Tungsten carbides are essential for providing hardness and abrasion resistance to metallurgical alloys. The global supply of carbides is relatively diversified. However, prices in the EU market are strongly linked to the supply and demand conditions in the Chinese markets for tungstates and tungsten oxides and hydroxides. In the EU market, the price of carbides reflects the costs of tungstates and oxides. Thus, the price formation in the EU market depends on what happens in China, not only for products where China has a strong leadership position but also for derived products.

Based on End-use Industry, the automotive segment accounted for the largest market share in the year 2022. The key technical properties of carbide inserts include high flexural strength, superior hardness, excellent thermal hardness, and others. As a result, carbide inserts are widely deployed in the automotive industry for cylinder heads, machining engine blocks, and others. Hence, the adoption of carbide inserts is increasing in the automotive industry to ensure superior removal material from workpieces. This, in turn, is supplementing the market growth.

Based on Product Type, dilling carbide inserts segment contributed the largest shares to the market growth in 2022. The prominent features of milling carbide inserts include superior wear resistance, excellent surface hardness, resistance against heat & oxidation, and others. These properties ensure quicker machining and leave significant finishes on metal parts. Thus, due to the above benefits, the utilization of milling carbide inserts is increasing in end-use industries such as mining, automotive, and others. This, in turn, is favoring market growth.

According to a recent report by Consegic Business Intelligence, the carbide insert market is poised for strong expansion and is expected to reach USD 1,586.71 Million by 2030. The market, which was valued at USD 1,150.67 Million in 2022, is predicted to grow at a compound annual growth rate of 4.2% during the period 2023-2030. The report highlights the increasing adoption of carbide inserts in the automotive industry, which is augmenting global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the carbide insert market.

The analysis of the price dynamics highlights how the price of tungstates influences the prices of other products, including scrap. The effect of the Chinese market in determining global prices of tungstates and tungsten oxides and hydroxides is reflected in the prices of tungsten carbides in Europe.

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China holds a less dominant position in tungsten oxides and hydroxides, which are the most important chemical compounds derived from tungstates. In this market, China competes with the United States and Vietnam for the top exporter position. Additionally, the international market sees significant presence from many other countries, such as South Korea and Japan in Asia, and the Netherlands and Germany in Europe. Even in this situation, the Chinese market still drives global prices, as shown in the graph below.

The third graph below shows how all prices along the tungsten supply chain have consistently moved in perfect alignment with one another.

China is the world's leading exporter of tungsten carbides. The global supply of carbides is relatively diversified, with significant contributions from European countries like Austria and the Czech Republic. The top five exporting countries account for just over 70% of the global trade in carbides, compared to 95% for tungstates. Tungsten carbides are particularly important as they represent 65% of global tungsten consumption. They are used for manufacturing metalworking and rock drilling tools, where their high abrasion resistance is crucial for all mechanical parts subject to wear[4].

September 04, 2023 12:00 ET | Source: CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED CONSEGIC BUSINESS INTELLIGENCE PRIVATE LIMITED

Consegic Business Intelligence Pvt Ltd. is the leading research industry that offers contextual and data-centric research services to its customers across the globe. The firm assists its clients to strategize business policies and accomplish sustainable growth in their respective market domains. The industry provides consulting services, syndicated research reports, and customized research reports.

The graph also shows the price of tungsten scrap, whose importance as a substitute for ores, as a source of tungsten, has increased in this century, reaching 35%. Tungsten has a relatively high recycling rate compared to other metals[5].

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New York, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The global Carbide Insert Market is expected to witness significant growth at a remarkable CAGR of 4.2% during the forecast period of 2023-2030. The factors such as the increasing development of new electrical & electronics manufacturing facilities, rising investment in new building & construction projects, and others are accelerating the demand for carbide inserts, which, in turn, is boosting the market growth.  In addition, the rising development of a new range of Carbide insert product categories will further boost the market growth during the forecast period.

Tungsten is found in nature in the form of ore. China holds over half of the world's reserves and produces more than three-quarters of the globally extracted ore[1]. However, China is a net importer of ores to meet its high demand. Rwanda is the leading global exporter of tungsten ores, followed by Russia, Bolivia, and Australia. In Europe, Spain and Portugal are among the main producers and exporters.

Published by Luca Sazzini. July 15, 2024 .

Tungsten is a metal with very special properties. It has the highest melting point of all pure metals (over 3,000 degrees Celsius), making it particularly useful for producing heat-resistant metal alloys, used in applications such as rocket nozzles and turbines. Additionally, when combined with carbon, it forms tungsten carbide, a material with a hardness close to that of diamond. This hardness is essential for the production of cutting tools, drills, and other equipment used in metalworking and rock drilling.

Given this market structure, Chinese export prices of tungstates influence price dynamics in the EU. The following graph shows the EU customs price of tungstates and the Chinese export prices of ammonium paratungstate and ammonium metatungstate[3].

Iscar, Mitsubishi, Tungaloy, Walter-Valenite, and Kyocera, are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of carbide inserts. Further, the carbide insert market is expected to grow steadily due to rising demand from the automotive industry, especially in the regions such as the Asia Pacific, the Middle East, and Europe are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing expansion of new aircraft manufacturing facilities is expected to increase the competition in the market.

For market analysis purposes, it is useful to distinguish metals into three different clusters [ Read all ]

The analysis of the graph clearly shows the substantial alignment of tungstate prices in the two global regions and how Chinese prices generally precede European prices by an average of two months.

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The graph shows the EU customs prices for tungsten oxides and hydroxides, compared with Chinese export prices of tungsten trioxide and other oxides and hydroxides. It is evident that the three series move similarly. Additionally, statistical analysis indicates a trend where Chinese prices precede EU price movements by two months.

Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth, owing to the increasing adoption of carbide inserts in automotive. For illustration, according to the recent statistics published by the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2022, the Asia Pacific region produced a significant number of automotive products at the global level, retaining a total share of 58.84% in the global automotive industry. Henceforth, the growth of the automotive industry in the Asia Pacific region is boosting the demand for carbide inserts, thereby spurring market growth.

Tungsten is a metal in which China has an undisputed position of strength. China not only holds the largest global reserves of tungsten ores but is also the leader in the production of all tungsten-based compounds. Consequently, the prices of various materials in the tungsten production cycle are primarily determined by the Chinese market, thus influencing prices in all other industrial areas worldwide.

Published by Luigi Bidoia. June 10, 2024 .

Published by Luca Sazzini. July 1, 2024 .

The initial processing of tungsten ores produces sodium tungstate, which is then converted into ammonium paratungstate and ammonium metatungstate. These compounds are collectively known as tungstates. Global production of tungstates is highly concentrated, with China, Taiwan, and Vietnam representing over 80% of world trade, making this commodity one of the critical raw materials for the European Union[2].

Published by Luca Sazzini. July 22, 2024 .

Additionally, the carbide inserts are utilized for aerospace machines to ensure superior hardness. The favorable government policies for the aerospace industry, expansion of aerospace manufacturing facilities, and others are supplementing the aerospace industry's growth at the global level. Henceforth, the growth of the aerospace industry will accelerate the demand for carbide inserts as these materials are employed in the manufacturing process of aircraft. This, in turn, will create a potential growth opportunity for chrome metal powder in the upcoming years.

Carbide inserts are employed in the automotive industry to ensure superior thermal stability and good chip control. The carbide inserts are utilized in automotive products such as passenger cars, light commercial vehicles, and heavy commercial vehicles. The increasing purchasing power of people, the rising adoption of electric vehicles, and others are some of the prominent factors accelerating the growth of the automotive industry. For illustration, according to the Organisation Internationale des Constructeurs d'Automobiles (OICA), in 2021, the production of automotive vehicles at the global level was 80,205,102 units, and in 2022, it was 85,016,728 units, an increase of 6%. Hence, the bolstering automotive industry is a major factor fueling the demand for carbide inserts at the global level to ensure excellent wear resistance. This factor is driving the carbide insert market growth at the global level.

Topnotch research organizations and institutions to comprehend the regional and global commercial status use the data produced by Consegic Business Intelligence Pvt Ltd. Our reports comprise in-depth analytical and statistical analysis on various industries in foremost countries around the globe.