Global Tungsten Carbide Market : Analysis & Forecast, 2016-22
The tungsten carbide market is expected to grow at a significant rate during the forecast period between 2016 and 2022 due to the increase in the application areas and end use industries using this material. Its dynamic properties, cost effectiveness, large scale demand from varied end use application verticals, and rapid technological development in this field are some of the factors driving the growth of tungsten carbide market. However, health care & safety issues, and recent economic slowdown in China are restraining the growth of the global tungsten carbide market. As China is one of the leading countries in the global supply and consumption of tungsten carbide, the recent economic slowdown in China had a significantly negative impact on the raw material (tungsten) supply to local and international markets. This in turn has impacted the manufacturing of tungsten carbide from raw tungsten. This has caused the average selling price of tungsten carbide to increase which has affected and hampered its global volume production.
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China has been the leader in the supply of tungsten in the global tungsten carbide market. Since the resources of tungsten carbide are majorly located in China, the effect on the economy of China has negatively impacted the raw material (tungsten) supply to local and international market. Hence, this in turn will negatively impact the manufacturing of tungsten carbide from raw tungsten. Also, due to the slowdown of economy, the average selling price of tungsten have increased which has affected and hampered the volume production of tungsten carbide.
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With the growing popularity of tungsten carbide in the market, BIS Research has published a report titled, “Global Tungsten Carbide Market : Analysis & Forecast, 2016-22”, incorporating a comprehensive segmentation of the market by application, end use industry, region and country including detailed analysis of the factors that are likely to influence and shape the market in the forecast period.
The ongoing changes in the industry has led the study to incorporate a detailed chapter on the market dynamics including the key driving and restraining forces, along with the opportunities for the global tungsten carbide market through the forecast period. The market numbers play an important role in the industry, following which a proper market sizing & estimation by application, by end use industry and by region and country has been done for the industry.
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The report has laid special emphasis on the dominant application verticals in the market for instance, the metal cutting application segment which held 41.9% of the total tungsten carbide market in 2015. A similar analysis is done for end use industry wherein automotive industry dominates with occupancy of 36.3% market share. Moreover, having identified the potential for further development in the form of product launches, acquisitions, and partnerships among others, the report has included a separate section of detailed competitive insights. The recent activities by the key players in this market have also been tracked in the form of company profiles. The key companies covered in the report include Sandvik, IMC Group, Kennametal, China Minmetals, H.C Starck, Durit Hartmetall, China Minmetals, Sumitomo Corporation, Mitsubishi Materials, American Elements, Xiamen Tungsten, GESAC, Chongyi Zhanguan and Ceratizit S.A among others.
In spite of the high rate of initial investment and risks perceived by the investors, the analysis by BIS Research has estimated the industry to grow over $ 3350 million by 2022 at a CAGR of 4.4% through 2016-2022, with Asia-Pacific region leading the market. Metal cutting application is currently the dominant application where tungsten carbide is used the most followed by wear parts and other applications. Automotive industry currently has the largest share in the tungsten carbide market followed by aerospace & defense industry. The other end use application verticals of tungsten carbide like oil & gas and mining & construction also gathered a significant revenue in 2015 and are expected to grow at a decent pace in the forecast period. However, electronics industry, medical industry and jewelry industry are anticipated to grow at a comparatively faster pace.
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