Vancouver, British Columbia, Dec. 15, 2020 (GLOBE NEWSWIRE) — The Global Tungsten Carbide Market will be worth USD 27.70 billion by 2027, according to a current analysis by Emergen Research. Cemented carbide, a major market sub-segment, is anticipated to be considered a potential choice and often utilized, which can be accredited to its distinctive physical and mechanical characteristics, like deflection resistance, abrasion, compressive strength, tensile strength, and high-temperature wear resistance.
Tools made from tungsten carbide powder are majorly used in the manufacturing of aluminum cans, glass bottles, plastic tubes, and steel as well as copper wires. The other application areas include machining of soft ceramics, plastics, wear components, wood, composites, metal cutting, mining and construction, structural components, and military components.
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Key Highlights From The Report.
- In October 2019, Pittsburg based Kennametal Inc., launched their new wing named Kennametal Additive Manufacturing. This wing specializes in wear materials, especially tungsten carbide. Through the initiative, the company is trying to produce more efficient parts to the customers faster.
- In spite of the positive factors, the tungsten carbide market is anticipated to be hampered by its comparatively higher cost than other metal carbides. As tungsten carbide powder can replace uranium, the lack of availability of uranium across several regions, coupled with its severe negative health effects on the human body is anticipated to significantly open opportunities for the manufacturers of tungsten carbide.
- In the recent past, tungsten carbide powder found its application in electronic and electrical components like electrical contacts, electron emitters and lead-in wires among others. This is because of the ability of tungsten to withstand arcing and corrosion, which can positively influence market growth.
- In 2019, North America led the market growth and is likely to continue its dominance over the forecasted period as well. This is mainly because of the growth in the construction industry. However, Asia-Pacific is anticipated to emerge as a potential segment attributable to the growing transportation scenario across nations like Japan, China and India.
- Key participants include Guangdong Xianglu Tungsten Co., Ltd., Extramet Products, LLC., Ceratizit S.A., Kennametal Inc., Umicore, and American Elements, among others.
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For the purpose of this report, Emergen Research has segmented the Global Tungsten Carbide Market on the application, end-user and region:
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Cemented Carbide
- Coatings
- Alloys
- Others
- End-User Outlook (Revenue, USD Billion; 2017-2027)
- Aerospace and Defense
- Automotive
- Mining and Construction
- Electronics
- Others
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- Regional Outlook (Revenue: USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- U.K.
- Germany
- France
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- Rest of MEA
- North America
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