Current status and prospects of the global cemented carbide industry

Cemented carbide generally refers to tungsten-based cemented carbide, which is not only the link with better vertical profitability (more than 20%) in the tungsten industry chain, but also the link with the highest proportion (58%) in the downstream consumption structure. Due to resource dependence, high proportion of tool costs and its decisive role in tool performance, major players in the industry are currently showing a trend of upstream and downstream integrated layout, with CR2/CR8 reaching 39.05% and 58.44% respectively. The global cemented carbide market will be approximately 110,000 tons in 2022, of which China produces 50,500 tons and has become the world's largest cemented carbide producer. However, due to the late start of deep processing and finishing, the proportion of high-end products in this field is not high. , the current status of the industry as a whole presents a situation of being large but not strong. In the future, the application fields and market share of high-end cemented carbide and tool products will gradually expand, driving the industry structure to converge towards leading companies. In the future, the development of the industry will mainly continue to evolve in the direction of the development of coating technology, the refinement and gradient of cemented carbide grains, and the composite of cemented carbide and other materials.

Deep processing is becoming increasingly sophisticated, and cemented carbide has great potential. The downstream sectors of the cemented carbide industry are mainly cutting tools (45%), mining tools (25%) and wear-resistant tools (27%). In the field of cutting tools, cemented carbide is mainly made into cutting tools for machine tools. Due to its high hardness, high bending strength and toughness, high wear resistance and high cost performance, cemented carbide is more widely used in CNC machine tools. It is an ideal CNC tool material. With the increase in the CNC rate of China's machine tools and the expansion of the tool consumer market, the size of China's carbide tool market has increased by more than 10 billion in 8 years. At present, the total overseas space for import substitution exceeds 200 billion yuan, and the high ceiling will continue to promote the growth of China's leading high-end tool companies. The promotion and application of titanium and titanium alloys in the 3C field has put forward higher requirements for 3C tools, and has also significantly increased the demand for high-end tools in the 3C field. In the field of mining tools, mining tool alloys are mainly used in tool manufacturing in the fields of energy and mineral mining and infrastructure construction. In recent years, global and Chinese energy and mineral mining volumes have been relatively stable, resulting in a relatively stable demand for cemented carbide mining tools. In the field of wear-resistant tools, wear-resistant tool alloys make use of the high bending strength, high compressive strength, corrosion resistance and other characteristics of cemented carbide to make molds or wear-resistant parts, which can improve the use of molds and wear-resistant parts. lifespan several times or even dozens of times. According to expert predictions, the demand for cemented carbide in the mold field and the wear-resistant parts field will have an average annual compound growth rate of approximately 9% in the next five years.

Additionally, the growing focus on sustainability and environmental responsibility is driving the demand for carbide as a durable and long-lasting material, thereby reducing the need for frequent replacement and thereby minimizing waste and resource consumption. This trend is expected to drive the adoption of cemented carbide in a wide range of industrial applications, further boosting the growth of the industry.

To sum up, the current situation and prospects of the global cemented carbide industry are stable growth and full of opportunities. With the increasing demand for high-performance materials in various industrial sectors and the continuous advancement of technology, the cemented carbide industry is expected to continue to expand in the coming years. As the industry continues to evolve, carbide will remain a key material to meet the needs of modern manufacturing and engineering applications.