Tungsten Carbide Market Trends

Growing urbanization is driving the market growth

Market CAGR for tungsten carbide is being driven by rising urbanization. There is a significant increase in infrastructural developments and mining activities throughout the world. There is an increase in the shipment of tungsten carbide powder due to the fast industrialization and urbanization happening in developing countries globally. The government of the emerging economies' investment in infrastructure projects is anticipated to boost the application of tungsten carbide powder in mining and construction.

The section of mining is witnessing significant growth due to the increasing requirement for minerals and metals throughout different industrial sections. The tungsten carbide is the material of choice for the mining equipment in the high-pressure down-the-hole (DTH) hammer drilling section, including buttons, carbide inserts, and tips which can be utilized for petroleum tunneling, drilling, and mining. The high hardness, super wear resistance, and best impact toughness of the tungsten carbide mining tools enhance the operating performance. The mining of granite, sandstone, and limestone from other materials is apt for tungsten carbide inserts due to their high drilling speed and longer service life, which minimizes labor costs and fastens the engineering processes. This global tungsten can be applicable in deep-hole drilling or heavy-duty rock drilling. The increasing demand for tungsten carbide products, inclusive of cobalt powder, titanium carbide powder, welding powder, and other products, is anticipated to boost market growth.

The tungsten carbide is largely utilized to develop high-performance auto parts that have the ability to withstand high stress and heat, like brakes, ball joints, crankshafts, and studs for tires. It has a large product used to manufacture cutting tools that are utilized to make automotive engines, axels, transmission, and steering assemblies is leading to factor for the growth of the market. The increasing adoption of 3D printing to create cost-effective and efficient high-performance parts is boosting the growth of the market. It also has applications in the medical section for generating surgical instruments like, blade handles, scissors, hemostats, graspers, forceps, cautery, and others. Thus, driving the Tungsten Carbide market revenue.

The factors like inhalation of dust and lung fibrosis similar to silicosis are the main cautions related to tungsten carbide, resulting in restraining the growth of the market. The cobalt-cemented tungsten carbide can lead to human carcinogens and other effects like major respiratory issues, vision issues, and skin allergies upon inhaling them. All these factors can hamper the market growth of the tungsten carbide.