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세계의 탄화 텅스텐 시장(2023-2030년)

Global Tungsten Carbide Market - 2023-2030

발행일: 2023년 07월 | 리서치사:

DataM Intelligence | 페이지 정보: 영문 205 Pages | 배송안내 : 1-2일 (영업일 기준)

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시장 개요

세계 탄화 텅스텐 시장은 2022년에 202억 달러에 달하고, 2023년부터 2030년까지 예측 기간 동안 7.0%의 CAGR로 성장하여 2030년까지 347억 달러에 달할 것으로 예상됩니다.

세계 탄화 텅스텐 시장은 제조업의 수요가 크게 증가할 것으로 예상됩니다. 중국의 제조업의 강력한 확장, 인도의 새로운 제조 프로젝트 시작, 미국의 첨단 제조 산업 유치 노력은 초경공구 수요를 증가시키는 주요 요인이 될 것입니다.

주요 탄화 텅스텐 제조업체들은 현지 수요 증가에 대응하기 위해 개발도상국에서 제조 사업을 확장할 것으로 보입니다. 예를 들어, 2022년 12월, 다국적 야금 기업 유나이티드 울프람(United Wolfram)은 인도 구자라트(Gujarat)에 새로운 텅스텐 제조 공장을 설립했습니다.

시장 역학

세계 제조 활동의 확대

COVID-19 사태 이후 제조업은 강력한 성장세를 보이고 있습니다. 예를 들어 중국 제조업 PMI는 2023년 1월 50.1에서 2023년 2월 52.6으로 상승하여 2012년 이후 가장 빠른 성장세를 기록했습니다. 인도 제조업 PMI는 2023년 5월 58.7로 사상 최고치를 기록했습니다.

제조업 부문의 확대는 초경합금 공작기계 및 부품에 대한 새로운 수요를 창출할 것으로 보입니다. 탄화 텅스텐는 제조 공정에서 재료의 가공, 절단, 드릴링 및 성형에 필수적입니다. 산업이 확장되고 생산 능력이 증가함에 따라 초경 공구에 대한 수요가 크게 증가 할 것으로 예상됩니다.

신흥국 인프라 구축 확대

신흥국들은 국민들의 생활수준을 높이고 경제 성장을 촉진하기 위해 인프라 구축에 많은 투자를 하고 있습니다. 현재 대부분의 인프라 개발은 아시아태평양 국가에서 이루어지고 있습니다. 아시아개발은행(ADB)의 추산에 따르면 아시아태평양은 연간 8,810억 달러를 인프라 개발에 투자하고 있습니다. 또한 ADB는 경제 성장 모멘텀을 유지하려면 연간 1조 7,000억 달러까지 지출을 늘려야 한다고 추정했습니다.

탄화 텅스텐는 경도로 인해 전기 톱과 드릴링 장비의 드릴 비트에 널리 사용되고 있습니다. 현재 진행중인 항만, 공항, 고속도로, 교량, 고속철도, 도시 대중 교통 시스템의 건설은 단기 및 중기적으로 탄화 텅스텐에 대한 수요를 크게 증가시킬 것으로 예상됩니다.

텅스텐 가격의 변동

탄화 텅스텐는 주원료로 금속 텅스텐에 의존하고 있습니다. 텅스텐은 비교적 희귀한 자원으로, 그 가격은 수급 관계, 지정학적 긴장, 거시경제 상황 등 다양한 요인에 따라 변동이 심합니다. 2023년 1월부터 5월까지 텅스텐 가격은 2023년 1월부터 5월까지 MTU(미터톤 단위)당 320-350달러 이내로 비교적 높은 수준에서 유지되고 있습니다.

텅스텐 가격 변동은 탄화 텅스텐 제조 및 생산 공정에 큰 영향을 미칩니다. 텅스텐 가격이 상승하면 제조업체는 원자재 조달 비용이 증가하여 수익성이 악화될 수 있습니다. 텅스텐 가격 변동은 수요를 감소시켜 세계 탄화 텅스텐 시장의 성장을 억제하고 새로운 프로젝트에 대한 자본 지출을 방해 할 수 있습니다.

COVID-19 영향 분석

COVID-19는 전 세계 공급망을 혼란에 빠뜨리고 경제의 불확실성을 야기하여 탄화 텅스텐 시장을 포함한 다양한 산업에 영향을 미쳤습니다. 각국 정부의 이동 및 제조 제한으로 인해 산업 활동이 위축되어 탄화 텅스텐 제품에 대한 수요가 감소했습니다.

또한 탄화 텅스텐의 중요한 최종사용자 인 광업 및 제조 산업의 둔화는 시장 성장에 더 많은 영향을 미쳤습니다. 그러나 전염병의 여파로 세계 경제가 회복되고 산업이 성장 모멘텀을 회복함에 따라 탄화 텅스텐에 대한 수요가 회복되고 향후 몇 년 동안 견고하게 유지될 것으로 예상됩니다.

우크라이나-러시아 전쟁의 영향

러시아는 2022년에 약 2300톤을 생산하는 세계 주요 텅스텐 생산국이기 때문에 우크라이나-러시아 전쟁은 텅스텐 공급에 혼란을 일으켜 국제 시장에 단기적인 가격 변동을 일으켰습니다. 러시아가 남긴 구멍은 중국 등 다른 주요 텅스텐 생산국이 메울 것으로 예상됩니다.

주로 러시아의 천연가스 공급 중단으로 인해 유럽에서 에너지 가격이 크게 상승했습니다. 이로 인해 유럽 탄화 텅스텐 제조업체의 경쟁력이 크게 떨어졌습니다. 이는 아시아 제조업체들에게 큰 시장 점유율을 확보할 수 있는 좋은 기회가 되고 있습니다.

Market Overview

The Global Tungsten Carbide Market reached US$ 20.2 billion in 2022 and is expected to reach US$ 34.7 billion by 2030, growing with a CAGR of 7.0% during the forecast period 2023-2030.

The Global Tungsten Carbide Market is slated to witness a significant increase in demand from the manufacturing industry. Strong expansion of the manufacturing sector in China, the setting up of new manufacturing projects in India and the U.S. efforts to attract more high-tech manufacturing are major factors in increasing demand for tungsten carbide tools.

Major tungsten carbide manufacturers will likely expand their manufacturing operations in developing countries to cater to the growing local demand. For instance, in December 2022, United Wolfram, a multinational metallurgy company, opened a new Tungsten manufacturing plant in Gujarat, India.

Market Dynamics

Expansion of Global Manufacturing Activities

The manufacturing sector has witnessed strong growth after the COVID-19 pandemic. For instance, China's manufacturing PMI grew to 52.6 in February 2023 from 50.1 in January 2023, registering the fastest expansion since 2012. India's manufacturing PMI increased to an all-time high of 58.7 in May 2023.

The expansion of the manufacturing sector will create renewed demand for tungsten carbide machine tools and components. Tungsten carbide is essential for machining, cutting, drilling, and shaping materials in manufacturing processes. As industries expand and production capacities increase, the demand for tungsten carbide tools is expected to rise significantly.

Growing Infrastructure Development in Emerging Countries

Emerging countries are heavily investing in infrastructure development to raise living standards for their population and drive economic growth. A majority of the infrastructure development currently occurs in countries in Asia-Pacific. The Asian Development Bank (ADB) estimates that Asia-Pacific spends US$ 881 billion on infrastructure annually. The bank further estimates that spending needs to increase to US$ 1.7 trillion annually to maintain economic growth momentum.

Due to its hardness, tungsten carbide is widely used in electric saw and drill bits for drilling equipment. The ongoing construction of new ports, airports, expressways, bridges, high-speed rail and urban mass transit systems is expected to significantly increase the demand for tungsten carbide in the short and medium term.

Volatility in Tungsten Prices

Tungsten carbide relies on tungsten metal as a primary raw material. Tungsten is a relatively scarce resource, and its price is subject to fluctuations due to various factors such as supply-demand dynamics, geopolitical tensions, and macroeconomic conditions. Tungsten prices remain relatively high, within US$ 320-350 per MTU (metric ton units) from January to May 2023.

The price volatility of tungsten can significantly impact the manufacturing and production processes of tungsten carbide. When tungsten prices rise, manufacturers may face higher costs for acquiring raw materials, which can strain their profitability. Volatility in tungsten prices can prevent capital expenditure on new projects, thus reducing demand and restraining the growth of the Global Tungsten Carbide Market.

COVID-19 Impact Analysis

The COVID-19 pandemic disrupted global supply chains and caused economic uncertainty, affecting various industries, including the tungsten carbide market. The restrictions on movement and manufacturing imposed by governments worldwide led to a decline in industrial activities and reduced demand for tungsten carbide products.

Additionally, the slowdown in mining and manufacturing sectors, which are significant end-users of tungsten carbide, further impacted market growth. However, as the global economy recovered in the aftermath of the pandemic and industries regained growth momentum, the demand for tungsten carbide has rebounded and is expected to remain strong over the coming years.

Ukraine-Russia War Impact

Since Russia is a major global producer of tungsten, producing nearly 2300 metric tons in 2022, the Ukraine-Russia war has disrupted tungsten supplies and created short-term price volatility in the international markets. It is expected that other major tungsten producers, such as China, will fill the gap Russia left.

Energy prices have increased significantly in Europe, mainly due to Russia's disruption of natural gas supplies. It has dramatically reduced the competitiveness of European tungsten carbide manufacturers. It presents a significant opportunity to Asian manufacturers to capture a large market share.

Segment Analysis

The Global Tungsten Carbide Market is segmented based on grade, application, end-user and region.

Rising Energy Demand will Boost the Growth of the Oil and Gas Industry

Oil and gas accounts for a quarter of the market share of the global tungsten carbide market. Multinational energy companies exploit offshore oil and gas reserves to offset stagnating production in existing fields and cater to rising energy demand as industrialization kicks off in developing countries.

Tungsten carbide is extensively used in drilling and exploration activities in the oil and gas sector. Tungsten carbide drill bits and cutting tools exhibit exceptional hardness, wear resistance, and heat resistance, making them suitable for challenging drilling conditions. The oil and gas industry operates in harsh environments involving abrasive substances, high temperatures, and corrosive fluids. Tungsten carbide is utilized in wear-resistant components such as valve balls, seats, seals, nozzles, and bearings.

Geographical Analysis

Reshoring of the Manufacturing Industry is Likely to Augment Market Growth in North America

Amid rising geopolitical tensions, North American countries, especially U.S., is attempting to recoup their competitive edge in manufacturing and moving high-tech manufacturing back to North America. The U.S. government has rolled out various subsidies and incentives to return American and multinational companies to the region.

The U.S. Congress has passed the Inflation Reduction Act (IRA) and the CHIPS Act, which allocated billions in new subsidies for various manufacturing sectors. Since the passage of the acts in late 2022, companies have committed more than US$ 200 billion in new manufacturing projects, more than double that of 2021 and 2022. In January 2023, Samsung announced that its new US$ 17 billion semiconductor fab in Texas, U.S., will commence operations by the end of 2023.

The proliferation of new manufacturing projects will significantly boost demand for various types of tungsten carbide machine tools and other components.

Competitive Landscape

The major global players include: Sandvik AB, Kennametal Inc., CERATIZIT S.A., Federal Carbide Company, GuangDong XiangLu Tungsten Co. Ltd., JAPAN NEW METALS CO. LTD, China Tungsten, Chongyi Zhang Yuan Tungsten Co. Ltd, Merck KGaA and H.C. GmbH.

Why Purchase the Report?

To visualize the Global Tungsten Carbide Market segmentation based on grade, application, end-user and region, and understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous tungsten carbide market-level data points with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as Excel consisting of key products of all the major players.

The Global Tungsten Carbide Market Report Would Provide Approximately 57 Tables, 66 Figures And 205 pages.

Target Audience 2023

Manufacturers/ Buyers
Industry Investors/Investment Bankers
Research Professionals
Emerging Companies

1. Methodology and Scope

1.1. Research Methodology
1.2. Research Objective and Scope of the Report

2. Definition and Overview

3. Executive Summary

3.1. Snippet by Grade
3.2. Snippet by Application
3.3. Snippet by End-User
3.4. Snippet by Region

4. Dynamics

4.1. Impacting Factors
- 4.1.1. Drivers
  - 4.1.1.1. Expansion of Mining Activities
  - 4.1.1.2. Advancements in Manufacturing Processes
  - 4.1.1.3. Expansion of Global Manufacturing Activities
  - 4.1.1.4. Growing Infrastructure Development in Emerging Economies
- 4.1.2. Restraints
  - 4.1.2.1. Volatility in Tungsten Prices
  - 4.1.2.2. Availability of Better Alternatives
- 4.1.3. Opportunity
- 4.1.4. Impact Analysis

5. Industry Analysis

5.1. Porter's Five Force Analysis
5.2. Supply Chain Analysis
5.3. Pricing Analysis
5.4. Regulatory Analysis

6. COVID-19 Analysis

6.1. Analysis of COVID-19
- 6.1.1. Scenario Before COVID
- 6.1.2. Scenario During COVID
- 6.1.3. Scenario Post COVID
6.2. Pricing Dynamics Amid COVID-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During Pandemic
6.5. Manufacturers Strategic Initiatives
6.6. Conclusion

7. By Grade

7.1. Introduction
- 7.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Grade
- 7.1.2. Market Attractiveness Index, By Grade
7.2. Rotary Drilling & Mining Grades*
- 7.2.1. Introduction
- 7.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
7.3. Submicron Grades
7.4. Metal Forming & Wear Grades
7.5. Corrosion Resistant Grades
7.6. General Purpose Grades
7.7. Others

8. By Application

8.1. Introduction
- 8.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 8.1.2. Market Attractiveness Index, By Application
8.2. Machine Tools & Components*
- 8.2.1. Introduction
- 8.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
8.3. Dies & Punches
8.4. Cutting Tools
8.5. Abrasive Products
8.6. Others

9. By End-User

9.1. Introduction
- 9.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 9.1.2. Market Attractiveness Index, By End-User
9.2. Mining & Construction*
- 9.2.1. Introduction
- 9.2.2. Market Size Analysis and Y-o-Y Growth Analysis (%)
9.3. Transportation
9.4. Industrial Engineering
9.5. Oil & Gas
9.6. Aerospace & Defense
9.7. Others

10. By Region

10.1. Introduction
- 10.1.1. Market Size Analysis and Y-o-Y Growth Analysis (%), By Region
- 10.1.2. Market Attractiveness Index, By Region
10.2. North America
- 10.2.1. Introduction
- 10.2.2. Key Region-Specific Dynamics
- 10.2.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Grade
- 10.2.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.2.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.2.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.2.6.1. The U.S.
  - 10.2.6.2. Canada
  - 10.2.6.3. Mexico
10.3. Europe
- 10.3.1. Introduction
- 10.3.2. Key Region-Specific Dynamics
- 10.3.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Grade
- 10.3.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.3.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.3.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.3.6.1. Germany
  - 10.3.6.2. The UK
  - 10.3.6.3. France
  - 10.3.6.4. Italy
  - 10.3.6.5. Spain
  - 10.3.6.6. Rest of Europe
10.4. South America
- 10.4.1. Introduction
- 10.4.2. Key Region-Specific Dynamics
- 10.4.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Grade
- 10.4.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.4.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.4.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.4.6.1. Brazil
  - 10.4.6.2. Argentina
  - 10.4.6.3. Rest of South America
10.5. Asia-Pacific
- 10.5.1. Introduction
- 10.5.2. Key Region-Specific Dynamics
- 10.5.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Grade
- 10.5.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.5.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User
- 10.5.6. Market Size Analysis and Y-o-Y Growth Analysis (%), By Country
  - 10.5.6.1. China
  - 10.5.6.2. India
  - 10.5.6.3. Japan
  - 10.5.6.4. Australia
  - 10.5.6.5. Rest of Asia-Pacific
10.6. Middle East and Africa
- 10.6.1. Introduction
- 10.6.2. Key Region-Specific Dynamics
- 10.6.3. Market Size Analysis and Y-o-Y Growth Analysis (%), By Grade
- 10.6.4. Market Size Analysis and Y-o-Y Growth Analysis (%), By Application
- 10.6.5. Market Size Analysis and Y-o-Y Growth Analysis (%), By End-User

11. Competitive Landscape

11.1. Competitive Scenario
11.2. Market Positioning/Share Analysis
11.3. Mergers and Acquisitions Analysis

12. Company Profiles

12.1. Sandvik AB*
- 12.1.1. Company Overview
- 12.1.2. Grade Portfolio and Description
- 12.1.3. Financial Overview
- 12.1.4. Recent Developments
12.2. Kennametal Inc.
12.3. CERATIZIT S.A.
12.4. Federal Carbide Company
12.5. GuangDong XiangLu Tungsten Co. Ltd.
12.6. JAPAN NEW METALS CO. LTD
12.7. China Tungsten
12.8. Chongyi Zhang Yuan Tungsten Co. Ltd
12.9. Merck KGaA
12.10. H.C. GmbH

LIST NOT EXHAUSTIVE

13. Appendix

13.1. About Us and Services
13.2. Contact Us

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