Tungsten carbide are used in various end use industries such as mining and construction, automobile, electronics, and defense among others. The growing demand from the developing region throughout the globe are the major factors driving the global market of tungsten carbide.
The global tungsten carbide market is likely to grow at a healthy CAGR between 2017- 2023, according to the new report by Market Research Future (MRFR). Tungsten carbide, simply put, is a chemical compound that contains both tungsten & carbon atoms in the same parts. In the basic form, it is a grey powder that has the ability to be pressed as well as formed into multiple shapes resting on its usage in various end user industries.
The rotary drilling and mining grade segment is the leading type in the market on account of its properties such as impact strength, tensile strength, stiffness and high performance ability among other. The growing construction and oil & gas activities throughout the globe is expected to positively impact the growth of the segment.
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The tungsten carbide market is segmented across five regions: Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the market and is expected to be a dominant market with an encouraging CAGR during the forecast period. The rapid growth of industries and urbanization is fuelling the growth of tungsten carbide in the developing countries of Asia Pacific. Moreover, the favorable government regulation in the region has attracted many industry players to enter the lucrative market of Asia Pacific which in turn is fuelling the market growth.
Some of the prominent players operating in the Global tungsten carbide market are Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet AG (Switzerland), Federal Carbide Company (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan), China Tungsten (Xiamen) and Eurotungstene (France), among others
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Some of the prominent players operating in the Global tungsten carbide market are Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet AG(Switzerland), Federal Carbide Company (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan), China Tungsten (Xiamen), and Eurotungstene (France), among others.
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