Dublin, Feb. 17, 2020 (GLOBE NEWSWIRE) -- The "Global Tungsten Carbide Market By End-User (Automotive Industry, Aerospace & Defense, Mining & Construction Industry, Oil & Gas Industry, Electronic Industry & Others), By Application, By Region, Competition, Forecast & Opportunities, 2024" report has been added to ResearchAndMarkets.com's offering.
The global tungsten carbide market is projected to grow at a CAGR of over 4.8% during the forecast period.
The market is mainly driven by increasing research & development activities to augment the growth in technology and superior properties compared to other materials.
Notably, tungsten carbide is one of the metal carbides, which is produced by the reaction of tungsten hexachloride with methanol or methane. On account of tungsten carbide's high resistivity to abrasion, it is extensively used in the manufacturing industries for cutting tools. However, it can decompose at higher temperatures and revert into its initial form, as tungsten and a carbide.
Markedly, the market for tungsten carbide has been segmented into end-user, application and region. Based on end-user, the market has been segmented into automotive industry, aerospace and defense industry, mining and construction industry, oil & gas industry, electronic industry and others.
Among these subsegments, the automotive industry accounted for the highest market share accounting for nearly 34.2% in 2018. The industry led the end-user industry owing to its extensive use. While, based on application (cemented carbide, industrial alloys, mill products, jewellery, surgical tools, others (tipping trekking, ski poles).
Among the application sub-segments, cemented carbide application led the tungsten carbide market in 2018 holding a market share of 61% owing to the growing demand for metal cutting tools in machinery. Use of tungsten carbide in jewellery application is expected to register the fastest growth owing to the property of resistance to scratching and hardness of material.
Regionally, the market has been segmented into North America, South America, Europe, Asia Pacific and Middle East & Africa. Among these regions, China is expected to lead the Asia Pacific tungsten carbide market during the forecast period.
Some of the key players operating in the market include, Sandvik AB, Kennametal, Umicore, Ceratizit S.A, Sumitomo Corporation, Hitachi Metals, Ltd., Mitsubishi Materials Corporation, China Minmetals Corporation, Xiamen Tungsten Co.,Ltd, American Elements, among others.
Years considered for this report:
- Historical Years: 2014-2017
- Base Year: 2018
- Estimated Year: 2019
- Forecast Period: 2020-2024
Key Topics Covered
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Factors to be considered for product selection
4.2. Factors influencing purchase decision
4.3. Challenges/issues faced post purchase
4.4. Unmet needs
5. Global Tungsten Carbide Industry Overview
6. Global Tungsten Carbide Market Outlook
6.1. Market Size and Forecast
6.1.1. By Value
6.1.2. By Volume
6.2. Market Share and Forecast
6.2.1. By End-User (Automotive Industry, Aerospace and Defense Industry, Mining and Construction Industry, Oil & Gas Industry, Electronic Industry and Others)
6.2.2. By Application (Cemented carbide, Industrial alloys, Mill products, Jewelry, Surgical tools, Others (tipping trekking, ski poles))
6.2.3. By Company
6.2.4. By Region
6.3. Market Attractive Index
7. Asia-Pacific Tungsten Carbide Market Outlook
8. Europe Tungsten Carbide Market Outlook
9. North America Tungsten Carbide Market Outlook
10. South America Tungsten Carbide Market Outlook
11. Middle East & Africa Tungsten Carbide Market Outlook
12. Market Dynamics
12.1. Drivers
12.2. Challenges
13. Market Trends & Developments
14. Pricing Analysis
15. Competitive Landscape
15.1. Competition Benchmarking
15.2. Company Profiles (Leading companies)
15.2.1. Sandvik AB
15.2.2. Kennametal
15.2.3. Umicore
15.2.4. Ceratizit SA
15.2.5. Sumitomo Corporation
15.2.6. Hitachi Metals Ltd.
15.2.7. Mitsubishi Materials Corporation
15.2.8. China Minmetals Corporation
15.2.9. Xiamen Tungsten Co. Ltd.
15.2.10. American Elements
16. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/h2s88p
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
