Market Overview

Cemented tungsten carbide, a vital engineering material known for its hardness and durability, continues to see robust market growth in 2024. The global cemented carbide market is projected to expand at a compound annual growth rate (CAGR) of 6.5% over the next five years. 

(Image source: Wikimedia Commons)tungsten carbide drill bit for SDS-max rotary hammer

Emerging Applications

1. Electric Vehicles (EVs) The rise of electric vehicles has spurred demand for cemented tungsten carbide in the manufacturing of electric motor components and transmission systems. The material’s exceptional hardness and wear resistance significantly enhance the lifespan and performance of these critical parts. 

2. Additive Manufacturing (3D Printing) Breakthroughs in additive manufacturing have enabled the production of complex and high-precision parts using cemented carbide. Techniques like laser powder bed fusion (LPBF) are particularly effective in creating intricate shapes and fine structures from tungsten carbide. 

Environmental and Sustainability Aspects

In 2024, the recyclability and environmental benefits of cemented carbide have gained attention. Traditionally challenging to dispose of, cemented carbide scrap is now being efficiently recycled through advanced physical separation and chemical purification methods. This reduces the environmental footprint of the production process.

Market Challenges and Responses

1. Raw Material Price Volatility The fluctuating prices of tungsten and cobalt, essential raw materials for cemented carbide, pose cost-control challenges. Companies are exploring alternative materials and innovative processes to reduce dependency on these traditional raw materials.

2. Technological Barriers The manufacturing of cemented tungsten carbide involves sophisticated powder metallurgy and high-precision processing technologies, which present significant technical challenges. Industry players are collaborating with academic institutions to drive process optimization and develop new technologies.

Conclusion

As a critical material for modern industries, cemented tungsten carbide is expanding its applications and advancing in technology. Driven by trends in global manufacturing upgrades and sustainable development, the cemented carbide industry is poised for a promising future. However, it must actively address raw material volatility and technical challenges to maintain long-term growth and competitiveness.

References：

Chromium Carbide Market is Growing at CAGR of 6.5% to Achieve US$ 73 Million by 2033 | Fact.MR