Tungsten Carbide Market Analysis and Forecast 2025-2037

Tungsten Carbide Market Development, Trends, Demand, Growth Analysis and Forecast 2025-2037

SDKI Inc. 2024-10-26 16:40

On the submission date (October 24, 2024), SDKI Analytics (headquarters: Shibuya-ku, Tokyo) conducted a study on the "Tungsten Carbide Market" covering the forecast period 2025 and 2037.

Research Published Date: 24 October 2024 

Researcher: SDKI Analytics 

Research Scope: The analyst conducted a survey of 500 market players. The players surveyed were of various sizes.

Research Location: North America (US & Canada), Latin America (Mexico, Argentina, Rest of Latin America), Asia Pacific (Japan, China, India, Vietnam, Taiwan, Indonesia, Malaysia, Australia, Rest of Asia Pacific), Europe (UK, Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe), Middle East & Africa (Israel, GCC Countries, North Africa, South Africa, Rest of Middle East & Africa) 

Research Methodology: 200 field surveys, 300 internet surveys 

Research Period: August 2024 – September 2024 

Key Points: This study includes a dynamic study of the Tungsten Carbide market, including growth factors, challenges, opportunities, and recent market trends. In addition, the study analyzed a detailed competitive analysis of the key players in the market. The market study also includes market split and regional analysis (Japan and Global).

Market Snapshot 

Analysis According to the research analysis, the Tungsten Carbide market size was recorded at approximately USD 28 billion in 2024, and the market revenue is expected to reach approximately USD 40 billion by 2037. Moreover, the market is poised to grow at a CAGR of approximately 3.2% during the forecast period.

Market Overview

According to our market research analysis on tungsten carbide, the market is likely to grow significantly as a result of the expansion of automotive and aerospace. 

• The market for steel used in automotive and aerospace applications reached a value of US$ 129 billion in 2020. 

Tungsten carbide's excellent temperature stability and wear resistance, which is rolled into trucks, aircraft engines, tires, and brakes, is why it is attracting attention in the automotive and aerospace industries alike. The shift to electric vehicles is also increasing the demand for robust, high-performance materials. 

However, according to our current analysis and forecast of the tungsten carbide market, the factor slowing the expansion of the market size is due to the availability of raw materials. Tungsten is mainly found in a limited number of countries around the world, with China being the market powerhouse. This means that there is considerable vulnerability in terms of the supply chain that makes the market susceptible to supply and price shocks.

Market Segmentation

Based on application, the tungsten carbide market research has segmented it into hard metals, coatings, alloys, and others. Out of this, the alloys segment is expected to grow during the forecast period. The other driving force for this market is the upcoming alloys, especially those made of tungsten carbide and other metals. These alloys improve the strength and wear resistance of the material, making it suitable for applications in cutting tools and industrial machinery. As a result, the demand for this material is expected to increase from industries looking for higher performance materials.

Regional Overview

According to tungsten carbide market insights, North America is another key region that will show significant growth opportunities in the coming years. North America is likely to emerge strongly as a growing market for tungsten carbide, mainly due to demand from the automotive, aerospace, and oil and gas industries. 

• In 2023, the oil drilling and gas extraction market was valued at US$ 488 billion in terms of revenue. 

Meanwhile, in the Japan region, market growth will be driven by the growth of the domestic aerospace sector. 

• The production value of the aircraft manufacturing sector is expected to increase to US$ 1.23 billion in 2022 from approximately US$ 1.34 billion in the previous fiscal year.