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1304525

全球硬質合金市場 - 2023-2030

Global Tungsten Carbide Market - 2023-2030

出版日期: 2023年07月07日 | 出版商:

DataM Intelligence | 英文 205 Pages | 商品交期: 約2個工作天內

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簡介目錄

市場概述

全球硬質合金市場規模在2022年達到202億美元，預計到2030年將達到347億美元，在2023-2030年期間的複合年成長率為7.0%。

全球碳化鎢市場將見證製造業需求的顯著成長。中國製造業的強勁擴張、印度新製造項目的建立以及美國吸引更多高科技製造業的努力，都是碳化鎢工具需求成長的主要因素。

主要硬質合金製造商可能會擴大在發展中國家的製造業務，以滿足當地日益成長的需求。例如，2022年12月，跨國冶金公司United Wolfram在印度古吉拉特開設了一家新的鎢製造廠。

市場動態

全球製造業的擴張

COVID-19大流行後，製造業出現強勁成長。例如，中國製造業採購經理指數從2023年1月的50.1上升至2023年2月的52.6，創下自2012年以來的最快增速。印度製造業採購經理指數在2023年5月升至58.7的歷史新高。

製造業的擴張將帶來對硬質合金機床和部件的新需求。碳化鎢是製造過程中加工、切割、鑽孔和成型材料的必需品。隨著工業的擴張和生產能力的提高，預計對硬質合金工具的需求將大幅上升。

新興國家基礎設施建設不斷發展

新興國家正在大力投資基礎設施建設，以提高人民生活水準，推動經濟成長。目前，大部分基礎設施建設都發生在亞太地區國家。據亞洲開發銀行（ADB）估計，亞太地區每年在基礎設施方面的支出為8810億美元。該行進一步估計，為保持經濟成長勢頭，每年的支出需增至1.7兆美元。

由於硬度高，硬質合金被廣泛應用於電鋸和鑽孔設備的鑽頭。正在進行的新港口、機場、高速公路、橋樑、高速鐵路和城市軌道交通系統建設預計將在中短期內大幅增加對碳化鎢的需求。

鎢價格波動

碳化鎢依賴金屬鎢作為主要原料。鎢是一種相對稀缺的資源，其價格受供需動態、地緣政治緊張局勢和宏觀經濟狀況等各種因素的影響而波動。 2023年1月至5月，鎢的價格保持在320-350美元/MTU（公噸單位）的相對高位。

鎢的價格波動會嚴重影響硬質合金的製造和生產過程。當鎢價上漲時，製造商可能會面臨原料採購成本上升的問題，這可能會影響他們的盈利能力。鎢價格的波動會阻礙新項目的資本支出，從而減少需求並抑制全球硬質合金市場的成長。

COVID-19影響分析

COVID-19大流行擾亂了全球供應鏈，造成經濟不確定性，影響了包括碳化鎢市場在內的各行各業。世界各國政府對移動和製造的限制導致工業活動減少，碳化鎢產品需求下降。

此外，作為碳化鎢重要終端用戶的採礦業和製造業的放緩進一步影響了市場成長。然而，隨著大流行病後全球經濟的復甦和工業恢復成長勢頭，碳化鎢的需求有所回升，預計未來幾年仍將保持強勁。

烏克蘭-俄羅斯戰爭的影響

由於俄羅斯是全球主要的鎢生產國，2022年產量接近2300公噸，烏俄戰爭擾亂了鎢供應，造成國際市場短期價格波動。預計中國等其他主要鎢生產國將填補俄羅斯留下的缺口。

歐洲能源價格大幅上漲，主要原因是俄羅斯中斷了天然氣供應。這大大降低了歐洲碳化鎢製造商的競爭力。這給亞洲製造商提供了一個佔據大量市場佔有率的重要機會。

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