Future Market Insights
Metal carbides play a vital role in end use industries, due to their valuable properties. Globally, they play a dynamic role in many areas of material science, physics and chemistry. These metal carbide are available in various sizes and shapes, and offer a variety of properties, such as such as hardness, stiffness, etc. Tungsten carbide is one of these metal carbides and exhibits the aforementioned properties. It is produced by the reaction of tungsten hexachloride with methane or methanol, which is the source of carbon in the reaction. Tungsten carbide is an inorganic chemical compound, represented by the chemical formula WC and physically, it is in the form of a fine grey powder. The formation of tungsten carbide involves an equal number of carbon and tungsten atoms. In terms of properties, tungsten carbide is much stiffer than steel and denser than titanium. Its hardness is comparable with precious metals, such as ruby, sapphire and corundum. Owing to tungsten carbide’s high resistivity to abrasion, it is widely used in the manufacturing industry for cutting tools. The only drawback in the application of tungsten carbide is that it can decompose at high temperatures and separate into its initial form, i.e. as tungsten and a carbide.
Tungsten carbides are progressively becoming a part of our daily lives and it is anticipated that their application will increase significantly in the coming future, as they are being produced in large quantities for usage in a diverse variety of products. Growing research & development activities to enhance growth in technology are anticipated to drive the tungsten carbide market, and furthermore support its application in ammunition, jewellery and others over the forecast period.
Tungsten Carbide Market: Dynamics
Increasing high quality demand in end use industries is expected to drive demand for the tungsten carbide market during the forecast period. Superior properties of final finished products of tungsten carbide are expected to fuel demand for the tungsten carbide market in the future. Tungsten carbide has become a popular material in the manufacturing of jewellery, due to its high resistance to scratching and the hardness of the material. Despite these positive attributes, the tungsten carbide market is expected to be restrained by its relatively high cost when compared to other metal carbides. Tungsten carbide is a good replacement for uranium in the manufacturing of ammunition and in many other end use applications. Therefore, the lack of availability of uranium in some regions, and its severe ill effects on the human body is expected to create a significant opportunity for tungsten carbide manufactures.
On the basis of geographical regions and in terms of production, China is anticipated to dominate the Asia Pacific tungsten carbide market over the forecast period. In terms of consumption, North America is expected to drive the demand for tungsten carbide in the near future.
Tungsten Carbide Market: Segmentation
On the basis of application, the global tungsten carbide market can be segmented into:
Tungsten Carbide Market: Regional Outlook
The tungsten carbide market can be divided into seven different geographical regions/divisions: North America, Latin America, Western and Eastern Europe, Asia-Pacific excluding Japan (APEJ), Japan, and the Middle East and Africa. Economies in the APEJ region, especially India and China, will play a significant role in the growth of the tungsten carbide market over the forecast period.
Owing to the increasing adoption of sustainable technology in production globally, the tungsten carbide market is projected to grow at a significantly high CAGR during the forecast period. Furthermore, new technologies and inventions in tungsten carbide will foster growth in the global market.
Tungsten Carbide Market: Market Participants
Examples of some of the market participants identified across the value chain of the tungsten carbide market are:
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