiting the growth of the global tungsten carbide market?
•    What are the competitive strengths of key players in the global tungsten carbide market by analyzing through market share analysis?
•    Who are the key players (along with their detailed analysis and profiles including their financials, company snapshots, key products & services, and SWOT analysis) in the market?
The report also has a separate chapter that discusses about the present  market scenario of tungsten carbide. The report further includes a thorough analysis of the impact of the Porter’s Five Forces to understand the overall attractiveness of the industry. The most commonly used strategy for developing a better hold on the market has been through partnerships, collaborations, and joint ventures. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. 

Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), Middle East & Africa, and South America. Each geography details the individual push and pull forces in addition to the key players from that region. This report is a meticulous compilation of research on more than 100 players in the global tungsten carbide market and draws upon insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies with their financial analysis, SWOT, and product portfolio. 

The company profiles in the report are American Elements, CERATIZIT S.A., China Minmetals Corporation, CY Carbide Mfg. Co., Ltd., Durit HartMetall GmbH, Element Six, Federal Carbide Company, H.C. Starck GmbH, International Metalworking Companies (IMC) Group, Kennametal Inc., Mitsubishi Materials Corporation, Rock River Tool, Inc., Sandvik AB, Sumitomo Electric Industries, Ltd., and Wolfram Company JSC.

Executive Summary

1    Market Dynamics
      1.1    Overview
      1.2    Market Drivers
               1.2.1    Remarkable Properties as Compared to Other Materials
               1.2.2    High Demand from Varied End-Use Application Verticals
               1.2.3    Substantial Focus on R&D for Making Ultrafine Grades
      1.3    Market Restraints
               1.3.1    Concerns Regarding Toxicity and Safety
               1.3.2    Negative Effect on Market Growth due to Economic Slowdown in China
      1.4    Market Opportunities
               1.4.1    Increased Use of Tungsten Carbide in Emerging Applications
               1.4.2    Opportunities in Emerging Economies
               1.4.3    New Mining Facilities for Tungsten Supply
      1.5    Market Dynamics: Impact Analysis

2    Competitive Insights
      2.1    Key Developments and Strategies
               2.1.1    Overview
               2.1.2    Share of Key Business Strategies
               2.1.3    Product Launches and Developments
               2.1.4    Mergers & Acquisitions
               2.1.5    Business Expansions
               2.1.6    Partnerships, Collaborations, and Joint Ventures
               2.1.7    Others (Awards, Certifications, and Recognitions)
      2.2    Industry Attractiveness
               2.2.1    Bargaining Power of Buyers
               2.2.2    Bargaining Power of Suppliers
               2.2.3    Threat of Substitutes 
               2.2.4    Threat of New Entrants
               2.2.5    Intensity of Competitive Rivalry
      2.3    Future Trends and Development in Tungsten Carbide Market
      2.4    Market Share Analysis
               2.4.1    Overview
      2.5    Supply Chain Analysis
      2.6    Opportunity Matrix Analysis

3    Parent Market Outlook
      3.1    Overview

4    Global Tungsten Carbide Market, 2017-2028
      4.1    Assumptions and Limitations for Analysis and Forecast of the Global Tungsten Carbide Market

5    Global Tungsten Carbide Market (by Application), 2017-2028
      5.1    Market Overview
      5.2    Cutting Tools
      5.3    Mining & Drilling Tools
      5.4    Wear Parts
      5.5    Mill Products
      5.6    Others

6    Global Tungsten Carbide Market (by End-Use Industry), 2017-2028
      6.1    Market Overview
      6.2    Automotive Industry
      6.3    Oil & Gas Industry
      6.4    Aerospace & Defense Industry
      6.5    Mining & Construction Industry
      6.6    Electronics Industry
      6.7    Other Industry

7    Global Tungsten Carbide Market by Region, 2017-2028
      7.1    Market Overview
      7.2    Asia-Pacific 
               7.2.1    Asia-Pacific Tungsten Carbide Market (by Application)
               7.2.2    Asia-Pacific Tungsten Carbide Market (by End-Use Industry)
               7.2.3    Asia-Pacific Tungsten Carbide Market (by Country)
                          7.2.3.1    China
                                         7.2.3.1.1    China Tungsten Carbide Market (by Application)
                                         7.2.3.1.2    China Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.2    Japan
                                         7.2.3.2.1    Japan Tungsten Carbide Market (by Application)
                                         7.2.3.2.2    Japan Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.3    India
                                         7.2.3.3.1    India Tungsten Carbide Market (by Application)
                                         7.2.3.3.2    India Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.4    South Korea
                                         7.2.3.4.1    South Korea Tungsten Carbide Market (by Application)
                                         7.2.3.4.2    South Korea Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.5    Australia & New Zealand (ANZ)
                                         7.2.3.5.1    ANZ Tungsten Carbide Market (by Application)
                                         7.2.3.5.2    ANZ Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.6    Rest-of-APAC
                                         7.2.3.6.1    Rest-of-APAC Tungsten Carbide Market (by Application)
                                         7.2.3.6.2    Rest-of-APAC Tungsten Carbide Market (by End-Use Industry)
      7.3    Europe
               7.3.1    Europe Tungsten Carbide Market (by Application)
               7.3.2    Europe Tungsten Carbide Market (by End-Use Industry)
               7.3.3    Europe Tungsten Carbide Market (by Country)
                           7.3.3.1    Germany
                                          7.3.3.1.1    Germany Tungsten Carbide Market (by Application)
                                          7.3.3.1.2    Germany Tungsten Carbide Market (by End-Use Industry)
                           7.3.3.2    U.K.
                                          7.3.3.2.1    The U.K. Tungsten Carbide Market (by Application)
                                          7.3.3.2.2    The U.K. Tungsten Carbide Market (by End-Use Industry)
                           7.3.3.3    France
                                          7.3.3.3.1    France Tungsten Carbide Market (by Application)
                                          7.3.3.3.2    France Tungsten Carbide Market (by End Use Industry)
                           7.3.3.4    Russia
                                          7.3.3.4.1    Russia Tungsten Carbide Market (by Application)
                                          7.3.3.4.2    Russia Tungsten Carbide Market (by End Use Industry)
                           7.3.3.5    Italy
                                          7.3.3.5.1    Italy Tungsten Carbide Market (by Application)
                                          7.3.3.5.2    Italy Tungsten Carbide Market (by End Use Industry)
                           7.3.3.6    Rest-of-Europe
                                          7.3.3.6.1    Rest-of-Europe Tungsten Carbide Market (by Application)
                                          7.3.3.6.2    Rest-of-Europe Tungsten Carbide Market (by End Use Industry)
      7.4    North America
               7.4.1    North America Tungsten Carbide Market (by Application)
               7.4.2    North America Tungsten Carbide Market (by End Use Industry)
               7.4.3    North America Tungsten Carbide Market (by Country)
                           7.4.3.1    The U.S.
                                          7.4.3.1.1    The U.S. Tungsten Carbide Market (by Application)
                                          7.4.3.1.2    The U.S. Tungsten Carbide Market (by End Use Industry)
                           7.4.3.2    Canada
                                          7.4.3.2.1    Canada Tungsten Carbide Market (by Application)
                                          7.4.3.2.2    Canada Tungsten Carbide Market (by End-Use Industry)
                           7.4.3.3    Mexico
                                          7.4.3.3.1    Mexico Tungsten Carbide Market (by Application)
                                          7.4.3.3.2    Mexico Tungsten Carbide Market (by End-Use Industry)
      7.5    Middle East & Africa (MEA)
               7.5.1    MEA Tungsten Carbide Market (by Application)
               7.5.2    MEA Tungsten Carbide Market (by End-Use Industry)
               7.5.3    MEA Tungsten Carbide Market (by Country)
                           7.5.3.1    The U.A.E.
                                          7.5.3.1.1    The U.A.E. Tungsten Carbide Market (by Application)
                                          7.5.3.1.2    The U.A.E. Tungsten Carbide Market (by End-Use Industry)
                           7.5.3.2    Saudi Arabia
                                          7.5.3.2.1    Saudi Arabia Tungsten Carbide Market (by Application)
                                          7.5.3.2.2    Saudi Arabia Tungsten Carbide Market (by End-Use Industry)
                          7.5.3.3    South Africa
                                         7.5.3.3.1    South Africa Tungsten Carbide Market (by Application)
                                         7.5.3.3.2    South Africa Tungsten Carbide Market (by End-Use Industry)
                          7.5.3.4    Rest-of-Middle East & Africa (MEA)
                                         7.5.3.4.1    Rest-of-MEA Tungsten Carbide Market (by Application)
                                         7.5.3.4.2    Rest-of-MEA Tungsten Carbide Market (by End Use Industry)
               7.5.4    South America Tungsten Carbide Market (by Application)
               7.5.5    South America Tungsten Carbide Market (by End Use Industry)
               7.5.6    South America Tungsten Carbide Market (by Country)
                           7.5.6.1    Brazil
                                          7.5.6.1.1    Brazil Tungsten Carbide Market (by Application)
                                          7.5.6.1.2    Brazil Tungsten Carbide Market (by End Use Industry)
                           7.5.6.2    Colombia
                                          7.5.6.2.1    Colombia Tungsten Carbide Market (by Application)
                                          7.5.6.2.2    Colombia Tungsten Carbide Market (by End-Use Industry)
                           7.5.6.3    Argentina
                                          7.5.6.3.1    Argentina Tungsten Carbide Market (by Application)
                                          7.5.6.3.2    Argentina Tungsten Carbide Market (by End Use Industry)
                          7.5.6.4    Rest-of-South America
                                         7.5.6.4.1    Rest-of-South America Tungsten Carbide Market (by Application)
                                         7.5.6.4.2    Rest-of-South America Tungsten Carbide Market (by End-Use Industry)

8    Company Profiles
      8.1    Overview
      8.2    American Elements
               8.2.1    Company Overview
               8.2.2    Corporate Summary
               8.2.3    Product Portfolio
               8.2.4    SWOT Analysis
      8.3    CERATIZIT S.A.
               8.3.1    Company Overview
               8.3.2    Corporate Summary
               8.3.3    Product Portfolio
               8.3.4    SWOT Analysis
      8.4    China Minmetals Corporation
               8.4.1    Company Overview
               8.4.2    Corporate Summary
               8.4.3    Product Portfolio 
               8.4.4    SWOT Analysis
      8.5    CY Carbide Mfg. Co., Ltd.
               8.5.1    Company Overview
               8.5.2    Corporate Summary
               8.5.3    Product Portfolio
               8.5.4    SWOT Analysis
      8.6    Durit HartMetall GmBH
               8.6.1    Company Overview
               8.6.2    Corporate Summary
               8.6.3    Product Portfolio
               8.6.4    SWOT Analysis
      8.7    Element Six
               8.7.1    Company Overview
               8.7.2    Corporate Summary
               8.7.3    Product Portfolio
               8.7.4    SWOT Analysis
      8.8    Federal Carbide Company
               8.8.1    Company Overview
               8.8.2    Corporate Summary
               8.8.3    Product Portfolio
               8.8.4    SWOT Analysis
      8.9    H.C. Stark GmbH
               8.9.1    Company Overview
               8.9.2    Corporate Summary
               8.9.3    Product Portfolio
               8.9.4    SWOT Analysis
      8.10  International Metalworking Companies (IMC) Group 
               8.10.1    ISCAR Ltd.
                             8.10.1.1    Company Overview
                             8.10.1.2    Corporate Summary
               8.10.2    TaeguTec
                             8.10.2.1    Company Overview
                             8.10.2.2    Corporate Summary
               8.10.3    Tungaloy Corporation
                             8.10.3.1    Company Overview
                             8.10.3.2    Corporate Summary
               8.10.4    Ingersoll Cutting Tool Company
                             8.10.4.1    Company Overview
                             8.10.4.2    Corporate Summary
      8.11  Kennametal Inc.
               8.11.1    Company Overview
               8.11.2    Product Portfolio
               8.11.3    Financials
               8.11.4    Financial Summary
               8.11.5    SWOT Analysis
      8.12  Mitsubishi Materials Corporation
               8.12.1    Company Overview
               8.12.2    Product Portfolio
               8.12.3    Financials
               8.12.4    Financial Summary
               8.12.5    SWOT Analysis
      8.13  Rock River Tool, Inc.
               8.13.1    Company Overview
               8.13.2    Corporate Summary
               8.13.3    Product Portfolio
               8.13.4    SWOT Analysis
     8.14    Sandvik AB
                8.14.1    Company Overview
                8.14.2    Product Portfolio
                8.14.3    Financials
                8.14.4    Financial Summary
                8.14.5    SWOT Analysis
     8.15    Sumitomo Electric Industries, Ltd.
                8.15.1    Company Overview
                8.15.2    Product Portfolio
                8.15.3    Financials
                8.15.4    Financial Summary
                8.15.5    SWOT Analysis
      8.16   Wolfram Company JSC
                8.16.1    Company Overview
                8.16.2    Corporate Summary
                8.16.3    Product Portfolio
                8.16.4    SWOT Analysis

9    Report Scope and Research Methodology
      9.1    Report Scope
      9.2    Global Tungsten Carbide Market Research Methodology
               9.2.1    Assumptions
               9.2.2    Limitations
               9.2.3    Primary Data Sources
               9.2.4    Secondary Data Sources
               9.2.5    Data Triangulation
               9.2.6    Market Estimation and Forecast

List of Tables

Table 1    Global Tungsten Carbide Market Snapshot, 2017 & 2028
Table 1.1    End-Use Industries and their Specific Usage of Tungsten Carbide
Table 1.2    Market Dynamics: Impact Analysis
Table 5.1    Global Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 6.1    Global Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.1    Global Tungsten Carbide Market (by Region), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.2    Asia-Pacific Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.3    Asia-Pacific Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.4    Asia-Pacific Tungsten Carbide Market (by Country), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.5    China Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.6    China Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.7    Japan Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.8    Japan Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.9    India Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.10    India Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.11    South Korea Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.12    South Korea Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.13    ANZ Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.14    ANZ Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.15    Rest-of-APAC Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.16    Rest-of-APAC Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.17    Europe Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.18    Europe Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.19    Europe Tungsten Carbide Market (by Country), $Million and Metric Tons,  2017-2028
Table 7.20    Germany Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.21    Germany Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.22    The U.K. Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.23    The U.K. Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.24    France Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.25    France Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.26    Russia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.27    Russia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.28    Italy Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.29    Italy Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.30    Rest-of-Europe Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.31    Rest-of-Europe Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.32    North America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.33    North America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.34    North America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Country), 2017-2028
Table 7.35    The U.S. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.36    The U.S. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.37    Canada Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.38    Canada Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.39    Mexico Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.40    Mexico Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.41    MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.42    MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End- Use Industry), 2017-2028
Table 7.43    MEA Tungsten Carbide Market (by Country), $Million and Metric Tons, 2017-2028
Table 7.44    The U.A.E. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.45    The U.A.E. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.46    Saudi Arabia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.47    Saudi Arabia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.48    South Africa Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.49    South Africa Tungsten Carbide Market Value ($Million) and Volume (Metric Tons) (by End-Use Industry), 2017-2028
Table 7.50    Rest-of-MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.51    Rest-of-MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.52    South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.53    South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.54    South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Country), 2017-2028
Table 7.55    Brazil Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.56    Brazil Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.57    Colombia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.58    Colombia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.59    Argentina Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.60    Argentina Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.61    Rest-of-South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.62    Rest-of-South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028

List of Figures

Figure 1    Global Tungsten Carbide Market Snapshot, 2017-2028
Figure 2    Global Tungsten Carbide Market Revenue Share (by Application), 2017 and 2028
Figure 3    Global Tungsten Carbide Market (by End-Use Industry), 2017 & 2028
Figure 4    Global Tungsten Carbide Market Attractiveness Analysis (by Region), 2017-2028
Figure 5    Global Tungsten Carbide Market Share Analysis, 2017
Figure 1.1    Market Dynamics
Figure 2.1    Strategies Adopted by the Key Players
Figure 2.2    Percentage Share of Strategies Adopted by the Market Players, January 2015- November 2018
Figure 2.3    Product Launches by the Key Market Players, January 2015-November 2018
Figure 2.4    Mergers & Acquisitions by the Key Market Players, January 2015-November 2018
Figure 2.5    Business Expansion by the Key Market Players, January 2015-November 2018
Figure 2.6    Partnerships, Collaborations, and Joint Ventures by the Key Market Players, January 2015-November 2018
Figure 2.7    Others (Awards, Certifications, and Recognition by the Key Market Players, January 2015-November 2018
Figure 2.8    Global Tungsten Carbide Porter’s Five Forces Analysis
Figure 2.9    Global Tungsten Carbide Market Share Analysis, 2017
Figure 2.10    Global Tungsten Carbide Market Supply Chain Analysis
Figure 2.11    Opportunity Analysis
Figure 3.1    Global Tungsten Production (by Country), Metric Tons, 2017
Figure 3.2    Key Applications of Tungsten
Figure 4.1    Global Tungsten Carbide Market, 2017-2028
Figure 5.1    Global Tungsten Carbide Market (by Application)
Figure 5.2    Global Tungsten Carbide Market (by Application), $Million, 2017, 2018 and 2028
Figure 5.3    Global Tungsten Carbide Market Attractiveness Analysis (by Application),  2017-2028
Figure 5.4    Global Tungsten Carbide Market (by Cutting Tools Segment), 2017-2028
Figure 5.5    Global Tungsten Carbide Market (by Mining & Drilling Tools Segment), 2017-2028
Figure 5.6    Global Tungsten Carbide Market (by Wear Parts Segment), 2017-2028
Figure 5.6    Global Tungsten Carbide Market (by Mill Products Segment), 2017-2028
Figure 5.7    Global Tungsten Carbide Market (by Others Segment), 2017-2028
Figure 6.1    Global Tungsten Carbide Market (by Application)
Figure 6.2    Global Tungsten Carbide Market (by End-Use Industry), 2017, 2018 and 2028
Figure 6.3    Global Tungsten Carbide Market Attractiveness Analysis (by End-Use Industry), 2017-2028
Figure 6.4    Tungsten Carbide in Automotive Industry, 2017-2028
Figure 6.5    Tungsten Carbide in Oil & Gas Industry, 2017-2028
Figure 6.6    Tungsten Carbide in Aerospace & Defense Industry, 2017-2028
Figure 6.7    Tungsten Carbide in Mining & Construction Industry, 2017-2028
Figure 6.8    Tungsten Carbide in Electronics Industry, 2017-2028
Figure 6.9    Tungsten Carbide in Other Industry, 2017-2028
Figure 7.1    Global Tungsten Carbide Market – Regional Segmentation
Figure 7.2    Global Tungsten Carbide Market Forecast, by Region, 2017-2028
Figure 7.3    Asia-Pacific Tungsten Carbide Market (by Application), $Million, 2017,2018 & 2028
Figure 7.4    Asia-Pacific Tungsten Carbide Market (by End-Use Industry), $Million,  2017 & 2028
Figure 7.5    Asia-Pacific Tungsten Carbide Market (by Country), Market Share Analysis, 2017 & 2028
Figure 7.6    China Tungsten Carbide Market, 2017-2028
Figure 7.7    Japan Tungsten Carbide Market, 2017-2028
Figure 7.8    India Tungsten Carbide Market, 2017-2028
Figure 7.9    South Korea Tungsten Carbide Market, 2017-2028
Figure 7.10    ANZ Tungsten Carbide Market, 2017-2028
Figure 7.11    Rest-of-APAC Tungsten Carbide Market, 2017-2028
Figure 7.12    Europe Tungsten Carbide Market (by Application), $Million, 2017,2018 & 2028
Figure 7.13    Europe Tungsten Carbide Market (by End-Use Industry), $Million, 2017 & 2028
Figure 7.14    Europe Tungsten Carbide Market (by Country), Market Share Analysis,  2017 & 2028
Figure 7.15    Germany Tungsten Carbide Market, 2017-2028
Figure 7.16    The U.K. Tungsten Carbide Market, 2017-2028
Figure 7.17    France Tungsten Carbide Market, 2017-2028
Figure 7.18    Russia Tungsten Carbide Market, 2017-2028
Figure 7.19    Italy Tungsten Carbide Market, 2017-2028
Figure 7.20    Rest-of-Europe Tungsten Carbide Market, 2017-2028
Figure 7.21    North America Tungsten Carbide Market (by Application), $Million,  2017,2018 & 2028
Figure 7.22    North America Tungsten Carbide Market (by End Use Industry), $Million,  2017 & 2028
Figure 7.23    North America Tungsten Carbide Market (by Country), Market Share Analysis, 2017 & 2028
Figure 7.24    The U.S. Tungsten Carbide Market, 2017-2028
Figure 7.25    Canada Tungsten Carbide Market, 2017-2028
Figure 7.26    Mexico Tungsten Carbide Market, 2017-2028
Figure 7.27    MEA Tungsten Carbide Market (by Application), $Million, 2017,2018 & 2028
Figure 7.28    MEA Tungsten Carbide Market (by End-Use Industry), $Million, 2017 & 2028
Figure 7.29    MEA Tungsten Carbide Market (by Country), Market Share Analysis,  2017 & 2028
Figure 7.30    The U.A.E. Tungsten Carbide Market, 2017-2028
Figure 7.31    Saudi Arabia Tungsten Carbide Market, 2017-2028
Figure 7.32    South Africa Tungsten Carbide Market, 2017-2028
Figure 7.33    Rest-of-MEA Tungsten Carbide Market, 2017-2028
Figure 7.34    South America Tungsten Carbide Market (by Application), $Million,  2017,2018 & 2028
Figure 7.35    South America Tungsten Carbide Market (by End-Use Industry), $Million,  2017 & 2028
Figure 7.36    South America Tungsten Carbide Market (by Country), Market Share Analysis, 2017 & 2028
Figure 7.37    Brazil Tungsten Carbide Market, 2017-2028
Figure 7.38    Colombia Tungsten Carbide Market, 2017-2028
Figure 7.39    Argentina Tungsten Carbide Market, 2017-2028
Figure 7.40    Rest-of-South America Tungsten Carbide Market, 2017-2028
Figure 8.1    Share of Profiled Companies (by Ownership Type)
Figure 8.2    American Elements: Product Portfolio
Figure 8.3    American Elements: SWOT Analysis
Figure 8.4    CERATIZIT S.A.: Product Portfolio
Figure 8.5    CERATIZIT S.A.: SWOT Analysis
Figure 8.6    China Minmetals Corporation: Product Portfolio
Figure 8.7    China Minmetals Corporation: SWOT Analysis
Figure 8.8    CY Carbide Mfg. Co., Ltd: Product Portfolio
Figure 8.9    CY Carbide Mfg. Co., Ltd: SWOT Analysis
Figure 8.10    Durit HartMetall GmBH: Product Portfolio
Figure 8.11    Durit HartMetall GmBH: SWOT Analysis
Figure 8.12    Element Six: Product Portfolio
Figure 8.13    Element Six: SWOT Analysis
Figure 8.14    Federal Carbide Company: Product Portfolio
Figure 8.15    Federal Carbide Company: SWOT Analysis
Figure 8.16    H.C. Stark GmbH: Product Portfolio
Figure 8.17    H.C. Stark GmbH: SWOT Analysis
Figure 8.18    Kennametal Inc.: Product Portfolio
Figure 8.19    Kennametal Inc.: Overall Financials, 2015-2017
Figure 8.20    Kennametal Inc.: Net Revenue by Business Segments, 2016-2018
Figure 8.21    Kennametal Inc.: Net Revenue by Region, 2016-2018
Figure 8.22    Kennametal Inc.: SWOT Analysis
Figure 8.23    Mitsubishi Materials Corporation: Product Portfolio
Figure 8.24    Mitsubishi Materials Corporation: Overall Financials, 2015-2017
Figure 8.25    Mitsubishi Materials Corporation: Net Revenue by Business Segments,  2015-2017
Figure 8.26    Mitsubishi Materials Corporation: Net Revenue by Region, 2015-2017
Figure 8.27    Mitsubishi Materials Corporation: SWOT Analysis
Figure 8.28    Rock River Tool, Inc.: Product Portfolio
Figure 8.29    Rock River Tool, Inc.: SWOT Analysis
Figure 8.30    Sandvik AB: Product Portfolio
Figure 8.31    Sandvik AB: Overall Financials, 2015-2017
Figure 8.32    Sandvik AB: Net Revenue by Business Segments, 2015-2017
Figure 8.33    Sandvik AB: Net Revenue by Region, 2015-2017
Figure 8.34    Sandvik AB: SWOT Analysis
Figure 8.35    Sumitomo Electric Industries, Ltd.: Product Portfolio
Figure 8.36    Sumitomo Electric Industries, Ltd.: Overall Financials, 2015-2017
Figure 8.37    Sumitomo Electric Industries, Ltd.: Net Revenue by Business Segments,  2015-2017
Figure 8.38    Sumitomo Electric Industries, Ltd.: Net Revenue by Region, 2015-2017
Figure 8.39    Sumitomo Electric Industries, Ltd.: SWOT Analysis
Figure 8.40    Wolfram Company JSC: Product Portfolio
Figure 8.41    Wolfram Company JSC: SWOT Analysis
Figure 9.1    Global Tungsten Carbide Market Scope
Figure 9.2    Report Design
Figure 9.3    Primary Interviews (by Company, Designation, and Region)
Figure 9.4    Sources of Secondary Research
Figure 9.5    Data Triangulation
Figure 9.6    Top-Down & Bottom-Up Approach

It was during the second world war that led to enormous traction for tungsten carbide globally. Tungsten carbide, made up of tungsten and carbon, was initially used for the production of weapons. Tungsten is known for its exceptional properties such as high wear and tear resistance which makes it a popular material of choice across major end-user applications. More than 60% of the tungsten manufactured globally, is utilized in the production of tungsten carbides. 

The tungsten carbide market is gradually witnessing a dynamic growth rate, with its usage ranging across various applications. Tungsten carbide is a hard, composite material that is increasingly gaining popularity for numerous applications such as cutting tools, wear resistance tools, and wear parts, among others. Its unique combination of strength, hardness, and toughness has created an excessively high demand in various end-use industries. 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 most robust 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.

In the 1920s and 1930s, a company named Osram, based in Germany was one of the primary users of tungsten carbide. This company utilized tungsten carbide material instead of drawing dies made up of diamond. The reliability of tungsten carbide and its ability to cut other hard metals was an essential factor for its widespread use and popularity. This carbide soon began to be used around the world for the cutting steel and iron. While tungsten carbide was recognized as a strong material, the developmental evolution of the material resulted in it becoming even stronger when it was mixed with numerous other metals such as cobalt, tantalum, and titanium. The mixing of these materials with tungsten carbide results into a unified material that was even more resolute and reliable, ensuring it to be a top choice for milling and mining practices at present.


Figure XX Global Tungsten Carbide Market Snapshot, 2017 & 2028

Global Tungsten Carbide Market

Source: Expert Interviews, Secondary Research, and BIS Research Analysis

The global tungsten carbide consumption in 2017 was 60.34 million tons and it is expected to reach XX million tons by 2028. The market in term of value was $XX billion in 2017 and it is expected to reach $3.69 billion by 2028.

Currently, tungsten carbide is used in various applications such as cutting tools, wear parts, mining and drilling tools, medical tools, wood and plastic working tools, jewelry and many more. Out of all these, cutting tools is the leading application followed by mining & drilling tools. Tungsten carbide is largely used in these two applications owing to its toughness and high abrasion resistance.

Compared with the other materials such as poly crystallized diamond and High Speed Steel (HSS), tungsten carbide has a high preference ration among the industry end users. The material is cost effective which makes tungsten carbide a popular choice among the small-scale manufacturers as well. Tungsten carbide is highly effective at high temperatures which is a drawback of high-speed steel, thus making, tungsten carbide more favorable for high temperature applications.

 

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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:
•    What was the size in terms of value ($million) and volume (Metric Tons) of the tungsten carbide market in 2017, and what will be the growth rate during the forecast period 2018-2028?
•    What will be the market size of different types of applications (by value and volume) and their growth rate during the forecast period 2018-2028?
•    What will be the market size of different end-use industries of tungsten carbide market (by value and volume) and their growth rate during the forecast period 2018-2028?
•    What will be the market size for different regions and countries in terms of value and volume in the tungsten carbide market and their growth rate in the forecast period 2018-2028?
•    What are the major driving forces that tend to increase the demand for tungsten carbide in various end-user industries during the forecast period?
•    What are the major challenges inhibiting the growth of the global tungsten carbide market?
•    What are the competitive strengths of key players in the global tungsten carbide market by analyzing through market share analysis?
•    Who are the key players (along with their detailed analysis and profiles including their financials, company snapshots, key products & services, and SWOT analysis) in the market?
The report also has a separate chapter that discusses about the present  market scenario of tungsten carbide. The report further includes a thorough analysis of the impact of the Porter’s Five Forces to understand the overall attractiveness of the industry. The most commonly used strategy for developing a better hold on the market has been through partnerships, collaborations, and joint ventures. Moreover, the company profile section highlights significant information about the key companies involved along with their financial positions, key strategies, and developmental activities of recent years. 

Further, the report includes an exhaustive analysis of the geographical split into North America, Europe, Asia-Pacific (APAC), Middle East & Africa, and South America. Each geography details the individual push and pull forces in addition to the key players from that region. This report is a meticulous compilation of research on more than 100 players in the global tungsten carbide market and draws upon insights from in-depth interviews with the key opinion leaders of more than 50 leading companies, market participants, and vendors. The report also profiles approximately 15 companies with their financial analysis, SWOT, and product portfolio. 

The company profiles in the report are American Elements, CERATIZIT S.A., China Minmetals Corporation, CY Carbide Mfg. Co., Ltd., Durit HartMetall GmbH, Element Six, Federal Carbide Company, H.C. Starck GmbH, International Metalworking Companies (IMC) Group, Kennametal Inc., Mitsubishi Materials Corporation, Rock River Tool, Inc., Sandvik AB, Sumitomo Electric Industries, Ltd., and Wolfram Company JSC.

Executive Summary

1    Market Dynamics
      1.1    Overview
      1.2    Market Drivers
               1.2.1    Remarkable Properties as Compared to Other Materials
               1.2.2    High Demand from Varied End-Use Application Verticals
               1.2.3    Substantial Focus on R&D for Making Ultrafine Grades
      1.3    Market Restraints
               1.3.1    Concerns Regarding Toxicity and Safety
               1.3.2    Negative Effect on Market Growth due to Economic Slowdown in China
      1.4    Market Opportunities
               1.4.1    Increased Use of Tungsten Carbide in Emerging Applications
               1.4.2    Opportunities in Emerging Economies
               1.4.3    New Mining Facilities for Tungsten Supply
      1.5    Market Dynamics: Impact Analysis

2    Competitive Insights
      2.1    Key Developments and Strategies
               2.1.1    Overview
               2.1.2    Share of Key Business Strategies
               2.1.3    Product Launches and Developments
               2.1.4    Mergers & Acquisitions
               2.1.5    Business Expansions
               2.1.6    Partnerships, Collaborations, and Joint Ventures
               2.1.7    Others (Awards, Certifications, and Recognitions)
      2.2    Industry Attractiveness
               2.2.1    Bargaining Power of Buyers
               2.2.2    Bargaining Power of Suppliers
               2.2.3    Threat of Substitutes 
               2.2.4    Threat of New Entrants
               2.2.5    Intensity of Competitive Rivalry
      2.3    Future Trends and Development in Tungsten Carbide Market
      2.4    Market Share Analysis
               2.4.1    Overview
      2.5    Supply Chain Analysis
      2.6    Opportunity Matrix Analysis

3    Parent Market Outlook
      3.1    Overview

4    Global Tungsten Carbide Market, 2017-2028
      4.1    Assumptions and Limitations for Analysis and Forecast of the Global Tungsten Carbide Market

5    Global Tungsten Carbide Market (by Application), 2017-2028
      5.1    Market Overview
      5.2    Cutting Tools
      5.3    Mining & Drilling Tools
      5.4    Wear Parts
      5.5    Mill Products
      5.6    Others

6    Global Tungsten Carbide Market (by End-Use Industry), 2017-2028
      6.1    Market Overview
      6.2    Automotive Industry
      6.3    Oil & Gas Industry
      6.4    Aerospace & Defense Industry
      6.5    Mining & Construction Industry
      6.6    Electronics Industry
      6.7    Other Industry

7    Global Tungsten Carbide Market by Region, 2017-2028
      7.1    Market Overview
      7.2    Asia-Pacific 
               7.2.1    Asia-Pacific Tungsten Carbide Market (by Application)
               7.2.2    Asia-Pacific Tungsten Carbide Market (by End-Use Industry)
               7.2.3    Asia-Pacific Tungsten Carbide Market (by Country)
                          7.2.3.1    China
                                         7.2.3.1.1    China Tungsten Carbide Market (by Application)
                                         7.2.3.1.2    China Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.2    Japan
                                         7.2.3.2.1    Japan Tungsten Carbide Market (by Application)
                                         7.2.3.2.2    Japan Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.3    India
                                         7.2.3.3.1    India Tungsten Carbide Market (by Application)
                                         7.2.3.3.2    India Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.4    South Korea
                                         7.2.3.4.1    South Korea Tungsten Carbide Market (by Application)
                                         7.2.3.4.2    South Korea Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.5    Australia & New Zealand (ANZ)
                                         7.2.3.5.1    ANZ Tungsten Carbide Market (by Application)
                                         7.2.3.5.2    ANZ Tungsten Carbide Market (by End-Use Industry)
                          7.2.3.6    Rest-of-APAC
                                         7.2.3.6.1    Rest-of-APAC Tungsten Carbide Market (by Application)
                                         7.2.3.6.2    Rest-of-APAC Tungsten Carbide Market (by End-Use Industry)
      7.3    Europe
               7.3.1    Europe Tungsten Carbide Market (by Application)
               7.3.2    Europe Tungsten Carbide Market (by End-Use Industry)
               7.3.3    Europe Tungsten Carbide Market (by Country)
                           7.3.3.1    Germany
                                          7.3.3.1.1    Germany Tungsten Carbide Market (by Application)
                                          7.3.3.1.2    Germany Tungsten Carbide Market (by End-Use Industry)
                           7.3.3.2    U.K.
                                          7.3.3.2.1    The U.K. Tungsten Carbide Market (by Application)
                                          7.3.3.2.2    The U.K. Tungsten Carbide Market (by End-Use Industry)
                           7.3.3.3    France
                                          7.3.3.3.1    France Tungsten Carbide Market (by Application)
                                          7.3.3.3.2    France Tungsten Carbide Market (by End Use Industry)
                           7.3.3.4    Russia
                                          7.3.3.4.1    Russia Tungsten Carbide Market (by Application)
                                          7.3.3.4.2    Russia Tungsten Carbide Market (by End Use Industry)
                           7.3.3.5    Italy
                                          7.3.3.5.1    Italy Tungsten Carbide Market (by Application)
                                          7.3.3.5.2    Italy Tungsten Carbide Market (by End Use Industry)
                           7.3.3.6    Rest-of-Europe
                                          7.3.3.6.1    Rest-of-Europe Tungsten Carbide Market (by Application)
                                          7.3.3.6.2    Rest-of-Europe Tungsten Carbide Market (by End Use Industry)
      7.4    North America
               7.4.1    North America Tungsten Carbide Market (by Application)
               7.4.2    North America Tungsten Carbide Market (by End Use Industry)
               7.4.3    North America Tungsten Carbide Market (by Country)
                           7.4.3.1    The U.S.
                                          7.4.3.1.1    The U.S. Tungsten Carbide Market (by Application)
                                          7.4.3.1.2    The U.S. Tungsten Carbide Market (by End Use Industry)
                           7.4.3.2    Canada
                                          7.4.3.2.1    Canada Tungsten Carbide Market (by Application)
                                          7.4.3.2.2    Canada Tungsten Carbide Market (by End-Use Industry)
                           7.4.3.3    Mexico
                                          7.4.3.3.1    Mexico Tungsten Carbide Market (by Application)
                                          7.4.3.3.2    Mexico Tungsten Carbide Market (by End-Use Industry)
      7.5    Middle East & Africa (MEA)
               7.5.1    MEA Tungsten Carbide Market (by Application)
               7.5.2    MEA Tungsten Carbide Market (by End-Use Industry)
               7.5.3    MEA Tungsten Carbide Market (by Country)
                           7.5.3.1    The U.A.E.
                                          7.5.3.1.1    The U.A.E. Tungsten Carbide Market (by Application)
                                          7.5.3.1.2    The U.A.E. Tungsten Carbide Market (by End-Use Industry)
                           7.5.3.2    Saudi Arabia
                                          7.5.3.2.1    Saudi Arabia Tungsten Carbide Market (by Application)
                                          7.5.3.2.2    Saudi Arabia Tungsten Carbide Market (by End-Use Industry)
                          7.5.3.3    South Africa
                                         7.5.3.3.1    South Africa Tungsten Carbide Market (by Application)
                                         7.5.3.3.2    South Africa Tungsten Carbide Market (by End-Use Industry)
                          7.5.3.4    Rest-of-Middle East & Africa (MEA)
                                         7.5.3.4.1    Rest-of-MEA Tungsten Carbide Market (by Application)
                                         7.5.3.4.2    Rest-of-MEA Tungsten Carbide Market (by End Use Industry)
               7.5.4    South America Tungsten Carbide Market (by Application)
               7.5.5    South America Tungsten Carbide Market (by End Use Industry)
               7.5.6    South America Tungsten Carbide Market (by Country)
                           7.5.6.1    Brazil
                                          7.5.6.1.1    Brazil Tungsten Carbide Market (by Application)
                                          7.5.6.1.2    Brazil Tungsten Carbide Market (by End Use Industry)
                           7.5.6.2    Colombia
                                          7.5.6.2.1    Colombia Tungsten Carbide Market (by Application)
                                          7.5.6.2.2    Colombia Tungsten Carbide Market (by End-Use Industry)
                           7.5.6.3    Argentina
                                          7.5.6.3.1    Argentina Tungsten Carbide Market (by Application)
                                          7.5.6.3.2    Argentina Tungsten Carbide Market (by End Use Industry)
                          7.5.6.4    Rest-of-South America
                                         7.5.6.4.1    Rest-of-South America Tungsten Carbide Market (by Application)
                                         7.5.6.4.2    Rest-of-South America Tungsten Carbide Market (by End-Use Industry)

8    Company Profiles
      8.1    Overview
      8.2    American Elements
               8.2.1    Company Overview
               8.2.2    Corporate Summary
               8.2.3    Product Portfolio
               8.2.4    SWOT Analysis
      8.3    CERATIZIT S.A.
               8.3.1    Company Overview
               8.3.2    Corporate Summary
               8.3.3    Product Portfolio
               8.3.4    SWOT Analysis
      8.4    China Minmetals Corporation
               8.4.1    Company Overview
               8.4.2    Corporate Summary
               8.4.3    Product Portfolio 
               8.4.4    SWOT Analysis
      8.5    CY Carbide Mfg. Co., Ltd.
               8.5.1    Company Overview
               8.5.2    Corporate Summary
               8.5.3    Product Portfolio
               8.5.4    SWOT Analysis
      8.6    Durit HartMetall GmBH
               8.6.1    Company Overview
               8.6.2    Corporate Summary
               8.6.3    Product Portfolio
               8.6.4    SWOT Analysis
      8.7    Element Six
               8.7.1    Company Overview
               8.7.2    Corporate Summary
               8.7.3    Product Portfolio
               8.7.4    SWOT Analysis
      8.8    Federal Carbide Company
               8.8.1    Company Overview
               8.8.2    Corporate Summary
               8.8.3    Product Portfolio
               8.8.4    SWOT Analysis
      8.9    H.C. Stark GmbH
               8.9.1    Company Overview
               8.9.2    Corporate Summary
               8.9.3    Product Portfolio
               8.9.4    SWOT Analysis
      8.10  International Metalworking Companies (IMC) Group 
               8.10.1    ISCAR Ltd.
                             8.10.1.1    Company Overview
                             8.10.1.2    Corporate Summary
               8.10.2    TaeguTec
                             8.10.2.1    Company Overview
                             8.10.2.2    Corporate Summary
               8.10.3    Tungaloy Corporation
                             8.10.3.1    Company Overview
                             8.10.3.2    Corporate Summary
               8.10.4    Ingersoll Cutting Tool Company
                             8.10.4.1    Company Overview
                             8.10.4.2    Corporate Summary
      8.11  Kennametal Inc.
               8.11.1    Company Overview
               8.11.2    Product Portfolio
               8.11.3    Financials
               8.11.4    Financial Summary
               8.11.5    SWOT Analysis
      8.12  Mitsubishi Materials Corporation
               8.12.1    Company Overview
               8.12.2    Product Portfolio
               8.12.3    Financials
               8.12.4    Financial Summary
               8.12.5    SWOT Analysis
      8.13  Rock River Tool, Inc.
               8.13.1    Company Overview
               8.13.2    Corporate Summary
               8.13.3    Product Portfolio
               8.13.4    SWOT Analysis
     8.14    Sandvik AB
                8.14.1    Company Overview
                8.14.2    Product Portfolio
                8.14.3    Financials
                8.14.4    Financial Summary
                8.14.5    SWOT Analysis
     8.15    Sumitomo Electric Industries, Ltd.
                8.15.1    Company Overview
                8.15.2    Product Portfolio
                8.15.3    Financials
                8.15.4    Financial Summary
                8.15.5    SWOT Analysis
      8.16   Wolfram Company JSC
                8.16.1    Company Overview
                8.16.2    Corporate Summary
                8.16.3    Product Portfolio
                8.16.4    SWOT Analysis

9    Report Scope and Research Methodology
      9.1    Report Scope
      9.2    Global Tungsten Carbide Market Research Methodology
               9.2.1    Assumptions
               9.2.2    Limitations
               9.2.3    Primary Data Sources
               9.2.4    Secondary Data Sources
               9.2.5    Data Triangulation
               9.2.6    Market Estimation and Forecast

List of Tables

Table 1    Global Tungsten Carbide Market Snapshot, 2017 & 2028
Table 1.1    End-Use Industries and their Specific Usage of Tungsten Carbide
Table 1.2    Market Dynamics: Impact Analysis
Table 5.1    Global Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 6.1    Global Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.1    Global Tungsten Carbide Market (by Region), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.2    Asia-Pacific Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.3    Asia-Pacific Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.4    Asia-Pacific Tungsten Carbide Market (by Country), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.5    China Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.6    China Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.7    Japan Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.8    Japan Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.9    India Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.10    India Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.11    South Korea Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.12    South Korea Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.13    ANZ Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.14    ANZ Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.15    Rest-of-APAC Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.16    Rest-of-APAC Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.17    Europe Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.18    Europe Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.19    Europe Tungsten Carbide Market (by Country), $Million and Metric Tons,  2017-2028
Table 7.20    Germany Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.21    Germany Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.22    The U.K. Tungsten Carbide Market (by Application), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.23    The U.K. Tungsten Carbide Market (by End-Use Industry), Value ($Million) and Volume (Metric Tons), 2017-2028
Table 7.24    France Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.25    France Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.26    Russia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.27    Russia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.28    Italy Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.29    Italy Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.30    Rest-of-Europe Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.31    Rest-of-Europe Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.32    North America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.33    North America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.34    North America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Country), 2017-2028
Table 7.35    The U.S. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.36    The U.S. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.37    Canada Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.38    Canada Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.39    Mexico Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.40    Mexico Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.41    MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.42    MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End- Use Industry), 2017-2028
Table 7.43    MEA Tungsten Carbide Market (by Country), $Million and Metric Tons, 2017-2028
Table 7.44    The U.A.E. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.45    The U.A.E. Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.46    Saudi Arabia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.47    Saudi Arabia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.48    South Africa Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.49    South Africa Tungsten Carbide Market Value ($Million) and Volume (Metric Tons) (by End-Use Industry), 2017-2028
Table 7.50    Rest-of-MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.51    Rest-of-MEA Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.52    South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.53    South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.54    South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Country), 2017-2028
Table 7.55    Brazil Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.56    Brazil Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.57    Colombia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.58    Colombia Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028
Table 7.59    Argentina Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.60    Argentina Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End Use Industry), 2017-2028
Table 7.61    Rest-of-South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by Application), 2017-2028
Table 7.62    Rest-of-South America Tungsten Carbide Market Value ($Million) and Volume (Metric Tons), (by End-Use Industry), 2017-2028

List of Figures

Figure 1    Global Tungsten Carbide Market Snapshot, 2017-2028
Figure 2    Global Tungsten Carbide Market Revenue Share (by Application), 2017 and 2028
Figure 3    Global Tungsten Carbide Market (by End-Use Industry), 2017 & 2028
Figure 4    Global Tungsten Carbide Market Attractiveness Analysis (by Region), 2017-2028
Figure 5    Global Tungsten Carbide Market Share Analysis, 2017
Figure 1.1    Market Dynamics
Figure 2.1    Strategies Adopted by the Key Players
Figure 2.2    Percentage Share of Strategies Adopted by the Market Players, January 2015- November 2018
Figure 2.3    Product Launches by the Key Market Players, January 2015-November 2018
Figure 2.4    Mergers & Acquisitions by the Key Market Players, January 2015-November 2018
Figure 2.5    Business Expansion by the Key Market Players, January 2015-November 2018
Figure 2.6    Partnerships, Collaborations, and Joint Ventures by the Key Market Players, January 2015-November 2018
Figure 2.7    Others (Awards, Certifications, and Recognition by the Key Market Players, January 2015-November 2018
Figure 2.8    Global Tungsten Carbide Porter’s Five Forces Analysis
Figure 2.9    Global Tungsten Carbide Market Share Analysis, 2017
Figure 2.10    Global Tungsten Carbide Market Supply Chain Analysis
Figure 2.11    Opportunity Analysis
Figure 3.1    Global Tungsten Production (by Country), Metric Tons, 2017
Figure 3.2    Key Applications of Tungsten
Figure 4.1    Global Tungsten Carbide Market, 2017-2028
Figure 5.1    Global Tungsten Carbide Market (by Application)
Figure 5.2    Global Tungsten Carbide Market (by Application), $Million, 2017, 2018 and 2028
Figure 5.3    Global Tungsten Carbide Market Attractiveness Analysis (by Application),  2017-2028
Figure 5.4    Global Tungsten Carbide Market (by Cutting Tools Segment), 2017-2028
Figure 5.5    Global Tungsten Carbide Market (by Mining & Drilling Tools Segment), 2017-2028
Figure 5.6    Global Tungsten Carbide Market (by Wear Parts Segment), 2017-2028
Figure 5.6    Global Tungsten Carbide Market (by Mill Products Segment), 2017-2028
Figure 5.7    Global Tungsten Carbide Market (by Others Segment), 2017-2028
Figure 6.1    Global Tungsten Carbide Market (by Application)
Figure 6.2    Global Tungsten Carbide Market (by End-Use Industry), 2017, 2018 and 2028
Figure 6.3    Global Tungsten Carbide Market Attractiveness Analysis (by End-Use Industry), 2017-2028
Figure 6.4    Tungsten Carbide in Automotive Industry, 2017-2028
Figure 6.5    Tungsten Carbide in Oil & Gas Industry, 2017-2028
Figure 6.6    Tungsten Carbide in Aerospace & Defense Industry, 2017-2028
Figure 6.7    Tungsten Carbide in Mining & Construction Industry, 2017-2028
Figure 6.8    Tungsten Carbide in Electronics Industry, 2017-2028
Figure 6.9    Tungsten Carbide in Other Industry, 2017-2028
Figure 7.1    Global Tungsten Carbide Market – Regional Segmentation
Figure 7.2    Global Tungsten Carbide Market Forecast, by Region, 2017-2028
Figure 7.3    Asia-Pacific Tungsten Carbide Market (by Application), $Million, 2017,2018 & 2028
Figure 7.4    Asia-Pacific Tungsten Carbide Market (by End-Use Industry), $Million,  2017 & 2028
Figure 7.5    Asia-Pacific Tungsten Carbide Market (by Country), Market Share Analysis, 2017 & 2028
Figure 7.6    China Tungsten Carbide Market, 2017-2028
Figure 7.7    Japan Tungsten Carbide Market, 2017-2028
Figure 7.8    India Tungsten Carbide Market, 2017-2028
Figure 7.9    South Korea Tungsten Carbide Market, 2017-2028
Figure 7.10    ANZ Tungsten Carbide Market, 2017-2028
Figure 7.11    Rest-of-APAC Tungsten Carbide Market, 2017-2028
Figure 7.12    Europe Tungsten Carbide Market (by Application), $Million, 2017,2018 & 2028
Figure 7.13    Europe Tungsten Carbide Market (by End-Use Industry), $Million, 2017 & 2028
Figure 7.14    Europe Tungsten Carbide Market (by Country), Market Share Analysis,  2017 & 2028
Figure 7.15    Germany Tungsten Carbide Market, 2017-2028
Figure 7.16    The U.K. Tungsten Carbide Market, 2017-2028
Figure 7.17    France Tungsten Carbide Market, 2017-2028
Figure 7.18    Russia Tungsten Carbide Market, 2017-2028
Figure 7.19    Italy Tungsten Carbide Market, 2017-2028
Figure 7.20    Rest-of-Europe Tungsten Carbide Market, 2017-2028
Figure 7.21    North America Tungsten Carbide Market (by Application), $Million,  2017,2018 & 2028
Figure 7.22    North America Tungsten Carbide Market (by End Use Industry), $Million,  2017 & 2028
Figure 7.23    North America Tungsten Carbide Market (by Country), Market Share Analysis, 2017 & 2028
Figure 7.24    The U.S. Tungsten Carbide Market, 2017-2028
Figure 7.25    Canada Tungsten Carbide Market, 2017-2028
Figure 7.26    Mexico Tungsten Carbide Market, 2017-2028
Figure 7.27    MEA Tungsten Carbide Market (by Application), $Million, 2017,2018 & 2028
Figure 7.28    MEA Tungsten Carbide Market (by End-Use Industry), $Million, 2017 & 2028
Figure 7.29    MEA Tungsten Carbide Market (by Country), Market Share Analysis,  2017 & 2028
Figure 7.30    The U.A.E. Tungsten Carbide Market, 2017-2028
Figure 7.31    Saudi Arabia Tungsten Carbide Market, 2017-2028
Figure 7.32    South Africa Tungsten Carbide Market, 2017-2028
Figure 7.33    Rest-of-MEA Tungsten Carbide Market, 2017-2028
Figure 7.34    South America Tungsten Carbide Market (by Application), $Million,  2017,2018 & 2028
Figure 7.35    South America Tungsten Carbide Market (by End-Use Industry), $Million,  2017 & 2028
Figure 7.36    South America Tungsten Carbide Market (by Country), Market Share Analysis, 2017 & 2028
Figure 7.37    Brazil Tungsten Carbide Market, 2017-2028
Figure 7.38    Colombia Tungsten Carbide Market, 2017-2028
Figure 7.39    Argentina Tungsten Carbide Market, 2017-2028
Figure 7.40    Rest-of-South America Tungsten Carbide Market, 2017-2028
Figure 8.1    Share of Profiled Companies (by Ownership Type)
Figure 8.2    American Elements: Product Portfolio
Figure 8.3    American Elements: SWOT Analysis
Figure 8.4    CERATIZIT S.A.: Product Portfolio
Figure 8.5    CERATIZIT S.A.: SWOT Analysis
Figure 8.6    China Minmetals Corporation: Product Portfolio
Figure 8.7    China Minmetals Corporation: SWOT Analysis
Figure 8.8    CY Carbide Mfg. Co., Ltd: Product Portfolio
Figure 8.9    CY Carbide Mfg. Co., Ltd: SWOT Analysis
Figure 8.10    Durit HartMetall GmBH: Product Portfolio
Figure 8.11    Durit HartMetall GmBH: SWOT Analysis
Figure 8.12    Element Six: Product Portfolio
Figure 8.13    Element Six: SWOT Analysis
Figure 8.14    Federal Carbide Company: Product Portfolio
Figure 8.15    Federal Carbide Company: SWOT Analysis
Figure 8.16    H.C. Stark GmbH: Product Portfolio
Figure 8.17    H.C. Stark GmbH: SWOT Analysis
Figure 8.18    Kennametal Inc.: Product Portfolio
Figure 8.19    Kennametal Inc.: Overall Financials, 2015-2017
Figure 8.20    Kennametal Inc.: Net Revenue by Business Segments, 2016-2018
Figure 8.21    Kennametal Inc.: Net Revenue by Region, 2016-2018
Figure 8.22    Kennametal Inc.: SWOT Analysis
Figure 8.23    Mitsubishi Materials Corporation: Product Portfolio
Figure 8.24    Mitsubishi Materials Corporation: Overall Financials, 2015-2017
Figure 8.25    Mitsubishi Materials Corporation: Net Revenue by Business Segments,  2015-2017
Figure 8.26    Mitsubishi Materials Corporation: Net Revenue by Region, 2015-2017
Figure 8.27    Mitsubishi Materials Corporation: SWOT Analysis
Figure 8.28    Rock River Tool, Inc.: Product Portfolio
Figure 8.29    Rock River Tool, Inc.: SWOT Analysis
Figure 8.30    Sandvik AB: Product Portfolio
Figure 8.31    Sandvik AB: Overall Financials, 2015-2017
Figure 8.32    Sandvik AB: Net Revenue by Business Segments, 2015-2017
Figure 8.33    Sandvik AB: Net Revenue by Region, 2015-2017
Figure 8.34    Sandvik AB: SWOT Analysis
Figure 8.35    Sumitomo Electric Industries, Ltd.: Product Portfolio
Figure 8.36    Sumitomo Electric Industries, Ltd.: Overall Financials, 2015-2017
Figure 8.37    Sumitomo Electric Industries, Ltd.: Net Revenue by Business Segments,  2015-2017
Figure 8.38    Sumitomo Electric Industries, Ltd.: Net Revenue by Region, 2015-2017
Figure 8.39    Sumitomo Electric Industries, Ltd.: SWOT Analysis
Figure 8.40    Wolfram Company JSC: Product Portfolio
Figure 8.41    Wolfram Company JSC: SWOT Analysis
Figure 9.1    Global Tungsten Carbide Market Scope
Figure 9.2    Report Design
Figure 9.3    Primary Interviews (by Company, Designation, and Region)
Figure 9.4    Sources of Secondary Research
Figure 9.5    Data Triangulation
Figure 9.6    Top-Down & Bottom-Up Approach

It was during the second world war that led to enormous traction for tungsten carbide globally. Tungsten carbide, made up of tungsten and carbon, was initially used for the production of weapons. Tungsten is known for its exceptional properties such as high wear and tear resistance which makes it a popular material of choice across major end-user applications. More than 60% of the tungsten manufactured globally, is utilized in the production of tungsten carbides. 

The tungsten carbide market is gradually witnessing a dynamic growth rate, with its usage ranging across various applications. Tungsten carbide is a hard, composite material that is increasingly gaining popularity for numerous applications such as cutting tools, wear resistance tools, and wear parts, among others. Its unique combination of strength, hardness, and toughness has created an excessively high demand in various end-use industries. 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 most robust 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.

In the 1920s and 1930s, a company named Osram, based in Germany was one of the primary users of tungsten carbide. This company utilized tungsten carbide material instead of drawing dies made up of diamond. The reliability of tungsten carbide and its ability to cut other hard metals was an essential factor for its widespread use and popularity. This carbide soon began to be used around the world for the cutting steel and iron. While tungsten carbide was recognized as a strong material, the developmental evolution of the material resulted in it becoming even stronger when it was mixed with numerous other metals such as cobalt, tantalum, and titanium. The mixing of these materials with tungsten carbide results into a unified material that was even more resolute and reliable, ensuring it to be a top choice for milling and mining practices at present.


Figure XX Global Tungsten Carbide Market Snapshot, 2017 & 2028

Global Tungsten Carbide Market

Source: Expert Interviews, Secondary Research, and BIS Research Analysis

The global tungsten carbide consumption in 2017 was 60.34 million tons and it is expected to reach XX million tons by 2028. The market in term of value was $XX billion in 2017 and it is expected to reach $3.69 billion by 2028.

Currently, tungsten carbide is used in various applications such as cutting tools, wear parts, mining and drilling tools, medical tools, wood and plastic working tools, jewelry and many more. Out of all these, cutting tools is the leading application followed by mining & drilling tools. Tungsten carbide is largely used in these two applications owing to its toughness and high abrasion resistance.

Compared with the other materials such as poly crystallized diamond and High Speed Steel (HSS), tungsten carbide has a high preference ration among the industry end users. The material is cost effective which makes tungsten carbide a popular choice among the small-scale manufacturers as well. Tungsten carbide is highly effective at high temperatures which is a drawback of high-speed steel, thus making, tungsten carbide more favorable for high temperature applications.

 

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