Market segments of Cemented Carbide

China’s cemented carbide industry began in the late 1940s, and with the strong support from the national strategic level and the continuous development of the industry over the past decades, China’s cemented carbide industry has undergone tremendous changes, with a significant increase in comprehensive strength and international competitiveness, and has gradually formed a complete industrial system of production, R&D and trade.

With the steady growth of economy in recent years, the demand for cemented carbide in downstream industries and at home and abroad has been rising. And with the growing demand for cemented carbide in the downstream industry, it makes the market scale of China’s cemented carbide industry grows continuously. Data show that in 2020 China’s cemented carbide industry market size of 21.497 billion yuan. 2021 China’s cemented carbide industry market size of 28.205 billion yuan.
At present, China’s cemented carbide market demand is still mainly concentrated in the cutting tools, geological mining tools field. Data show that in 2021 in China’s cemented carbide market demand structure, cutting tools accounted for the largest share, accounting for 31.45%; followed by geological mining tools, accounting for 24.74%.

In addition, thanks to technological innovation and industrial upgrading, cemented carbide as a functional material in emerging applications, as a widely used high-end materials, cemented carbide can not only make up for the shortage of stainless steel, high-speed steel and other traditional materials, can be competent to process all kinds of difficult-to-machine materials, improve the speed and accuracy of traditional material processing, and is gradually to the direction of high precision, high wear resistance, corrosion resistance and other functional components Development. Cemented carbide as an important functional material is attracting more and more attention, performance and use is constantly being researched and developed, and the application areas are gradually rising from traditional industries to high-end manufacturing, aerospace, biomedical devices, integrated circuits and other emerging industries.