Tungsten Carbide Market 2029:
Metal carbides exhibit properties such as stiffness, hardness, and come in various shapes and sizes, making it ideal for a variety of uses. Global Tungsten Carbide Market is counted among high-performance chemical compounds containing an equal amount of high purity carbon atoms and tungsten powder. Tungsten carbide formation involves an equal number of tungsten and carbon atoms. It is denser than titanium and stiffer than steel, and these properties of it make it an ideal metal carbide in place of steel and titanium. It exhibits hardness that can be compared with precious metals, such as corundum, sapphire, and ruby.
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The Major Players Covered in this Report: Kennametal, Sandvik AB, Federal Carbide Company, Japan New Metal Company Ltd, Ceratizit, ChinaTungsten Online (Xiamen) Manufacturing & Sales Corporation, Buffalo Tungsten, Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Company Ltd., Zigong Huagang Cemented Carbide New Materials Company, C Starck, Reade International Corporation, Guangdong Xianglu Tungsten Company Ltd., Nanchang Cemented Carbide Co. Ltd., Manu, and Sales Corporation (China), Extranet and Eurotungstene, & more…
Tungsten Carbide Market: Segmentation:
By Grade: General Purpose, Metal Forming, and Wear, Rotary Drilling and Mining, Submicron, Corrosion Resistant
By Application: Cutting Tools, Machine Tools, and Components, Dies and Punches, Abrasive Products
By End-User: Oil and Gas, Aerospace and Defense, Industrial Engineering, Transportation, Mining and Construction
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Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Tungsten Carbide in the APAC Region:
Asia-Pacific region is anticipated to hold the largest market share in the global Tungsten Carbide market during the forecast period 2021-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Tungsten Carbide and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Tungsten Carbide.
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Impact of COVID-19:
COVID-19 has impacted the global supply chains to an incredible level. International trade is on a standstill as several economies have announced partial to complete lockdowns in their respective countries. This has led to the shutting down of many small and medium-sized companies, which has also resulted in job and income losses at a significant level. Furthermore, global supply chains have been distorted by a combination of over-reliance on China, and their plans to reshuffle their supply chains and shift away from China. The Chinese trade practices to induce trade for only their benefit has been facing flak lately, the effects of which are likely to be felt in the years to come.
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