Industry News

In terms of market size and output growth: China's cemented carbide market size continues to expand and maintains a high growth rate. The market size in 2021 was RMB 28.205 billion, showing the strong development momentum of the industry. In 2023, China's total output of cemented carbide was about 51,200 tons, a year-on-year increase of 1.4%, indicating that the domestic cemented carbide production capacity is constantly improving.

Application fields and demand structure: Cemented carbide is widely used in mining, oil drilling, engineering machinery, metal cutting machine tools, automobile manufacturing, electronic information, aerospace and military industries due to its excellent performance. In 2023, my country's main demand for cemented carbide will come from cutting tool alloys (51%), wear-resistant tool alloys (24%), mining tool alloys (20%) and others (5%).

Technological progress and innovation: China's cemented carbide industry has made remarkable progress in material research and development, process innovation, etc. The application of advanced technologies such as nanotechnology and 3D printing technology has improved the performance and quality of products.

In terms of international brands and markets: domestic and foreign companies coexist, international brands occupy the high-end market, and China's cemented carbide industry occupies a dominant position in the global industrial chain.

Market development potential: With the recovery of the manufacturing industry and the development of emerging fields (such as consumer electronics, 3D printing, life sciences, etc.), the cemented carbide industry will usher in more market demands and development opportunities.

In terms of global market size growth: the global cemented carbide market size was approximately US$11 trillion in 2022, and is expected to reach US$14.5 billion by 2027, showing a continued growth trend in the cemented carbide market.

These dynamics reflect the latest developments in the cemented carbide industry in terms of technological advancement, market demand, environmental challenges, and the global competitive landscape.