Tungsten Carbide Market
Asia Pacific holds a major share of the Tungsten Carbide Market and is expected to be a dominant industry with an encouraging CAGR during the forecast period, according to the new report by Market Research Future (MRFR). Tungsten carbide, simply put, is a chemical compound that contains both tungsten carbon atoms in the same parts. In the basic form, it is a grey powder that has the ability to be pressed as well as formed into multiple shapes resting on its usage in various end user industries.
Various factors are propelling the global Tungsten Carbide Market growth. As per the latest MRFR report, such factors include growing consumption of tungsten carbide in abrasive products, dies and punches, machine and cutting tool components, and others, increasing urbanization and industrialization in developing regions, and increasing use in the automobile mining and construction sector owing to its alluring features such as excellent corrosion and abrasion resistance, high tensile strength, and durability.
On the contrary, the high cost of tungsten carbide and suspension of construction activities due to the on-going COVID-19 outbreak may impede the tungsten carbide market growth over the forecast period.
Key Players
Eminent players profiled in the global tungsten carbide market report include Eurotungstene (France), China Tungsten (Xiamen), Japan New Metal Co., Ltd. (Japan), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Guangdong Xianglu Tungsten Co., Ltd. (China), Federal Carbide Company (U.S.), Extramet AG (Switzerland), Ceratizit S.A. (Luxembourg), Kennametal Inc. (U.S.), and Sandvik AB (Sweden).
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Market Segmentation
The MRFR report provides an inclusive segmental analysis of the global tungsten carbide market report based on end user industry and grade type.
By grade type, the global tungsten carbide market is segmented into corrosion-resistant grades, rotary drilling mining grades, submicron grades, metal foaming wear grades, and general-purpose grade. Of these, the rotary drilling mining grades segment will lead the market over the forecast period. Its burgeoning demand for its alluring features such as excellent impact strength, tensile strength, and stiffness coupled with its extensive use in the mining and machinery components production such as sheets, buttons, rods, nozzles, inserts, and others are adding to the growth of the segment.
By end user industry, the global tungsten carbide market is segmented into defense, automobiles, electrical and electronics, oil and gas, mining and construction, and others. Of these, the mining and construction segment will dominate the market over the forecast period for the increasing investment by the government for the development of infrastructure worldwide and the growing oil and gas activities.
Regional Analysis
Based on the region, the global tungsten carbide market report covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), Latin America, the Middle East and Africa. Of these, the APAC region will spearhead the market over the forecast period. Urbanization, the rapid growth of industries, favorable government regulation, and the presence of most populated countries like China India which has boosted the activities related to oil and gas to cater to the burgeoning energy needs are adding to the global tungsten carbide market growth in the region. Japan, India, and China have the maximum share in the region.
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The global tungsten carbide market in North America is predicted to have healthy growth over the forecast period. The presence of developed end user industries like the electronics, transportation, and construction coupled with the newly elected government that has created a wave of investment in the renovation and development of commercial and residential infrastructure is adding to the global tungsten carbide market growth in the region.
The global tungsten carbide market in Europe is predicted to have lucrative growth over the forecast period. Growing research development activities in the automotive sector, increasing infrastructural development, booming oil and gas activities, and developed automobile, construction, and electrical electronics sector are adding to the global tungsten carbide market growth in the region.
The global tungsten carbide market in Latin America the MEA is predicted to have sound growth over the forecast period.
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