Stratistics MRC에 따르면, 텅스텐 카바이드 세계 시장은 2025년에 207억 달러, 예측 기간 동안 8.3%의 연평균 복합 성장률(CAGR)로 성장할 것으로 예상되며, 2032년까지 362억 달러에 이를 것으로 예측됩니다.
텅스텐 카바이드는 텅스텐과 탄소로 만들어진 고밀도로 내구성이 높은 화합물로 매우 딱딱하고 내마모성이 뛰어난 것으로 알려져 있습니다. 이 재료는 내구성과 가공 효율성 때문에 제조에서 선호됩니다. 또한, 텅스텐 카바이드는 종래의 금속에 비해 뛰어난 강도를 제공해, 쥬얼리, 의료기기, 군사 용도에 이용되고 있습니다.
경제분석국에 따르면 2022년 1-3분기 미국 건설 업계의 부가가치 총액은 약 2조 9,800억 달러로 전년 동기를 약 5% 웃돌았습니다.
자동차 및 항공우주산업에서의 수요 증가
텅스텐 카바이드는 탁월한 경도와 내구성으로 인해 엔진 부품, 절삭 공구, 내마모 부품에 널리 이용되고 있습니다. 자동차 산업은 정밀 가공, 연비 향상, 부품 수명 연장을 위해 텅스텐 카바이드에 의존하고 있습니다.
공급망 제약 및 원재료 가용성
텅스텐 카바이드의 중요한 구성 요소인 텅스텐은 주로 여러 주요 지역에서 조달되기 때문에 시장은 지정학적 위험과 무역 제한의 영향을 받기 쉽습니다.
3D 프린팅 및 적층 조형에서 채용 증가
산업계가 고성능 용도를 위한 첨단 재료를 요구하는 가운데, 텅스텐 카바이드의 탁월한 경도와 내마모성은 적층 조형에 이상적인 선택이 되고 있습니다. 분말 야금 및 바인더 분사 기술의 혁신으로 복잡한 텅스텐 카바이드 부품을 정밀하게 생산할 수 있게 되었습니다. 또한, 적층 조형에 의해 텅스텐 카바이드 부품을 커스터마이즈 할 수 있기 때문에 비용 효율적이고 효율적인 제조 방법을 요구하는 제조업체들 사이에서 관심이 높아지고 있습니다.
고급 세라믹 및 코팅 탄화물로 대체
탄화 규소 및 탄화 티타늄과 같은 재료는 특히 절삭 공구 및 내마모성 코팅과 같은 고성능 응용 분야에서 지지를 받고 있습니다. 텅스텐 카바이드는 여전히 많은 용도로 선호되지만 대체품의 위협이 있기 때문에 경쟁력을 유지하기 위해서는 지속적인 기술 혁신이 필요합니다.
COVID-19의 큰 유행은 공급망, 생산 능력, 각 산업 수요에 영향을 미치고, 텅스텐 카바이드 시장을 혼란시켰습니다. 팬데믹 기간 동안 자동차 및 항공우주 생산이 감소하면서 텅스텐 카바이드 기반 부품에 대한 수요가 더욱 감소했습니다.
예측 기간 동안 텅스텐 카바이드 분말 부문이 최대가 될 것으로 예상
텅스텐 카바이드 분말 부문은 초경합금 제조에 널리 사용되므로 예측 기간 동안 최대 시장 점유율을 차지할 것으로 예측됩니다.
예측기간 동안 절삭공구 분야의 CAGR이 가장 높아질 전망
예측기간 중 절삭공구 분야는 자동차, 항공우주, 산업용도에서의 정밀가공 수요 증가에 견인되어 가장 높은 성장률을 나타낼 것으로 예측됩니다.
예측 기간 동안 북미는 자동차, 항공우주, 방위 산업의 왕성한 수요에 견인되어 최대 시장 점유율을 차지할 것으로 예측됩니다. 이 지역의 첨단 제조 인프라와 기술 혁신은 텅스텐 카바이드 기반 부품의 광범위한 채택에 기여하고 있습니다. 또한 국내 텅스텐 생산과 재료 연구를 지원하는 정부의 이니셔티브가 시장의 성장을 강화하고 있습니다.
예측 기간 중 아시아태평양이 가장 높은 CAGR을 나타낼 것으로 예상되지만, 이것은 급속한 산업화와 제조 및 인프라 개발에 대한 투자 증가로 인한 것입니다.
According to Stratistics MRC, the Global Tungsten Carbide Market is accounted for $20.7 billion in 2025 and is expected to reach $36.2 billion by 2032 growing at a CAGR of 8.3% during the forecast period. Tungsten carbide is a dense, highly durable compound made from tungsten and carbon, known for its extreme hardness and resistance to wear. It is widely used in industrial applications such as cutting tools, mining equipment, and aerospace components due to its ability to withstand high temperatures and mechanical stress. This material is favored in manufacturing for its longevity and efficiency in machining tough metals. Additionally, tungsten carbide is utilized in jewelry, medical instruments, and military applications, offering superior strength compared to conventional metals. Its exceptional durability makes it an essential material in industries requiring high-performance, wear-resistant components.
According to the Bureau of Economic Analysis, the total value added by the construction industry in the United States in the first three quarters of 2022 was around USD 2,980 billion, which was roughly 5% higher than the previous year for the same period.
Rising demand from the automotive and aerospace industries
Tungsten carbide is widely utilized in engine components, cutting tools, and wear-resistant parts due to its exceptional hardness and durability. The automotive sector relies on tungsten carbide for precision machining, improving fuel efficiency and extending component lifespan. Similarly, the aerospace industry integrates tungsten carbide in critical applications, such as turbine blades and high-performance drills.
Supply chain constraints and raw material availability
Tungsten, a critical component of tungsten carbide, is primarily sourced from a few key regions, making the market vulnerable to geopolitical risks and trade restrictions. Fluctuations in raw material prices can impact production costs, affecting profitability for manufacturers. Additionally, environmental regulations governing tungsten mining and processing add complexity to supply chain management.
Increased adoption in 3D printing and additive manufacturing
As industries seek advanced materials for high-performance applications, tungsten carbide's exceptional hardness and wear resistance make it an ideal choice for additive manufacturing. Innovations in powder metallurgy and binder jetting technologies are enabling the production of complex tungsten carbide components with enhanced precision. Additionally, the ability to customize tungsten carbide parts through additive manufacturing is driving interest among manufacturers looking for cost-effective and efficient production methods.
Substitution by Advanced Ceramics and Coated Carbides
Materials such as silicon carbide and titanium carbide are gaining traction in high-performance applications, particularly in cutting tools and wear-resistant coatings. These alternatives provide enhanced thermal stability and corrosion resistance, making them attractive substitutes for tungsten carbide in certain industries. While tungsten carbide remains a preferred choice for many applications, the threat of substitution necessitates continuous innovation to maintain its competitive edge.
The COVID-19 pandemic disrupted the tungsten carbide market by affecting supply chains, production capacities, and demand across industries. Lockdowns and restrictions led to delays in raw material procurement and manufacturing operations, impacting market growth. The decline in automotive and aerospace production during the pandemic further reduced demand for tungsten carbide-based components. However, the market has since rebounded, with industries prioritizing efficiency and durability in material selection.
The tungsten carbide powder segment is expected to be the largest during the forecast period
The tungsten carbide powder segment is expected to account for the largest market share during the forecast period due to its widespread use in cemented carbide production. This material serves as the foundation for various applications, including cutting tools, wear-resistant coatings, and industrial machinery components. The exceptional hardness and wear resistance of tungsten carbide powder make it indispensable in metalworking and mining industries.
The cutting tools segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the cutting tools segment is predicted to witness the highest growth rate driven by the increasing demand for precision machining in automotive, aerospace, and industrial applications. Tungsten carbide cutting tools offer superior durability and efficiency, reducing downtime and improving productivity in manufacturing processes. The rise of automated machining and CNC technology has further boosted the adoption of tungsten carbide-based cutting tools.
During the forecast period, the North America region is expected to hold the largest market share driven by strong demand from the automotive, aerospace, and defense industries. The region's advanced manufacturing infrastructure and technological innovations contribute to the widespread adoption of tungsten carbide-based components. Additionally, government initiatives supporting domestic tungsten production and material research are strengthening market growth. The presence of leading industry players and research institutions focused on material advancements further reinforces North America's market position.
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR fueled by rapid industrialization and increasing investments in manufacturing and infrastructure development. Countries such as China, Japan, and South Korea are leading the adoption of tungsten carbide in automotive, electronics, and construction sectors. The region's thriving mining industry also supports tungsten carbide production, ensuring a stable supply of raw materials.
Key players in the market
Some of the key players in Tungsten Carbide Market include Ceratizit S.A., China Tungsten Online (Xiamen) Manu. & Sales Corp., Chongyi ZhangYuan Tungsten Co., Ltd, Extramet, Federal Carbide Company, Guangdong Xianglu Tungsten Co., Ltd., H.C. Starck GmbH, Hitachi Metals, Japan New Metal Co., Ltd, Kennametal Inc., Merck KGaA, Nanchang Cemented Carbide Co., Ltd, Reade International Corp., Sandvik AB, Sumitomo Corporation, and Umicore.
In February 2025, Guangdong Xianglu Tungsten Co., Ltd announced its February 2025 long-term contract prices for tungsten products, including 55% black tungsten ore at 142,500 yuan/standard mt and APT at 212,000 yuan/mt.
In December 2024, H.C. Starck was officially acquired by Mitsubishi Materials Corporation, expanding MMC's global tungsten capabilities across Germany, Canada, and China.
In September 2024, Xianglu Tungsten launched a project to produce 30 billion meters of ultra-fine tungsten alloy wire for photovoltaic applications, investing 515 million yuan, with the first phase expected to be operational by October 2024.