2023 Cemented Carbide Industry Market Research

Cemented carbide is a high-tech material widely used in industrial manufacturing, aerospace, geological exploration, and other fields. With the rapid development of the national economy, the cemented carbide industry has also been continuously developing.

1, The market size
In recent years, the Chinese cemented carbide industry has been continuously developing and the market size has gradually expanded. According to data, the total output value of China’s cemented carbide industry in 2018 was 36 billion yuan, a year-on-year increase of 7.9%. It is expected that by 2023, the size of China’s hard composite market will reach 45 billion yuan.

2, Product classification
Cemented carbide are widely used in cutting tools, mining tools, precision parts, aerospace components, and other fields. According to different product uses and compositions, it can be divided into the following categories:
1) for cutting tools
Including drill bits, reamers, saw blades, wound cutters, etc., suitable for fields such as mechanical processing and metal cutting.

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2) for mining
Mainly used in mining, mining engineering and other fields, including rock drill bits, drill bits, wear parts, etc.

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3) for precision parts
It is suitable for semiconductor, precision machinery, Optical instrument and other fields.

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4) for aerospace use
Mainly used for manufacturing aerospace components, such as turbine blades, guide vanes, etc.

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3, Market demand
Cemented carbide, as a high-tech material, is widely used in various fields, and market demand continues to grow. Especially with the continuous development of China’s economic construction, the demand for cemented carbide products is also increasing. Against the backdrop of vigorously developing high-end equipment manufacturing in China, the application field of cemented carbide will be further expanded

4, Market prospect
In the future, the market prospects of the cemented carbide industry are broad. As a major global producer of cemented carbide, China’s application of cemented carbide in China will continue to increase. At the same time, with the strengthening of national support and guidance for high-end manufacturing, the market prospects of cemented carbide will also become better and better.
In short, as a high-tech material, the market demand for cemented carbide will continue to grow, and its application fields will also continue to expand.
Cemented carbide production enterprises should strengthen research and development, improve production process level, in order to adapt to market needs and occupy a larger market share.

Post time: Jul-22-2023