Tungsten Carbide Market Size, Share, Analysis and Forecast, 2026

MARKET INTELLIGENCE . CONSULTINGwww.techsciresearch.com

2016 – 2026

GLOBAL TUNGSTEN CARBIDE MARKET

FORECAST & OPPORTUNITIES

2

Scope of ReportProduct of Interest (POI): Tungsten Carbide

Review Period

2016 – 2019

Base Year

2020

Estimated Year

2021

Forecast Period

2022 – 2026

Year RangeTUNGSTEN CARBIDE MARKET

END-USE INDUSTRY REGION

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

• Automotive Industry

• Aerospace and Defense

Industry

• Mining and Construction

Industry

• Oil & Gas Industry

• Electronic Industry

Others

The global tungsten carbide market is projected to grow at a robust CAGR during the forecast period.The market is mainly driven by growing demand for tungsten carbide in various end use industriessuch as automotive, aerospace & defense, mining, among others. Notably, tungsten carbide is one ofthe metal carbides, which is produced by the reaction of tungsten hexachloride with methanol ormethane. On account of tungsten carbide’s high resistivity to abrasion, it is extensively used in themanufacturing industries for cutting tools.

Market Segmentation

APPLICATION

• Cemented carbide

• Industrial alloys

• Mill products

• Jewelry

• Surgical tools

• Others

3

Table of Contents

S. No. Contents Page No.

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Impact of Covid 19 On Global Tungsten Carbide Market

4.1. Raw Material Availability

4.2. Product Demand

4.3. Realisation

5. Global Tungsten Carbide Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value & Volume

5.2. Market Share & Forecast

5.2.1.By End-Use Industry (Automotive Industry, Aerospace and Defense Industry,

Mining and Construction Industry, Oil & Gas Industry, Electronic Industry andOthers)

5.2.2.By Application (Cemented carbide, Industrial alloys, Mill products, Jewelry, Surgical

tools, Others (Tipping trekking, Ski poles)

5.2.5. By Company

5.2.6. By Region

5.3. Market Attractiveness Index

6. Asia-Pacific Tungsten Carbide Market Outlook




4


6.2.1. By End-Use Industry

6.2.2. By Application

6.2.3. By Country

6.3. Asia-Pacific: Country Analysis

6.3.1. China Tungsten Carbide Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value & Volume

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By End-Use Industry

6.3.1.2.2. By Application

6.3.2. India Tungsten Carbide Market Outlook






6.3.3. Japan Tungsten Carbide Market Outlook





Table of Contents

5



6.3.4. South Korea Tungsten Carbide Market Outlook






6.3.5. Australia Tungsten Carbide Market Outlook






7. Europe Tungsten Carbide Market Outlook





7.2.2 By Application

7.2.3. By Country

Table of Contents

6


7.3. Europe: Country Analysis

7.3.1. France Tungsten Carbide Market Outlook






7.3.2. Germany Tungsten Carbide Market Outlook






7.3.3. United Kingdom Tungsten Carbide Market Outlook






7.3.4. Italy Tungsten Carbide Market Outlook




Table of Contents

7




7.3.5. Spain Tungsten Carbide Market Outlook






8. North America Tungsten Carbide Market Outlook






8.2.3. By Country

8.3. North America: Country Analysis

8.3.1. United States Tungsten Carbide Market Outlook






Table of Contents

8


8.3.2. Mexico Tungsten Carbide Market Outlook






8.3.3. Canada Tungsten Carbide Market Outlook






9. South America Tungsten Carbide Market Outlook






9.2.3. By Company

9.2.4. By Country

9.3. South America: Country Analysis

9.3.1. Brazil Tungsten Carbide Market Outlook


Table of Contents

9






9.4.2. Argentina Tungsten Carbide Market Outlook






9.4.3. Colombia Tungsten Carbide Market Outlook






10. Middle East and Africa Tungsten Carbide Market Outlook






Table of Contents

10


10.2.3. By Country

10.3. MEA: Country Analysis

10.3.1. South Africa Tungsten Carbide Market Outlook

10.3.1.1.Market Size & Forecast


10.3.2.2.Market Share & Forecast



10.3.2. Saudi Arabia Tungsten Carbide Market Outlook






10.3.3. UAE Tungsten Carbide Market Outlook






Table of Contents

11


11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

13. Price Point Analysis

14. Policy & Regulatory Landscape

15. Competitive Landscape

15.1. Competition Outlook

15.2. Company Profiles (Top 10)

16. Strategic Recommendations

17. About Us & Disclaimer

Table of Contents

RESEARCH METHODOLOGY

13

Research Methodology

✓ Identifying Key Opinion

Leaders

✓ Questionnaire Design

✓ In-depth Interviews

Data Collection

Developing List of Respondents

Formulating Questionnaire

Market Profiling

Data Validation

Data Analysis

In-depth secondary research was conducted to

determine top players in the overall global tungsten

carbide market size and segmental market size.

In order to conduct industry experts’

interviews, TechSci formulated a detailed

discussion guide.

List of industry players and industry

specialists was developed.

TechSci conducted interviews with

industry experts and industry players for data collection and

verification.

Data obtained as a result of primary and secondary research was

validated through rigorous

triangulation.

The data was scrutinized using MS-Excel, statistical

tools and internal proprietary database to obtain qualitative and

quantitative insights about the global tungsten carbide

market.

Data Collection

Data Filter& Analysis

Research &Intelligence

ActionableInsights

BusinessSolution

Primary Research Desk Research Company Analysis

✓ Recent Developments

✓ Market Changing

Aspects/Dynamics

✓ Government Policies

✓ Final Conclusion

✓ Market Participants

✓ Key Strengths

✓ LinkedIn✓ TechSci Internal

Database

✓ Factiva✓ Hoovers

Paid Sources

✓ Company Websites✓ Company Annual

Reports✓ White Paper Study✓ Financial Reports✓ Investor

Presentations✓ Regulatory Body✓ Associations, etc.

Secondary Research

Primary Research

14


Baseline Methodology

Our dedicated team of industry experts has monitored and analyzed various aspects of global tungsten carbide market. The team has analyzed

the outlook of various segments of this market, while considering the major influencing factors such as growing demand for tungsten carbide

in the manufacturing industries for cutting tools. The study includes market forecasting, which would enable our clients to take better decisions

while planning their strategy to achieve sustainability in global tungsten carbide market.

Methodology Followed for Calculation of Market Size:

• Market Size by Value: Market size, in terms of value, for the year 2020 was calculated based on information collected through exhaustive

secondary research and primary surveys, with various key opinion leaders/stakeholders, such as tungsten carbide companies, channel

partners, market influencers & end users, industry experts, and other industry participants.

• The team interviewed more than 15 – 20 tungsten carbide companies, 45 – 50 channel partners, 80 – 100 end users, and 15 – 20 industry

experts and other value chain stakeholders in the global tungsten carbide market to obtain the overall market size from 2014 to 2018, which

was validated by the Delphi technique. Taking standard deviation into consideration, the market size was averaged out, to arrive at the

market size data during 2014-2018.

15


• Respondents were asked about the current and future market growth rates, market shares by end-user industry, by application, by region

and by company. Removing the outlier responses, the geometric mean of growth estimates and supplier wise revenue shares generated

across various segments were considered, to arrive at the final revenue shares. Revenue shares generated across various segments were

further triangulated from other stakeholders.

Methodology Followed for Calculation of Market Shares:

Market shares by end-user industry, by application, by region and by company were calculated based on the responses received through

primary surveys with industry experts, in which the respondents were asked about the market shares or revenue generated from various

segments of tungsten carbide markets. The final shares were calculated by taking the geometric mean of the responses gathered from key

opinion leaders after eliminating the outliers.

Methodology Followed for Forecasting:

• TechSci Research performed periodical checks on data collected through the surveys with logic checks and analyzed the survey results in

SPSS/Tableau Software.

• Data triangulation techniques were applied to fill the gaps and to present a more meaningful picture of the market. To forecast global

tungsten carbide market , TechSci Research used various forecast techniques such as:

✓ Moving Average

✓ Time Series Analysis

✓ Regression Analysis

✓ Econometric and Judgmental Analysis

16


TechSci Research used its own forecast tool, which is based on the growth of various allied industries in respective regions. TechSci Research

also used the impact analysis during short, medium and long term period to estimate the demand and to reach accurate market numbers. It

should be noted that the figures compiled are only for the organized market including market share data. The currency used in the report is the

United States Dollar (USD), with the market size indicated in USD million.

Partial List of Companies Interviewed Key Secondary Sources

▪ Sandvik AB

▪ Kennametal

▪ Umicore

▪ Ceratizit SA

▪ Sumitomo Corporation

▪ Hitachi Metals, Ltd.

▪ Mitsubishi Materials Corporation

▪ China Minmetals Corporation

▪ Xiamen Tungsten Co., Ltd

▪ American Elements

▪ World Bank

▪ TechSci Research Proprietary Database & Knowledge

Repository

▪ Company Annual Reports

▪ Industry Magazines

▪ Industry Reports

▪ News Dailies

▪ Credible Paid Databases

▪ OECD

▪ WHO

EXECUTIVE SUMMARY

18

Global Tungsten Carbide Market to Grow at a CAGR of XX% during 2022-20261.

XXX Region to Dominate Global Tungsten Carbide Market through 20262.

Executive Summary

Global Tungsten Carbide Market Size, By Value, 2022E & 2026F (USD Million)

Regional Growth Drivers:

XXX region dominated the market in 2020

and is anticipated to XXXXXXXX during the

next five years.

Rest of World

2021

2026F

50%

50%

XYZ Region

2020

2026F

25%

25%

Source: Secondary Research, Expert Interviews, and TechSci Research AnalysisNote: These are dummy figures; please purchase our report for actual data

$XX2026F

$XX2021E

XX% CAGR Market Growth Drivers

XXX YYYMillion

Million

19

Company A Dominates Global Tungsten Carbide Market3.

Executive Summary

Application A Holds Largest Share in Global Tungsten Carbide Market4.


Company A

Company B

Company C

Company D

Others

Global Tungsten Carbide Market, By Share, By Company, By Value, 2020

Global Tungsten Carbide Market Share, By Application, By Value, 2020

2018

20%

15%

10%

5%

50%

Market Leader’s Best Practices

XXX YYY

16.00%

16.00%

16.00%16.00%

16.00%

20.00%

Cemented Carbide

Industrial alloys

Mill products

Jewelry

Surgical tools

Others

2018

Application A’s Growth Drivers:

XXX YYY

GLOBAL TUNGSTEN CARBIDE MARKET OUTLOOK

21

5.006.00

7.008.00

9.0010.00

11.0012.00

13.0014.00

15.00

10.0020.00

30.0040.00

50.0060.00

70.0080.00

90.00100.00

110.00

2016 2020 2021E 2024F

By Value (USD Million)

By Volume (‘000 Tons)

Global Tungsten Carbide Market Market Size, By Value & Volume

Figure XX: Global Tungsten Carbide Market Size, By Value (USD Million), By Volume (‘000 Tons) 2016–2026F

Global tungsten carbide market is anticipated to

grow at YY% during the forecast period owing to

the factors:

▪ XXX

▪ XXX

▪ XXX

Figure XX: Global Metal Carbide Market Size, By Value

(USD Million), 2016-2026


CAGR By Value &

Volume:

XX%

CAGR By Value &

Volume:

YY%

XXX2018

XXX2014

22

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

2016

2017

2018

2019

2020

2021E

2022F

2023F

2024F

2025F

2026F

Automotive Industry Mining and Construction Industry

Electronic Industry Aerospace and Defense Industry

Oil & Gas Industry Others

Global Tungsten Carbide Market Market Share, By End-Use Industry

Figure XX: Global Tungsten Carbide Market Share, By End-Use Industry, By Value, 2016–2026F

XXX end-use industry dominated the market in 2020. However, YYY is anticipated to gain maximum traction during the forecast period on account of:

▪ XXX▪ XXX▪ XXX


23

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Cemented Carbide

Others

Industrial alloys

Mill products

Jewelry

Surgical tools

Figure XX: Global Tungsten Carbide Market Share, By Application, By Value, 2016–2026F

XXX application dominated the market in 2020. However, YYY is anticipated to gain maximum traction during the forecast period

on account of:

▪ XXX

▪ XXX

▪ XXX


Global Tungsten Carbide MarketMarket Share, By Application

24

Global Tungsten Carbide Market Market Share, By Company

Figure XX: Global Tungsten Carbide Market Share, By Company, By Value, 2020

100% 25%

20%

17%

12%

8%

7%

4%

7%

Total Company 1 Company 2 Company 3 Company 4 Company 5 Company 6 Company 7 Others

Top 5 companies alone control XXX% global tungsten carbide market with XX+ players accounting for a total market share of XXX%


25

Figure XX: Global Tungsten Carbide Market Share, By Region, By Value, 2020 & 2026F

Global Tungsten Carbide Market Market Share, By Region

20%

20%

2020

2026F

Asia-Pacific

20%

20%

2020

2026F

Middle East & Africa

20%

20%

2020

2026F

South America

20%

20%

2020

2026F

North America

20%

20%

2020

2026F

Europe


26

Region 1

Region 2

Region 3

Region 4

Region 5

0.0

0%

4.0

0%

8.0

0%

12

.00

%1

6.0

0%

0.00 4,000.00 8,000.00 12,000.00 16,000.00 20,000.00

Global Tungsten Carbide MarketMarket Attractiveness Index

Figure XX: Market Attractiveness Index based on Market Size (USD Million) & Growth Rate (%)

CA

GR

(2

02

1E-2

02

6F)

Market Size (USD Million)

Market Size @ USD XXX Mn

Gro

win

g M

arket

(H

igh

Gro

wth

-Lo

w

Market

Siz

e)

Co

mm

on

Market

(Lo

w G

ro

wth

-Lo

w

Market

Siz

e)

Id

eal M

arket

(H

igh

Gro

wth

-Hig

h

Market S

ize)

Big

Market

(Lo

w G

ro

wth

-Hig

h

Market S

ize)


Overall Market Growth @ XX%

EUROPE TUNGSTEN CARBIDE MARKET OUTLOOK

28

5.006.00

7.008.00

9.0010.00

11.0012.00

13.0014.00

15.00

10.0020.00

30.0040.00

50.0060.00

70.0080.00

90.00100.00

110.00

2016 2020 2021E 2024F

By Value (USD Million)

By Volume (‘000 Tons)

Europe Tungsten Carbide MarketMarket Size, By Value & Volume

Figure XX: Europe Tungsten Carbide Market Size, By Value (USD Million), By Volume (‘000 Tons) 2016–2026F

Europe tungsten carbide market is anticipated to

grow at YY% during the forecast period owing to

the factors:

▪ XXX

▪ XXX

▪ XXX

Figure XX: Europe Metal Cutting Tools Market Size, By

Value (USD Million), 2016-2020


CAGR By Value &

Volume:

XX%

CAGR By Value &

Volume:

YY%

XXX2020

XXX2016

29

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

16%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

20%

2016

2017

2018

2019

2020

2021E

2022F

2023F

2024F

2025F

2026F

Automotive Industry Mining and Construction Industry

Electronic Industry Aerospace and Defense Industry

Oil & Gas Industry Others

Europe Tungsten Carbide Market Market Share, By End-Use Industry

Figure XX: Europe Tungsten Carbide Market Share, By End-Use Industry, By Value, 2016–2026F

XXX end-use industry dominated the market in 2020. However, YYY is anticipated to gain maximum traction during the forecast period on account of:

▪ XXX▪ XXX▪ XXX


30

Figure XX: Europe Tungsten Carbide Market Share, By Application, By Value, 2016–2026F

XXX application dominated the market in 2020. However, YYY is anticipated to gain maximum traction during the forecast period

on account of:

▪ XXX

▪ XXX

▪ XXX


Europe Tungsten Carbide MarketMarket Share, By Application

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

16% 16% 16% 16% 16% 16% 16% 16% 16% 16% 16%

20% 20% 20% 20% 20% 20% 20% 20% 20% 20% 20%

2016 2017 2018 2019 2020 2021E 2022F 2023F 2024F 2025F 2026F

Cemented Carbide

Others

Industrial alloys

Mill products

Jewelry

Surgical tools

31

Europe Tungsten Carbide MarketMarket Share, By Country

Figure XX: Europe Tungsten Carbide Market Share, By Country, By Value, 2020 & 2026F

16%

16%

2020

2026F

United Kingdom

16%

16%

2020

2026F

Germany

16%

16%

2020

2026F

France

16%

16%

2018

2024F

Italy

Note: In this report, similar analysis and data representation has been followed for all the other Regions.

16%

16%

2018

2024F

Spain

20%

20%

2018

2024F

Rest of Europe

COMPETITIVE LANDSCAPE

33

Competitor Profile Sandvik AB

COMPANY DESCRIPTION PRODUCT PORTFOLIO

Business Overview:

• Sandvik AB is a high-technology engineering group. The

company develops, manufactures, and markets tools for

metalworking applications, machinery and tools for rock

excavation, stainless steel products, special alloys, and

resistance heating materials and process systems. Sandvik

markets to industrial companies throughout the world, and

tools can also be purchased online.

• XXXX

Year of Establishment: 1897

Total Number of Employees: XXXX

Product Portfolio:

• XXXX

• XXXX

• XXXX

Product Availability (w.r.t. Product of Interest):

• XXXX

• XXXX

• XXXX

Key Industries Served (w.r.t. Product of Interest):

• XXXX

• XXXX

• XXXX

Key Competitors:

• XXXX

• XXXX

• XXXX

• XXXX

34

35%

Competitor Profile Sandvik AB

Mr. Stefan WidingChief Executive Officer

70%60%80%

By Business Segment, 2020

SEGMENTAL REVENUE BREAKDOWN

Segment I Segment II Segment III Segment IV

By Geography, 2020

XX%

America XX%

Asia-Pacific

XX%

EMEA

KEY FINANCIAL INDICATORS & SEGMENTAL ANALYSIS

KEY MANAGEMENT PERSONNEL

COMPANY HEADQUARTERS LOCATION

Stockholm, Sweden

Kungsbron 1 Section G, Floor 6 Stockholm, 101 30 Sweden

+46-8-456-1100

COMPANY CONTACT ADDRESS

XXXXXXXXX

2020 2018

$XX Million30%

$XX Million40%

2018 2022 2018 2020

$XX Million30%

$XX Million40%

$XX Million30%

$XX Million40%

Revenue Growth

EBITDA Growth PAT Growth

About Us & Disclaimer

TechSci Research is a global market research and consulting company with offices in the US, UK and India.

TechSci Research provides market research reports in number of areas to organizations. The company uses

innovative business models that focus on improving productivity, while ensuring creation of high-quality reports. The

proprietary forecasting models use various analyses of both industry-specific and macroeconomic variables on a

state-by-state basis to produce a unique ‘bottom-up’ model of a country, regional and global industry prospects.

Combined with the detailed analysis of company activity and industry trends, the result is a uniquely rich evaluation of

the opportunities available in the market.

Related Reports

• Global Metal Cutting Tools Market, 2026

• Global Silica Sand Market, 2026

• Global Butyl Acylate Market, 2026

Partial List of Clients

The contents of this report are based on information generally available to the public from sources believed to be reliable. Norepresentation is made that it is timely, accurate or complete. TechSci Research has taken due care and caution in compilation ofdata as this has been obtained from various sources including which it considers reliable and first hand. However, TechSci Researchdoes not guarantee the accuracy, adequacy or completeness of any information and it is not responsible for any errors or omissionsor for the results obtained from the use of such information and especially states that it has no financial liability whatsoever to thesubscribers / users of this report. The information herein, together with all estimates and forecasts, can change without notice. Allthe figures provided in this document are indicative of relative market size and are strictly for client’s internal consumption. Usage ofthe same for purpose other than internal will require prior approval of TechSci Research.

TechSci Research – North America708 Third Avenue, Manhattan,

New York, United StatesTel: +1- 646- 360- 1656

Email: [email protected] www.techsciresearch.com

TechSci Research – Europe54, Old brook, Bretton,

Peterborough, United Kingdom


TechSci Research – Asia-PacificB – 44, Sector – 57, Noida, National

Capital Region, U.P. - IndiaTel: +91-120-4523900


Disclaimer

Data & Analytics

Tungsten Carbide Market Size, Share, Analysis and Forecast, 2026