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Market Research Reports, Business Consulting Services & Analytics Tungsten Carbide Tool
High demand for tungsten carbide for metal cutting applications is offering a major drive in the tungsten carbide market
HYDERABAD, TELANGANA, INDIA, October 21, 2022 /EINPresswire.com/ -- IndustryARC, in its latest report, predicts that the tungsten carbide market size is forecasted to reach USD25.0 billion by 2027, after growing at a CAGR of around 4.4% from 2022 to 2027. Tungsten carbide is a chemical compound, prepared from equal proportions of carbide and tungsten. It is used as an electro catalyst for the hydrogen evolution reaction. The tungsten carbide is used in metal cutting tools, using submicron cemented carbides which are prepared by blending cobalt powders with the micron-sized tungsten carbide particles. Furthermore, with growing demand across end-use industries such as oil & gas, mining, construction and others, the tungsten carbide market will grow rapidly during the forecast period. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
Click here to browse the complete report summary: https://www.industryarc.com/Research/Global-Tungsten-Carbide-Market-Research-507803
This IndustryARC report on the tungsten carbide market highlights the following areas -
The Tungsten Carbide Market size will increase owing to its rising application in automotive, construction, industrial alloys, metal cutting tools, oil and gas and others during the forecast period.
The Asia Pacific is the fastest-growing region in the Tungsten Carbide Market due to high demand from major end-use industries, flourishing production base and development in mining projects in this region, thereby boosting the demand for tungsten carbide.
The demand for tungsten carbide in cutting tool applications is rising across various end-use industries, thereby providing major growth in the market.
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Tungsten Carbide Market Segment Analysis – by Application: The cutting tool is the fastest-growing segment and is expected to grow with a CAGR of around 5.7% during the forecast period. The cutting tool segment acquired a significant portion of the Tungsten Carbide market share in 2021. That tungsten carbide has a major application in the cutting tool application. The cemented carbide, which is a metal matrix composite, uses tungsten carbide particles and cobalt powder for metal cutting tools. The high demand of cutting tools across various end-use industries such as automotive, mining, construction and others is offering major growth in the market.
Tungsten Carbide Market Segment Analysis – By End-Use Industry: The automotive segment held the largest Tungsten Carbide Market share in 2021, with a share of over 26%. Tungsten Carbide has major applications in the automotive industry such as drills, metal cutting tools and others owing to its excellent features such as durability, hardness, wear-resistance and rust-free feature. The use of tungsten carbide for manufacturing various automotive components and industrial machinery tools is offering high demand in the market.
Tungsten Carbide Market Segment Analysis – By Geography: Asia Pacific is the fastest-growing region in the Tungsten Carbide Market and is expected to grow with a CAGR of around 5.9% during the forecast period. The APAC region acquired a significant portion of the Tungsten Carbide market share in 2021.
Competitive Landscape: The top 5 players in the tungsten carbide industry are - 1. Nanchang Cemented Carbide Co. Ltd. 2. Jiangxi Yaosheng Tungsten Company Limited 3. American Elements 4. Sandwik AB 5. Durit HartMetall GmBH
Click on the following link to buy the tungsten carbide market report: https://www.industryarc.com/reports/request-quote?id=507803
IndustryARC is one of the leading market research and consulting firms in the world. It produces over 500 unique market reports annually. If you are looking for a detailed overview of a particular market, you can simply connect with the team at IndustryARC. You can not only buy your preferred market report from the website, but also get personalized assistance on specific reports.
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