Global Tungsten Carbide Market to Reach $3.69B by 2028
Tungsten carbide tools first rose to prominence during World War II, when their applications in the weapons-manufacturing industry showed their importance. Now, the global market is expected to reach new heights by 2028—as much as $3.69 billion, according to a recent report, available here.
A valuable sector
In several industries, tungsten carbide tools are sought after for their low price point and their ability to stand up to the stresses of high impact, precise work. From automotive to mining and drilling, oil and gas, aerospace and more, applications in many industries are growing, and poised to take up more market share in coming years. Growing demand in the end-use industry particularly is driving the overall market expansion, according to a January 2019 report by BIS Research. From 2018 to 2028, the global market is expected to grow at a compound annual growth rate of 4.07% in terms of value, according to the report.
Powder is important too
Tungsten carbide powder is also poised for growth. Cutting tools as a category is the largest application area in the market, as of 2017, in terms of both value and volume. Since tungsten carbide is widely used in the manufacture of cutting tools for the automotive and construction industries, and those industries are also seeing growth, the outlook is promising.
Benefits of tungsten carbide
A number of tungsten carbide features contribute to its popularity. Just a few reasons why: Less material waste, decreased labor cost, and lower inventory cost. Manufacturers looking to increase margins now focus on high performance, and consumers are after a stronger product.
These indicators suggest a strong future for a product already performing well. At Davalyn, our access to skilled and qualified staffers can help your company look toward a demanding future with confidence. Partner with Davalyn today to continue operating at the forefront of the industry.
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