Global Tungsten Carbide Market

Bharatbook announces a report on “Global Tungsten Carbide Market”. The report has put special emphasis on the market share and size of automotive industry and wear parts industry.

The global tungsten carbide market, by value, is estimated to witness growth at a CAGR of 4.4% over the period 2016 to 2022.

This growth in the market is attributed to the increasing demand for various applications such as metal cutting tools; wear parts, mining & drilling tools etc. and various end use industries like automotive, aerospace & defense, oil & gas, mining & construction, electronics etc.

Tungsten carbide is a highly dense material constituting of tungsten and carbon as their constituent materials. They exhibit significant properties like extreme hardness, toughness, wear & abrasion resistance, pressure resistance, and many more. The unique combinations of these properties and their cost effectiveness have set them apart to be the ideal choice of many industry manufacturers.

The report is a compilation of different segments of global tungsten carbide market including market breakdown by application, end use industry and geographical location. It also includes sections on competitive insights and market dynamics. Herein the revenue generated from tungsten carbide is tracked to calculate the market size.

The report has put special emphasis on the market share and size of automotive industry and wear parts industry, owing to their large scale share in the current and upcoming market of tungsten carbide. The industry analysis has also been done to examine the impact of various factors and understand the overall attractiveness of the industry.

The most often used strategy for developing a better hold on to the market has been through product launches and developments, business expansions followed by mergers & acquisitions and partnerships, agreements & collaborations. The company profile section includes highlights of significant information about the key companies involved, along with their financials, financial summaries and key strategies & developmental activities of recent years. Some of the key players involved in this market are Sandvik, IMC Group, Kennametal, Mitsubishi Materials, Sumitomo Corporation, Hitachi Metals, Ceratizit S.A, China Minmetals, Xiamen Tungsten, and American Elements.

Metal cutting application dominated the tungsten carbide market in 2015 accounting for a market share of 41.9% by value. Similarly, automotive industry held the highest market share by end use industry accounting for a market share of 36.3% in 2015.Asia Pacific generated the maximum amount of revenue in the year 2015 in the global tungsten carbide market followed by Europe and North America. Also, APAC currently has the highest potential to grow in the forecast period. If the industry has the prospects of growing at a similar pace, it will cross $ 3,355.0 million in total market value by the end of forecast period.

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