Tungsten Carbide Market Analysis 2020-2027:

Tungsten carbide is an alloy that has hardness properties more than titanium. The material is heat resistant, scratch-free, and rust-free made of tungsten and carbide mixed in equal proportions. It can be cut and molded into any shape precisely. This alloy becomes beneficial due to the fact of its scrap is recyclable. The properties of tungsten carbide, such as strength, durability, and abrasion resistance, make it an ideal material to be used in the automotive, oil & gas, mining, and construction industries. Furthermore, the market is witnessing extreme growth due to increase in manufacturing activities. In all the applications of tungsten carbide, rotary and mining have witnessed increased demand in the market. In addition, the Asia-Pacific region is the largest contributor to the tungsten carbide market, and is predicted to grow over the forecast period. 

Market scope and structure analysis:

COVID-19 scenario:

• The tungsten carbide market is witnessing negative growth, owing to the emergence of the current pandemic situation. 
• Industries have become non-operational. Nationwide lockdown imposed to contain the spread of the highly contaminating virus has resulted in various industries facing a decline in growth. 
• There is significant reduction in production as well as demand. This has led to demand and supply gap in the automotive industry, which has adversely impacted the tungsten carbide market. 

Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis:

Asia Pacific is expected to witness exceptional growth of the tungsten carbide market over the forecast period due to growth of the automotive industry. Tungsten carbide powder sized from 1-10 micron witnessed increased demand as it is an ideal option for making cutting machinery, mining tools, and abrasive equipment. Tungsten carbide used in 3D printing has also led to the growth of its value in the market. Cutting tools have the highest value in the market, which led to increase in use of tungsten carbide to manufacture tools for the automotive and construction sectors. 

The ability to recycle powder and grains of tungsten carbide has been observed in its market. The tools and equipment made from it have high resistance to wear & tear and they do not observe any losses for longer period. It possesses high thermal conductivity, stiffness, and resistance against organic solvent. Tungsten carbide can be molded and grafted into any shape and size depending upon its application. Rotary drilling and mining have been increased exceptionally, owing to increase in oil & gas, agriculture, and other industries. 

The oil & gas industry is the largest user of tungsten carbide as it can be used in exploration & production of gas. Cemented carbide tools are utilized to manufacture glass bottles, aluminum cans, steel & copper wire, and plastic tubes. They have distinct properties such as high tensile strength, resistance toward abrasion, compressive strength, and resistance toward high-temperature. The cemented carbide market is anticipated to witness growth due to the growing demand from various applications. The tungsten carbide market is expected to grow, owing to increased transportation activities in countries such as India, Japan, and China. An amalgamation of these factors is expected to drive the demand for tungsten carbide.  

Restraints of the market:

If inhaled, tungsten carbide can cause issues and diseases related to the respiratory system. It also has side effects like affecting the vision of a person. This toxicity of tungsten carbide will hinder the growth of the market over the forecast period. 

Key developments:

Companies are working strategically to expand the tungsten carbide market by expanding it geographically and increasing its good value. In October 2017, OC Oerlikon Corporation AG took over Primateria AB in Sweden and acquired DiaPac LLC and Diamond Recovery Services Inc. (DRS) in the U.S. to improve its production, processing, and recollecting quality of tungsten carbide. In September 2018, Australia-based company National Mineral Development Corporation started producing tungsten carbide in large scale due to increase in its demand that led to an increase in its market value. China being the largest player in the automotive sector started enhancing production and mining facilities to produce tungsten carbide in large amount to fulfill their demands.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the tungsten carbide market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the tungsten carbide market share.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the tungsten carbide market growth scenario.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in coming years. 

Questions answered in the tungsten carbide market research report:

• Which are the leading market players active in the market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?