Market overview
The global cemented carbide market is worth USD 25.4 bn in 2026 and is forecast to reach USD 43.5 bn by 2036, growing at a 5.5% CAGR. China is the largest country market and Cutting tools and inserts is the largest by product segment.
| Scope | Cemented carbide (tungsten carbide with cobalt binder) products: cutting inserts, drills, mining and oil tools, wear parts, dies and blanks. |
|---|---|
| Industry | Chemicals and Materials |
| Value 2025 | USD 24.0 bn |
| Value 2026 | USD 25.4 bn |
| Value 2036 | USD 43.5 bn |
| CAGR 2026-2036 | 5.5% |
| Volume 2026 | 104,950 tonnes |
| Volume 2036 | 162,291 tonnes |
| Average price 2026 | USD 242,400 per tonne |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
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Cemented Carbide market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 25.4 bn |
| 2027 | USD 26.8 bn |
| 2028 | USD 28.3 bn |
| 2029 | USD 29.9 bn |
| 2030 | USD 31.5 bn |
| 2031 | USD 33.2 bn |
| 2032 | USD 35.1 bn |
| 2033 | USD 37.0 bn |
| 2034 | USD 39.0 bn |
| 2035 | USD 41.2 bn |
| 2036 | USD 43.5 bn |
Cemented Carbide market segmentation
By product
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Cutting tools and inserts | 54.0% | 56.4% | USD 13.7 bn | 6.0% |
| Wear parts and dies | 16.0% | 14.5% | USD 4.1 bn | 4.5% |
| Mining and construction tools | 14.0% | 13.3% | USD 3.6 bn | 5.0% |
| Oil and gas parts | 6.0% | 5.4% | USD 1.5 bn | 4.5% |
| Blanks and rods | 10.0% | 10.4% | USD 2.5 bn | 6.0% |
By end use
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Automotive and transport | 28.0% | 27.5% | USD 7.1 bn | 5.3% |
| Machinery and general engineering | 24.0% | 22.4% | USD 6.1 bn | 4.8% |
| Aerospace | 10.0% | 11.8% | USD 2.5 bn | 7.3% |
| Mining and construction | 16.0% | 15.0% | USD 4.1 bn | 4.8% |
| Energy | 8.0% | 7.5% | USD 2.0 bn | 4.8% |
| Electronics and others | 14.0% | 15.8% | USD 3.6 bn | 6.8% |
By grade
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Straight tungsten carbide-cobalt | 62.0% | 57.0% | USD 15.8 bn | 4.6% |
| Alloyed carbide (TiC, TaC, NbC) | 28.0% | 29.0% | USD 7.1 bn | 5.9% |
| Cermets and other binders | 10.0% | 14.0% | USD 2.5 bn | 9.1% |
By grain size
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Nano and ultrafine | 12.0% | 17.0% | USD 3.1 bn | 9.2% |
| Submicron and fine | 36.0% | 37.0% | USD 9.2 bn | 5.8% |
| Medium and coarse | 52.0% | 46.0% | USD 13.2 bn | 4.2% |
By surface treatment
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Uncoated | 36.0% | 31.0% | USD 9.2 bn | 3.9% |
| CVD coated | 38.0% | 36.0% | USD 9.7 bn | 4.9% |
| PVD coated | 26.0% | 33.0% | USD 6.6 bn | 8.1% |
Top 25 countries for cemented carbide by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 87.0% of 2026 revenue and the 25 countries below together hold 96.6%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | China | USD 7.6 bn | 30.0% | USD 13.9 bn | 6.2% |
| 2 | United States | USD 3.6 bn | 14.0% | USD 5.6 bn | 4.6% |
| 3 | Germany | USD 2.5 bn | 10.0% | USD 3.8 bn | 4.2% |
| 4 | Japan | USD 2.3 bn | 9.0% | USD 3.3 bn | 3.6% |
| 5 | India | USD 1.5 bn | 6.0% | USD 3.5 bn | 8.7% |
| 6 | South Korea | USD 1.3 bn | 5.0% | USD 2.2 bn | 5.7% |
| 7 | Italy | USD 1.0 bn | 4.0% | USD 1.6 bn | 4.7% |
| 8 | France | USD 763 mn | 3.0% | USD 1.1 bn | 4.0% |
| 9 | Taiwan | USD 763 mn | 3.0% | USD 1.3 bn | 5.5% |
| 10 | Mexico | USD 763 mn | 3.0% | USD 1.3 bn | 5.5% |
| 11 | United Kingdom | USD 239 mn | 0.9% | USD 382 mn | 4.8% |
| 12 | Austria | USD 224 mn | 0.9% | USD 387 mn | 5.6% |
| 13 | Sweden | USD 224 mn | 0.9% | USD 387 mn | 5.6% |
| 14 | Switzerland | USD 196 mn | 0.8% | USD 339 mn | 5.6% |
| 15 | Poland | USD 168 mn | 0.7% | USD 309 mn | 6.3% |
| 16 | Czech Republic | USD 168 mn | 0.7% | USD 291 mn | 5.7% |
| 17 | Turkey | USD 168 mn | 0.7% | USD 309 mn | 6.3% |
| 18 | Brazil | USD 155 mn | 0.6% | USD 265 mn | 5.5% |
| 19 | Spain | USD 155 mn | 0.6% | USD 265 mn | 5.5% |
| 20 | Russia | USD 140 mn | 0.6% | USD 239 mn | 5.5% |
| 21 | Canada | USD 140 mn | 0.6% | USD 239 mn | 5.5% |
| 22 | Thailand | USD 127 mn | 0.5% | USD 230 mn | 6.1% |
| 23 | Israel | USD 112 mn | 0.4% | USD 191 mn | 5.5% |
| 24 | Vietnam | USD 112 mn | 0.4% | USD 222 mn | 7.1% |
| 25 | Netherlands | USD 112 mn | 0.4% | USD 191 mn | 5.5% |
| Rest of world | USD 868 mn | 3.4% | USD 1.6 bn | 6.2% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- Sandvik
- Kennametal
- Ceratizit
- Sumitomo Electric
- Mitsubishi Materials
- Tungaloy
- IMC Group
Group 2: Regional and specialist players
- Zhuzhou Cemented Carbide Group
- Xiamen Tungsten
- Kyocera
- OSG Corporation
- Korloy
- Boehlerit
- Zigong Cemented Carbide
Group 3: Emerging and niche players
- Hyperion Materials and Technologies
- Dijet
- Guehring
- Chongyi Zhangyuan Tungsten
- Tizit
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the cemented carbide market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 5.5% is calculated from the resulting values.
The market is divided by product, by end use, by grade, by grain size, by surface treatment. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the cemented carbide market?
The global cemented carbide market is estimated at USD 24.0 bn in 2025 and USD 25.4 bn in 2026.
How fast will the cemented carbide market grow?
It is forecast to reach USD 43.5 bn by 2036, a compound annual growth rate of 5.5% from 2026, an increase of USD 18.0 bn.
Which country is the largest market for cemented carbide?
China is the largest market by revenue at USD 7.6 bn in 2026, 30.0% of the global total. The three largest countries together hold 54.0%.
Which country is growing fastest?
Among the ten largest markets, India is growing fastest at 8.7% a year from 2026 to 2036.
Which cemented carbide segment is largest?
In the by product split, Cutting tools and inserts is the largest segment with 54.0% of 2026 revenue.
Who are the leading cemented carbide companies?
Global leaders include Sandvik, Kennametal, Ceratizit, Sumitomo Electric.
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