Tungsten carbide is a hard, composite material that is increasingly gaining popularity for numerous applications by various industries, from making cutting tools, wear resistance tools to making impact resistant tools and many more. It is twice as rigid as steel and double the density, and more competent than any other material in the market. Tungsten carbide is the toughest man made metal matrix composite, and its unique properties has helped numerous industries to increase throughput rates, reduce downtime, and extend the life of production tools and component wear parts, thus, its demand is high in various end use industries.
A Germany based multinational company, Osram, was the first to install tungsten carbide in place of its drawing dies, which were made of diamonds, because of its ability to cut other hard metals. The material soon gained popularity in different regions of the world. Numerous experiments were conducted wherein tungsten carbide was mixed with materials like cobalt, tantalum and titanium to enhance its features and make it more reliable in nature. It played a dynamic role in the manufacturing of arms and ammunitions in World War II. Thereafter, its popularity has soared worldwide in different industries.
Tungsten carbide is in the form of a fine gray colored powder, whose chemical formula is WC. 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. None of the metal compounds used for various applications across the planet, possess the particular attributes of tungsten carbide. Hence, the market potential of tungsten carbide is extremely high in this regard.
Tungsten carbide is used in various applications, including metal cutting tools, wear parts, mining and drilling tools, medical tools, wood and plastic working tools, jewelry and many more, with metal cutting tools leading the market, followed by wear parts. The global tungsten carbide market reported a sales volume of 64,000 metric tons in 2015 and is expected to reach 80,642 metric tons by 2022. The factors such as escalated demand of tungsten carbide in different industries and decline in its prices, incorporation of tungsten carbide in various products and increased research and development in the field, are driving the market towards development.
Due to rapid technological advancement in this field, increasing application areas, growing range of end use industry, the market has developed rapidly over the past decade. The market is expected to experience further enhancement in various aspects such as capability, capacity, and technical advancement. The tungsten carbide market is quite evolved in developed regions of Asia Pacific, North America and Europe, and is gaining popularity in Middle East and Africa, and Latin America.
The growing adoption of tungsten carbide among various industry verticals and growing opportunities and demand in emerging economies makes it a potential market. Some of the key players operating into this market include: Sandvik, IMC Group, Kennametal, China Minmetals, American Elements, H.C Starck, Sumitomo Electric Industries, Durit Hartmetall, Global Tungsten and Powders Corp, CERATIZIT S.A, Xiamen Tungsten, GESAC, Chongyi Zhanguan Tungsten Co Ltd, Marshall Hard Metals, Mitsubishi Materials Corporation.
BIS Research has conducted an extensive market research on ‘Global Tungsten Carbide Market- Analysis & Forecast, 2016-2022 ’. The market analysis report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which includes drivers, restraints and opportunities prevailing in the industry.
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