Market Overview:
The global tungsten steel bars market is expected to grow at a CAGR of 5.5% during the forecast period from 2018 to 2030. The growth in the market can be attributed to the increasing demand for tungsten steel bars from various applications, such as cutting tools, stamping tools, and wear tools. North America is expected to lead the global tungsten steel bars market in terms of revenue during the forecast period. Asia Pacific is projected to be the fastest-growing region in terms of CAGR during the forecast period.
Product Definition:
A steel bar containing tungsten as the main alloying element. Tungsten steel bars have a very high melting point, making them ideal for use in tools and dies that require a lot of heat resistance.
Solid Tungsten Steel Bar:
Solid tungsten steel bar is a type of high strength material that consists of tungsten and carbon. It has the ability to withstand deep drawing temperatures, which makes it suitable for use in heat exchangers, radiation protection shields, and other parts where high temperature resistance is required. Growing demand for solid tungsten steel bars from various end-use industries such as oil & gas, chemical processing industry and power generation sector are expected to drive the market over the forecast period.
Hollow Tungsten Steel Bar:
Hollow tungsten steel bar is a type of tungsten carbide-based alloy that consists of approximately 15% to 30% carbon and the balance is made up by W. It has high density, tensile strength, hardness, and great wear resistance properties.
Application Insights:
The cutting tool application segment led the global tungsten steel bars market in 2017 and is projected to maintain its dominance over the forecast period. This can be attributed to its properties, such as high hardness, excellent wear resistance and superior edge quality. The bar also has a higher strength-to-weight ratio than other metals, which makes it suitable for use in tools used for heavy cutting applications.
Stamping tool application is expected to witness significant growth over the forecast period owing to their rising demand from various industries including automotive and construction. These industry players are increasingly using these products due to their properties such as high strength along with low weight compared with other materials like steel or aluminum alloys.
Regional Analysis:
Asia Pacific was the dominant regional market in 2017 and accounted for a share of over 50% owing to the high product demand from various industries. The region is expected to witness significant growth in terms of revenue during the forecast period on account of rapid industrialization, growing population, and increasing per capita income.
The Middle East & Africa is projected to be one of the fastest-growing regions with a CAGR exceeding 6% during the forecast period owing to rising construction spending along with rapidly expanding oil & gas industry in Saudi Arabia, UAE, Oman and Qatar. In addition, increasing automotive production coupled with stringent regulations pertaining safety norms is also likely to drive tungsten steel bars demand over next eight years.
North America accounted for more than 20% share in 2017 due its high consumption from machining applications including turning tooling as well as wear tooling such as cutters used for metal cutting operations on wood or plastics among others).
Growth Factors:
- Increasing demand from the automotive and construction industries
- Growing popularity of tungsten steel bars in the global market
- Rising awareness about the benefits of using tungsten steel bars over other materials
- Technological advancements in manufacturing processes that are making these bars more affordable and accessible to a wider audience
- Growing number of applications for tungsten steel bars across a range of industries
Scope Of The Report
Report Attributes
Report Details
Report Title
Tungsten Steel Bars Market Research Report
By Type
Solid Tungsten Steel Bar, Hollow Tungsten Steel Bar
By Application
Cutting Tool, Stamping Tool, Wear Tool
By Companies
FAREAST, Latroble, Erasteel, Bohler, Hitachi, Nachi, HEYE Special Steel, Fuda Special Steel, Tiangong Tool, Baosteel-specialsteel, FAREAST
Regions Covered
North America, Europe, APAC, Latin America, MEA
Base Year
2021
Historical Year
2019 to 2020 (Data from 2010 can be provided as per availability)
Forecast Year
2030
Number of Pages
243
Number of Tables & Figures
171
Customization Available
Yes, the report can be customized as per your need.
Global Tungsten Steel Bars Market Report Segments:
The global Tungsten Steel Bars market is segmented on the basis of:
Types
Solid Tungsten Steel Bar, Hollow Tungsten Steel Bar
The product segment provides information about the market share of each product and the respective CAGR during the forecast period. It lays out information about the product pricing parameters, trends, and profits that provides in-depth insights of the market. Furthermore, it discusses latest product developments & innovation in the market.
Applications
Cutting Tool, Stamping Tool, Wear Tool
The application segment fragments various applications of the product and provides information on the market share and growth rate of each application segment. It discusses the potential future applications of the products and driving and restraining factors of each application segment.
Some of the companies that are profiled in this report are:
- FAREAST
- Latroble
- Erasteel
- Bohler
- Hitachi
- Nachi
- HEYE Special Steel
- Fuda Special Steel
- Tiangong Tool
- Baosteel-specialsteel
- FAREAST
Highlights of The Tungsten Steel Bars Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of market.
- Historical data and forecast.
- Estimations for the forecast period 2030.
- Developments and trends in the market.
- By Type:
- Solid Tungsten Steel Bar
- Hollow Tungsten Steel Bar
- By Application:
- Cutting Tool
- Stamping Tool
- Wear Tool
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Tungsten Steel Bars Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2030.
Regional Analysis
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Note: A country of choice can be added in the report at no extra cost. If more than one country needs to be added, the research quote will vary accordingly.
The geographical analysis part of the report provides information about the product sales in terms of volume and revenue in regions. It lays out potential opportunities for the new entrants, emerging players, and major players in the region. The regional analysis is done after considering the socio-economic factors and government regulations of the countries in the regions.
How you may use our products:
- Correctly Positioning New Products
- Market Entry Strategies
- Business Expansion Strategies
- Consumer Insights
- Understanding Competition Scenario
- Product & Brand Management
- Channel & Customer Management
- Identifying Appropriate Advertising Appeals
8 Reasons to Buy This Report
- Includes a Chapter on the Impact of COVID-19 Pandemic On the Market
- Report Prepared After Conducting Interviews with Industry Experts & Top Designates of the Companies in the Market
- Implemented Robust Methodology to Prepare the Report
- Includes Graphs, Statistics, Flowcharts, and Infographics to Save Time
- Industry Growth Insights Provides 24/5 Assistance Regarding the Doubts in the Report
- Provides Information About the Top-winning Strategies Implemented by Industry Players.
- In-depth Insights On the Market Drivers, Restraints, Opportunities, and Threats
- Customization of the Report Available
Frequently Asked Questions?
Tungsten steel bars are a type of metal bar that is made from tungsten. Tungsten steel bars are used in a variety of applications, including construction, manufacturing, and engineering.
Some of the major players in the tungsten steel bars market are FAREAST, Latroble, Erasteel, Bohler, Hitachi, Nachi, HEYE Special Steel, Fuda Special Steel, Tiangong Tool, Baosteel-specialsteel, FAREAST.
The tungsten steel bars market is expected to grow at a compound annual growth rate of 5.5%.
Chapter 1 Executive Summary
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Tungsten Steel Bars Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Tungsten Steel Bars Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Tungsten Steel Bars Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Tungsten Steel Bars Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Tungsten Steel Bars Market Size & Forecast, 2018-2028
4.5.1 Tungsten Steel Bars Market Size and Y-o-Y Growth
4.5.2 Tungsten Steel Bars Market Absolute $ Opportunity
Chapter 5 Global Tungsten Steel Bars Market Analysis and Forecast by Type
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Type
5.1.2 Basis Point Share (BPS) Analysis by Type
5.1.3 Absolute $ Opportunity Assessment by Type
5.2 Tungsten Steel Bars Market Size Forecast by Type
5.2.1 Solid Tungsten Steel Bar
5.2.2 Hollow Tungsten Steel Bar
5.3 Market Attractiveness Analysis by Type
Chapter 6 Global Tungsten Steel Bars Market Analysis and Forecast by Applications
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Applications
6.1.2 Basis Point Share (BPS) Analysis by Applications
6.1.3 Absolute $ Opportunity Assessment by Applications
6.2 Tungsten Steel Bars Market Size Forecast by Applications
6.2.1 Cutting Tool
6.2.2 Stamping Tool
6.2.3 Wear Tool
6.3 Market Attractiveness Analysis by Applications
Chapter 7 Global Tungsten Steel Bars Market Analysis and Forecast by Region
7.1 Introduction
7.1.1 Key Market Trends & Growth Opportunities by Region
7.1.2 Basis Point Share (BPS) Analysis by Region
7.1.3 Absolute $ Opportunity Assessment by Region
7.2 Tungsten Steel Bars Market Size Forecast by Region
7.2.1 North America
7.2.2 Europe
7.2.3 Asia Pacific
7.2.4 Latin America
7.2.5 Middle East & Africa (MEA)
7.3 Market Attractiveness Analysis by Region
Chapter 8 Coronavirus Disease (COVID-19) Impact
8.1 Introduction
8.2 Current & Future Impact Analysis
8.3 Economic Impact Analysis
8.4 Government Policies
8.5 Investment Scenario
Chapter 9 North America Tungsten Steel Bars Analysis and Forecast
9.1 Introduction
9.2 North America Tungsten Steel Bars Market Size Forecast by Country
9.2.1 U.S.
9.2.2 Canada
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 North America Tungsten Steel Bars Market Size Forecast by Type
9.6.1 Solid Tungsten Steel Bar
9.6.2 Hollow Tungsten Steel Bar
9.7 Basis Point Share (BPS) Analysis by Type
9.8 Absolute $ Opportunity Assessment by Type
9.9 Market Attractiveness Analysis by Type
9.10 North America Tungsten Steel Bars Market Size Forecast by Applications
9.10.1 Cutting Tool
9.10.2 Stamping Tool
9.10.3 Wear Tool
9.11 Basis Point Share (BPS) Analysis by Applications
9.12 Absolute $ Opportunity Assessment by Applications
9.13 Market Attractiveness Analysis by Applications
Chapter 10 Europe Tungsten Steel Bars Analysis and Forecast
10.1 Introduction
10.2 Europe Tungsten Steel Bars Market Size Forecast by Country
10.2.1 Germany
10.2.2 France
10.2.3 Italy
10.2.4 U.K.
10.2.5 Spain
10.2.6 Russia
10.2.7 Rest of Europe
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Europe Tungsten Steel Bars Market Size Forecast by Type
10.6.1 Solid Tungsten Steel Bar
10.6.2 Hollow Tungsten Steel Bar
10.7 Basis Point Share (BPS) Analysis by Type
10.8 Absolute $ Opportunity Assessment by Type
10.9 Market Attractiveness Analysis by Type
10.10 Europe Tungsten Steel Bars Market Size Forecast by Applications
10.10.1 Cutting Tool
10.10.2 Stamping Tool
10.10.3 Wear Tool
10.11 Basis Point Share (BPS) Analysis by Applications
10.12 Absolute $ Opportunity Assessment by Applications
10.13 Market Attractiveness Analysis by Applications
Chapter 11 Asia Pacific Tungsten Steel Bars Analysis and Forecast
11.1 Introduction
11.2 Asia Pacific Tungsten Steel Bars Market Size Forecast by Country
11.2.1 China
11.2.2 Japan
11.2.3 South Korea
11.2.4 India
11.2.5 Australia
11.2.6 South East Asia (SEA)
11.2.7 Rest of Asia Pacific (APAC)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Asia Pacific Tungsten Steel Bars Market Size Forecast by Type
11.6.1 Solid Tungsten Steel Bar
11.6.2 Hollow Tungsten Steel Bar
11.7 Basis Point Share (BPS) Analysis by Type
11.8 Absolute $ Opportunity Assessment by Type
11.9 Market Attractiveness Analysis by Type
11.10 Asia Pacific Tungsten Steel Bars Market Size Forecast by Applications
11.10.1 Cutting Tool
11.10.2 Stamping Tool
11.10.3 Wear Tool
11.11 Basis Point Share (BPS) Analysis by Applications
11.12 Absolute $ Opportunity Assessment by Applications
11.13 Market Attractiveness Analysis by Applications
Chapter 12 Latin America Tungsten Steel Bars Analysis and Forecast
12.1 Introduction
12.2 Latin America Tungsten Steel Bars Market Size Forecast by Country
12.2.1 Brazil
12.2.2 Mexico
12.2.3 Rest of Latin America (LATAM)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Latin America Tungsten Steel Bars Market Size Forecast by Type
12.6.1 Solid Tungsten Steel Bar
12.6.2 Hollow Tungsten Steel Bar
12.7 Basis Point Share (BPS) Analysis by Type
12.8 Absolute $ Opportunity Assessment by Type
12.9 Market Attractiveness Analysis by Type
12.10 Latin America Tungsten Steel Bars Market Size Forecast by Applications
12.10.1 Cutting Tool
12.10.2 Stamping Tool
12.10.3 Wear Tool
12.11 Basis Point Share (BPS) Analysis by Applications
12.12 Absolute $ Opportunity Assessment by Applications
12.13 Market Attractiveness Analysis by Applications
Chapter 13 Middle East & Africa (MEA) Tungsten Steel Bars Analysis and Forecast
13.1 Introduction
13.2 Middle East & Africa (MEA) Tungsten Steel Bars Market Size Forecast by Country
13.2.1 Saudi Arabia
13.2.2 South Africa
13.2.3 UAE
13.2.4 Rest of Middle East & Africa (MEA)
13.3 Basis Point Share (BPS) Analysis by Country
13.4 Absolute $ Opportunity Assessment by Country
13.5 Market Attractiveness Analysis by Country
13.6 Middle East & Africa (MEA) Tungsten Steel Bars Market Size Forecast by Type
13.6.1 Solid Tungsten Steel Bar
13.6.2 Hollow Tungsten Steel Bar
13.7 Basis Point Share (BPS) Analysis by Type
13.8 Absolute $ Opportunity Assessment by Type
13.9 Market Attractiveness Analysis by Type
13.10 Middle East & Africa (MEA) Tungsten Steel Bars Market Size Forecast by Applications
13.10.1 Cutting Tool
13.10.2 Stamping Tool
13.10.3 Wear Tool
13.11 Basis Point Share (BPS) Analysis by Applications
13.12 Absolute $ Opportunity Assessment by Applications
13.13 Market Attractiveness Analysis by Applications
Chapter 14 Competition Landscape
14.1 Tungsten Steel Bars Market: Competitive Dashboard
14.2 Global Tungsten Steel Bars Market: Market Share Analysis, 2019
14.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
14.3.1 FAREAST
14.3.2 Latroble
14.3.3 Erasteel
14.3.4 Bohler
14.3.5 Hitachi
14.3.6 Nachi
14.3.7 HEYE Special Steel
14.3.8 Fuda Special Steel
14.3.9 Tiangong Tool
14.3.10 Baosteel-specialsteel
14.3.11 FAREAST
