Tungsten Carbide Market Report Growth from USD$ 20.2B to USD$ 34.7B by 2031

Tungsten Carbide Market Size, Share, Growth Analysis & Regional Outlook (2025–2032)

AUSTIN, TX, UNITED STATES, December 23, 2025 /EINPresswire.com/ -- Market Size and Growth

According to DataM Intelligence, the Global Tungsten Carbide Market was valued at USD 20.2 billion in 2022 and is projected to reach USD 34.7 billion by 2031, expanding at a CAGR of 7.0% during the 2024–2031 forecast period.

With global infrastructure expansion, electrification, and precision manufacturing accelerating, tungsten carbide continues to gain traction as a critical advanced material for productivity, durability, and cost efficiency.

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Growth Drivers

1• Global demand for cutting and wear-resistant tools exceeded USD 18 billion in 2024, with tungsten carbide accounting for over 55% of tool material usage.

2• Mining and construction activity expanded by 6.2% globally in 2024, directly boosting consumption of tungsten carbide drilling and wear components.

3• The automotive and EV manufacturing sector consumed over 95,000 metric tons of tungsten carbide-based tooling in 2024.

4• Rising adoption of CNC machining and precision manufacturing increased tungsten carbide tool demand by 8.1% YoY.

5• Governments in China, the U.S., and Europe invested over USD 1.8 trillion collectively in infrastructure and industrial modernization, strengthening long-term demand.

Market Segmentation Analysis

By Product Type

The tungsten carbide market is segmented into Cemented Carbide, Cast Carbide, and Others.

• Cemented Carbide dominates with 72% market share (USD 19.7 billion in 2024), driven by extensive use in cutting tools, dies, and wear parts. It is expected to reach USD 35 billion by 2032.

• Cast Carbide accounts for 18% (USD 4.9 billion), primarily used in oil & gas drilling and hardfacing applications.

• Others (including carbide composites) contribute 10%, gaining adoption in aerospace and defense applications.

By Application

• Cutting Tools led the market with 40% share (USD 11.0 billion in 2024) and will surpass USD 20 billion by 2032.

• Mining & Construction accounted for 25% (USD 6.8 billion) due to heavy use in drilling bits and wear parts.

• Oil & Gas represented 12% (USD 3.3 billion), supported by deepwater and shale exploration activities.

• Automotive & Transportation held 13% (USD 3.6 billion), driven by engine components, tooling, and EV manufacturing.

• Aerospace, Defense, and Others collectively contributed 10%, expanding with demand for lightweight, high-strength materials.

By End-User Industry

• Manufacturing & Industrial Machinery dominates with 46% market share.

• Energy & Utilities (oil, gas, renewables) hold 19%.

• Construction & Infrastructure account for 18%.

• Automotive & Aerospace together contribute 17%, supported by precision engineering requirements.

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Regional Insights

China

China remains the largest tungsten carbide market, valued at USD 11.2 billion in 2024, projected to reach USD 19.5 billion by 2032.

• Controls over 80% of global tungsten raw material supply.

• Strong domestic demand from construction, mining, and machine tooling industries.

• Government-backed industrial upgrades support sustained growth.

United States

The U.S. market reached USD 5.1 billion in 2024 and is forecast to grow to USD 8.9 billion by 2032 at a 7.2% CAGR.

• Rising adoption in aerospace, defense, and EV manufacturing.

• Strong demand for high-precision CNC tools.

• Increased reshoring of manufacturing capacity.

Europe

Europe accounted for USD 4.6 billion in 2024, driven by Germany, Italy, and France.

• Growth supported by automotive lightweighting and aerospace tooling.

• Emphasis on sustainable machining and long-life tools.

• Expected to reach USD 7.8 billion by 2032.

Japan

Japan’s tungsten carbide market stood at USD 1.9 billion in 2024.

• Strong demand from electronics, robotics, and precision engineering.

• Leading innovation in micro-cutting and ultra-hard tooling.

• Projected CAGR of 6.8% through 2032.

Key Players

The Tungsten Carbide Market is moderately consolidated, with global players focusing on capacity expansion, recycling, and advanced coating technologies.

Sandvik AB | Kennametal Inc. | CERATIZIT Group | Sumitomo Electric | Mitsubishi Materials | Element Six | IMC Group | GTP Schaefer | H.C. Starck

Key Highlights

• Sandvik AB reported over USD 4.2 billion in tooling revenue, with carbide tools contributing more than 60%.

• Kennametal Inc. generated USD 2.1 billion, driven by wear-resistant solutions and aerospace tooling.

• CERATIZIT Group expanded recycled tungsten capacity by 30% in 2024.

• Sumitomo Electric strengthened carbide tool supply for EV drivetrain manufacturing.

Recent Developments

• Sandvik launched next-gen carbide cutting tools with 25% longer tool life

• Kennametal expanded its tungsten recycling facility in North America
• CERATIZIT partnered with European OEMs to supply carbon-neutral carbide tools.

• Mitsubishi Materials introduced high-speed carbide grades for EV motor machining.

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Market Outlook & Opportunities

• Global demand for precision machining to drive sustained carbide consumption.

• Growing adoption of recycled tungsten carbide to reduce raw material dependency.

• Expansion of EV, aerospace, and renewable energy sectors to unlock new growth avenues.

. Asia-Pacific is expected to register the fastest growth, led by China, India, and Southeast Asia.

Conclusion

The Global Tungsten Carbide Market is entering a phase of stable, technology-driven expansion, supported by infrastructure growth, manufacturing automation, and demand for durable materials, tungsten carbide remains a strategic material across industrial ecosystems.

According to DataM Intelligence, industry leaders are strengthening supply chains, investing in recycling, and innovating advanced carbide grades positioning tungsten carbide as a cornerstone material for next-generation manufacturing and infrastructure development.

Related Reports

Tungsten Market

Tungsten-Based Materials Market

Sai Kiran
DataM Intelligence 4market Research LLP
+1 877-441-4866
sai.k@datamintelligence.com
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