Tungsten Carbide Market Trends | Size, Industry Trend, Share and 2023 Forecasts
Posted by Rishab Gupta on February 27th, 2020
Tungsten Carbide Market:
Tungsten carbide is a chemical compound containing both tungsten and carbon atoms in equal parts. Tungsten carbide is generally a grey powder in its basic form but has the ability to be pressed and formed into different shapes depending upon its use in the end user industries.
The properties such as high tensile strength, durability and abrasion resistance finds its application in many end user industries. Moreover, the advantages coupled with its cost effectiveness makes them suitable and its major applications includes automobiles, mining & construction, oil & gas, defense, and electrical & electronics among others.
The growth of tungsten carbide market can be attributed to its growing consumption in the applications such as machine & cutting tool components, dies & punches, abrasive products and others. The growing industrialization, and urbanization in the developing regions throughout the globe is expected to boost the market during the forecast years. The global market of tungsten carbide is a lucrative one and it is expected to expand at an encouraging CAGR during the forecast years
Top Key Players:
Tungsten Carbide Market Trends is segmented into grade type and end user industry. On the basis of grade the market is segmented into general purpose grade, metal foaming and wear grades, submicron grades, rotary drilling and mining grades, and corrosion resistant grades. On the basis of end user industry the global tungsten carbide market is segmented into mining and construction, oil and gas, electrical and electronics, automobiles, defense and others.
Tungsten Carbide Market Regional Analysis:
The European market is a lucrative market mainly driven by the developed electrical & electronics, construction and automobile sector. Moreover, the growing oil and gas activities coupled with the increasing infrastructural development are the major factor attributing to the growth of the market. In addition to this, the growing R&D activities in the automobile sector has further augmented the use of tungsten carbide owing to its ability to reduce dust and increase efficiency in the automobile systems.
The tungsten carbide market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be a dominant market with an encouraging CAGR during the forecast period. The rapid growth of industries and urbanization is fuelling the growth of tungsten carbide in the developing countries of Asia Pacific. Moreover, the favorable government regulation in the region has attracted many industry players to enter the lucrative market of Asia Pacific which in turn is fuelling the market growth.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
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About the AuthorRishab Gupta
Joined: November 25th, 2019
Articles Posted: 303
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