-- Overview:
Tungsten Carbide is well known for its hardness, strength, abrasion resistance and toughness. It is made from combining tungsten and carbon in equal parts. The increasing demands for heavy-duty operations in mining, drilling, parts, and metal cutting is driving the market towards a brighter future. The Global Tungsten Carbide Market is projected to grow with more than 04 % annual rate during the survey period. Apart from its usage, the Tungsten Carbide scrap can be recycled to use in other applications.
The tungsten is also capable of bearing high temperatures and has a high resistance to impacts. Widening of the automobile sector and industrial covers the Global Tungsten Carbide Market is gaining speeds with time. There are numerous research & developments programs in progress to uncover the newer aspects of this material and enhance the properties for more extensive use. The mining & construction industry is the primary user of Tungsten Carbide and will keep on empowering the market towards new higher positions.
The developing nations are still developing their infrastructures and will be the major employers of this market. The cemented or powdered carbide is being extensively used in making plastic tubes, wires, glass bottles and other products. Apart from its significant uses in maximum industrial processes, the Global Tungsten Carbide Market is facing challenges from its toxic nature. This negative feature has attracted many environmentalists and authorities, which in return is damaging the market growth to considerable levels.
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Recent Industry News:
Global Tungsten Carbide Market has found itself in many industrial processes. It will grow even stronger in the future, but the toxic nature of this material is damaging the market’s growth. The companies are investing in research & development programs to search for newer aspects of tungsten carbide. The Asia Pacific region is the largest and will emerge as the fastest-growing market in the survey period.
Tungsten Carbide Global Market’s Segments:
Global Tungsten Carbide Market has been segmented into two parts:
Grading: The market categorised into rotary drilling & mining grades, submicron grades, general-purpose grades and others.
End-Users: automobile, construction & mining, aerospace, oil & gas, electrical & electronics and other industries are the major end-users of this market.
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Regional Market Summary:
Global Tungsten Carbide Market is observed based on four regions, namely, America, Europe, Asia Pacific and The Middle East & Africa.
The Asia Pacific region is the current leader of the market and will maintain its dominance during the entire survey period. Rapidly developing economies, infrastructural developments, widening industrial covers, and other significant factors are responsible for the growth in this market, and it will emerge out as the fastest-growing market. The European and American regions are not far behind due to well-established production houses, increasing investments towards research & development for newer aspects and renovation & construction procedures at high speeds are the factors driving these markets.
Rest of the regions are growing at comparatively slower rates due to struggling economic growths and will show the same behaviour during the entire survey period.
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