Who would have thought that once-despised scrap carbide blades would become a hot commodity in the recycling market? The driving force behind this is the recent surge in tungsten prices-a nearly 470% increase-transforming what was once industrial scrap into a "hard currency." (Tungsten Prices Soar 470%! Scrap Blades Become Hot Commodities)
After our previous news report on the rising tungsten prices, our readers paid close attention, with many specifically asking about the specific impacts this price surge would have on the carbide industry. In fact, the dramatic rise in tungsten prices has not only stirred up the recycling circle but also directly affected the carbide industry, often referred to as the "teeth of industry." As a key material with tungsten carbide as its core raw material, carbide is widely used in machining, mining, precision manufacturing, and many other fields. The surge in tungsten prices has triggered a chain reaction throughout the entire industry chain. Against the backdrop of reshaping supply and demand and upgrading manufacturing, the carbide and carbide tool industries are also facing a new development landscape. Therefore, we have specially invited Professor Huang Zhifeng from the Powder Metallurgy Research Institute of Central South University to present "Analysis of the Current Status and Development Trends of Cemented Carbide and Cemented Carbide Tools," providing an in-depth analysis of the industry's current development status and trends.
Cemented carbide is an alloy material prepared by batching, wet grinding, spray granulation, pressing, and high-temperature sintering of micron-sized refractory metal compound powders (WC, TaC, TiC, etc.) as the hard phase and transition metal powders (Co, Fe, Ni, etc.) as the sintering binder phase. Cemented carbide tools are indispensable key materials in machining, mining, and precision manufacturing, and are known as the "teeth of industry."
According to data released by the China Tungsten Industry Association in 2025, cemented carbide is mainly divided into three categories: alloys for cutting tools, alloys for rock drilling and engineering, and alloys for wear-resistant parts. Among these, alloys for cutting tools accounted for 51.04% of production, alloys for rock drilling and engineering accounted for 20.64%, and alloys for wear-resistant parts accounted for 7.29%. These three categories accounted for 78.97% of the total cemented carbide production, making them the main components of cemented carbide.
The relationship between the above-mentioned cemented carbide, its manufactured tools, and application fields is as follows:
NO.1
Development and Application of Cemented Carbide Tools
Due to its high hardness, high bending strength and toughness, high wear resistance, and cost-effectiveness, cemented carbide materials are widely used in downstream end-use fields and are considered ideal cutting tools. From the results of user surveys of cutting tools, the proportion of cemented carbide tools in downstream applications has shown a significant upward trend, increasing from approximately 55% in 2014 to 63.1% in 2023. This change is directly related to the adjustment of downstream processing material structure. The processing proportion of heat-resistant steel, titanium alloys, aluminum-magnesium alloys, and carbon fiber composites has increased significantly. In the processing of these materials, cemented carbide tools, especially coated cemented carbide tools, have more prominent performance advantages.
Meanwhile, benefiting from the continuous advancement of my country's high-end transformation in manufacturing, the CNC rate of machine tools has continued to increase. In 2024, the CNC rate of key processes in my country reached 66.4%, and CNC equipment is developing towards high speed, high precision, and intelligence. The trend of CNC machine tools further promotes the market demand for cemented carbide tools. At the same time, the increasing requirements of downstream industries for processing efficiency and precision are accelerating the tool upgrade cycle, further strengthening the reliance on high-performance cemented carbide tools.
The increased penetration rate of cemented carbide tools is not limited to the tooling field.
In the mold industry, with the surge in demand for precision components in new energy vehicles and the miniaturization trend in the 3C electronics industry, the cemented carbide mold market continues to expand. In 2023, the global market size reached US$48 billion, with a compound annual growth rate of 9.8%. The Chinese market share increased to 38%, exceeding US$18 billion. In the rock drilling and engineering fields, cemented carbide tools are also showing strong penetration. Due to their high hardness, impact toughness, bending strength, and wear resistance, cemented carbide is widely used in geological exploration drilling rigs, oil and gas field drilling rigs, coal mining machine cutting tools, and engineering road excavation tools. Statistics show that in 2023, the market size of cemented carbide tools in my country reached 3 billion yuan, accounting for 25% of the total cemented carbide market. With the steady growth of global energy and mineral extraction and the continuous advancement of infrastructure construction, the demand for rock drilling tools is constantly increasing, and the market size of my country's rock drilling tool industry reached 15 billion yuan in 2024.
From the perspective of the overall industry structure, China's total cemented carbide output reached 60,000 tons in 2024, a year-on-year increase of 13.21%. The actual application of cemented carbide tools in various end-use fields continues to increase. Whether in cutting, mold manufacturing, or mining, cemented carbide, with its comprehensive performance advantages, is accelerating the replacement of traditional materials, and the overall market size continues to expand.
NO.2
The Impact of Raw Material Prices and Policy Controls on the Price of Carbide Tools
The core raw materials for carbide are tungsten carbide and cobalt. From a cost structure perspective, raw materials such as tungsten carbide powder and cobalt powder account for 70% to 80% of the cost of carbide, with tungsten carbide accounting for over 65%. Its price trend directly affects the pricing of carbide and carbide tools.
In the past year, the price of tungsten carbide powder has experienced explosive growth. At the end of 2024, the price was 309.07 yuan/kg, which surged to 948.26 yuan/kg by the end of 2025. The upward trend accelerated further in 2026, reaching 2,300 yuan/kg as of March 10, 2026, an increase of approximately 380% compared to the average price in 2025. Based on the scarcity of global tungsten resources and the inelastic demand, the price of tungsten carbide powder is expected to further rise to 2,800 yuan/kg by 2030.
As the world's largest tungsten resource country, China's policies have a decisive impact on global tungsten prices. Since 2025, the Chinese government has further tightened its tungsten mining policies: the total mining quota for the first batch in 2025 was 58,000 tons, a decrease of 4,000 tons compared to the same period in 2024, a year-on-year decrease of 6.45%; the mining quota for 2026 was further reduced by 8%, with the legal annual output locked at 115,000 tons, a cumulative reduction of 14% compared to 2024. A research report by CICC predicts that the global tungsten supply-demand gap will widen year by year from 2026 to 2028, reaching 18,500 tons, 18,800 tons, and 19,200 tons respectively, with the gap accounting for more than 17% of global primary tungsten demand in each year. At the same time, export controls are expanding. On February 4, 2025, the Ministry of Commerce of my country, together with the General Administration of Customs, issued an announcement imposing export controls on 25 rare metal products and technologies, including ammonium paratungstate. Tungsten exports in 2025 decreased by 27.5% year-on-year. The continued contraction in the effective supply of tungsten raw materials has further strengthened the government's control over strategic resources, which also means that the price support factors for domestic cemented carbide will continue to strengthen.
Under the combined effect of the above factors, the prices of cemented carbide and cemented carbide tools have shown a clear upward trend. From a cost-push perspective, the rise in the price of core raw materials directly increases production costs, and leading companies have already initiated multiple rounds of price increases. It is worth noting that since tools account for approximately 1% to 5% of the cost of downstream products, downstream users are relatively less sensitive to tool prices, allowing upstream costs to be passed on to downstream companies. Looking at the performance of downstream companies, Xinrui Technology, OKE, and Huarui Precision have all announced 2025 earnings forecasts, showing significant increases in revenue and profits, demonstrating strong demand support and effective price transmission.
Based on the fundamentals of a continuously widening global tungsten supply-demand gap, coupled with expectations of strong domestic supply-side control, the price of tungsten carbide powder has a solid foundation for upward movement. Considering that the cost of cemented carbide tools accounts for a relatively low percentage of the total downstream processing cost, and that cemented carbide tools are irreplaceable in high-end manufacturing, downstream industries have sufficient capacity to absorb reasonable price increases. Therefore, the price increase potential of tungsten carbide powder is expected to smoothly pass on to cemented carbide tools, significantly expanding the industry's value space.
NO.3
Application, Development, and Market Capacity Forecast of Cemented Carbide and Tools in End-User Applications
I. Automotive Sector (including traditional fuel vehicles and new energy vehicles)
The automotive sector is one of the largest application areas for cutting tools, accounting for approximately 35% of the demand. Traditional automotive parts are widely manufactured using metal cutting processes, including engines (including cylinder blocks, cylinder heads, crankshafts, camshafts, and connecting rods), transmissions, axles, drive shafts, brakes, and wheel hubs. Automotive parts are technologically advanced and complex, with extremely detailed division of labor and a high degree of CNC automation throughout the manufacturing process, making it one of the industries with the largest demand for metal cutting tools. New energy vehicles introduce new processing scenarios for the three core electric systems (battery, motor, and electronic control). Simultaneously, the application of lightweight materials (aluminum alloys, high-strength steel) and the increased use of heat-resistant steel/titanium alloys, aluminum (magnesium) alloys, and carbon fiber materials in new energy vehicles result in significantly higher tool consumption per vehicle, approximately 2.5 times that of traditional gasoline vehicles, according to industry experience.
According to the latest statistics released by the China Association of Automobile Manufacturers, my country's automobile production and sales have returned to a growth trajectory after experiencing previous fluctuations. In 2021, automobile production and sales reached 26.082 million and 26.275 million vehicles respectively, representing year-on-year increases of 3.4% and 3.8%, ending three consecutive years of decline since 2018. By 2025, automobile production and sales are projected to reach 34.531 million and 34.4 million vehicles respectively, representing year-on-year increases of 10.4% and 9.4%, maintaining a production and sales volume above 30 million vehicles for three consecutive years. In the new energy vehicle sector, production and sales of new energy vehicles reached 16.626 million and 16.49 million units respectively in 2025, representing year-on-year growth of 29% and 28.2%, accounting for 47.9% of new car sales. By the end of 2025, the national ownership of new energy vehicles reached 43.97 million units, accounting for 12.01% of the total number of vehicles.
Regarding per capita ownership, my country's per capita car ownership is in a steady growth phase. By the end of 2025, my country's car ownership was approximately 353 million vehicles, with about 250 vehicles per 1,000 people.
Compared with developed countries, my country's per capita car ownership still has significant room for improvement. The United States has over 800 vehicles per 1,000 people, while Japan and Europe have reached over 500. With the increasing urbanization and rising consumption levels in my country, car ownership will continue to grow, and the automotive industry still has considerable long-term growth potential. The demand for cutting tools in the automotive industry will also continue. From the perspective of domestic market size, China's automotive market is in a mature stage, having entered a period of high sales but low growth. Multiple professional consulting firms predict that the compound annual growth rate of China's automotive manufacturing revenue will be approximately 2% from 2025 to 2030.
With the continued increase in the penetration rate of new energy vehicles, it is estimated that by 2030, the sales share of new energy vehicles will exceed 50%. New processes such as integrated die casting and battery trays will bring incremental demand for cutting tools. The trend towards lightweighting is driving an increase in the proportion of aluminum alloy and high-strength steel machining, where carbide cutting tools have a greater advantage. It is projected that by 2030, the overall penetration rate of carbide cutting tools in the automotive sector will further increase.
According to industry data, the market demand for carbide and carbide cutting tools in my country's automotive sector in 2025 is estimated at RMB 5.789 billion and RMB 23.155 billion, respectively. Considering the continued growth in demand and the rising unit price of carbide tools, it is projected that by 2030, the market capacity for carbide and carbide cutting tools in this sector will reach RMB 35.466 billion and RMB 84.993 billion, respectively.
II. General Machinery Sector
General machinery refers to mechanical equipment characterized by its versatility and wide application range, widely used in various fields such as industrial production, transportation, agriculture, and scientific research. It includes product categories such as pumps, valves, fans, compressors, speed reducers, drying equipment, separation machinery, and gas purification equipment, and is widely used in various sectors of the national economy, including steel, power, petroleum, chemical, light industry, food and pharmaceutical, and machinery manufacturing. As a foundational industry within the equipment manufacturing sector, the development level of the general machinery manufacturing industry directly reflects the overall technological capabilities and level of a nation's manufacturing industry. The application of carbide cutting tools in the general machinery sector mainly covers the precision machining of pump and valve parts (such as stainless steel flanges, valves, and fluid components), hydraulic components, general-purpose parts, and various basic mechanical components. This sector accounts for approximately 30% of the demand for cutting tools.
In recent years, the market size of the general machinery industry has continued to expand, with both the number of enterprises and revenue scale achieving steady growth. As of 2024, the entire machinery industry achieved operating revenue of 1,073.939 billion yuan. In the first half of 2025, the operating revenue of 8,842 large-scale enterprises in the industry reached 521.815 billion yuan, a year-on-year increase of 4.45%, and the total profit reached 36.598 billion yuan, a year-on-year increase of 3.95%. The industry's revenue growth rate was higher than the same period in 2024 and the full-year level. Recently, six departments-the Ministry of Industry and Information Technology, the Ministry of Agriculture and Rural Affairs, the Ministry of Commerce, the People's Bank of China, the General Administration of Customs, and the State Administration for Market Regulation-jointly issued the "Work Plan for Stabilizing Growth in the Machinery Industry (2025-2026)," aiming to promote high-quality development of the machinery industry and provide strong support for the stable operation of the industrial economy. The "Work Plan" proposes that the average annual growth rate of operating revenue in the machinery industry should reach about 3.5% in 2025-2026, and that operating revenue should exceed 10 trillion yuan by 2026. At the same time, it aims to cultivate a number of competitive small and medium-sized enterprise characteristic industrial clusters and internationally competitive industrial clusters, enhance the resilience and security level of key industrial chains and supply chains, and ensure that the machinery industry maintains a stable and positive operating trend.
In the general machinery sector, benefiting from the demand for automation transformation and equipment upgrades in manufacturing, the increasing precision requirements for core components such as pumps, valves, hydraulic parts, and bearings, as well as the replacement of traditional high-speed steel tools by carbide indexable cutting tools, the demand for carbide and its cutting tools will continue to rise.
According to industry data estimates, the market demand for carbide and carbide cutting tools in the general machinery and special-purpose machinery sectors in 2025 will be RMB 5.108 billion and RMB 20.431 billion, respectively. It is projected that by 2030, the market capacity for carbide and carbide cutting tools in this sector will reach RMB 33.663 billion and RMB 80.672 billion, respectively.
III. Aerospace Sector
Aerospace equipment manufacturing belongs to the precision manufacturing industry. Aerospace materials are mostly high-performance, difficult-to-machine materials such as titanium alloys, high-temperature alloys, high-strength steel, and composite materials. The structures are mostly low-rigidity parts with deep cavities, deep holes, and complex curved surfaces. The components are diverse, and the processing technology is complex. The cutting tools used are usually highly specialized, creating an urgent need for high-performance tools with long lifespan and high reliability. In terms of market size, the aerospace sector accounts for approximately 10% of the total demand for cutting tools. Within this sector, my country heavily relies on imports for its cutting tools, indicating a significant potential for domestic substitution.
Currently, the aerospace sector is experiencing a period of rapid growth. The global aerospace component manufacturing market was valued at approximately $936 billion in 2024 and is projected to reach [a significant figure] by 2030.
Reaching $1.2 trillion, with a compound annual growth rate (CAGR) of approximately 4%. The global commercial aviation market is projected to grow from $340.04 billion in 2025 to $445.64 billion in 2030, representing a CAGR of 5.7%. In recent years, China's commercial aerospace industry has also developed rapidly, with its market size growing from approximately RMB 0.38 trillion in 2015 to RMB 2.3 trillion in 2024, representing a CAGR of approximately 22%. By 2030, my country's commercial aerospace market is expected to approach RMB 10 trillion. In the civil aircraft sector, according to COMAC's "COMAC Market Forecast Annual Report (2020-2039)," the Chinese aviation market will receive 8,725 passenger aircraft with more than 50 seats over the next 20 years, with a market value of approximately RMB 8.97 trillion. The huge demand for aircraft manufacturing and parts processing will create a vast market space for domestically produced high-performance cemented carbide cutting tools.
According to industry data, the market size for cemented carbide and cemented carbide cutting tools in the aerospace field is estimated at RMB 2.043 billion and RMB 8.172 billion respectively in 2025. It is projected that by 2030, the market size for cemented carbide and cemented carbide cutting tools in this field will reach RMB 34.599 billion and RMB 82.915 billion respectively.
IV. Power Generation Equipment Sector
The power generation equipment sector encompasses sub-sectors such as wind power, nuclear power, and photovoltaics. Cemented carbide cutting tools are mainly used for precision boring of bearing holes in wind turbine main shafts, ultra-precision turning of sealing surfaces in nuclear power pressure vessels, and high-wear-resistant guide wheels for cutting photovoltaic silicon crystals. This sector accounts for approximately 3% of the cemented carbide cutting tool market.
Driven by energy transition strategies, this industry is experiencing rapid growth. In the wind power sector, the global wind power market's installed capacity continues to expand. Global wind turbine installed capacity is projected to reach 934.6 GW by 2030, with the global wind power market growing from US$110.4 billion in 2024 to US$146.2 billion in 2030, representing a CAGR of 4.8%. The Chinese market is expected to expand at a CAGR of 8.1%, reaching US$31.6 billion by 2030.
The photovoltaic (PV) sector is developing even more rapidly. The global solar energy market is projected to grow from US$96.6 billion in 2024 to US$136.6 billion in 2030, representing a CAGR of 6.0%. The Chinese PV market is expected to grow at a CAGR of 10.0%, reaching US$32.7 billion by 2030. Furthermore, according to the "Guiding Opinions on Promoting the Development of the Energy Electronics Industry" jointly issued by six departments including the Ministry of Industry and Information Technology, the energy electronics industry is expected to achieve a CAGR of over 15% by 2030, setting a clear development target for the PV industry.
In the nuclear power sector, a report by the International Energy Agency indicates that global nuclear power investment will increase from approximately US$65 billion annually currently to US$70 billion by 2030, reaching a total investment of US$120 billion.
Based on the above industry data, it is estimated that the market size for cemented carbide and cemented carbide cutting tools in the power generation equipment sector will be RMB 681 million and RMB 2.724 billion respectively in 2025, and is projected to reach RMB 4.793 billion and RMB 11.487 billion respectively by 2030.
V. 3C Electronics Sector
The 3C industry encompasses computers, communications, and consumer electronics products, and after years of stable development, it is entering a new innovation cycle. Historical data shows that between 2015 and 2023, the average annual shipments of global smartphones, PCs, and tablets remained stable at approximately 1.3 billion units, 280 million units, and 160 million units respectively, exhibiting a stable overall volume. Wearable devices saw particularly strong growth, with shipments increasing from approximately 80 million units in 2015 to 510 million units in 2023, representing a compound annual growth rate (CAGR) of 26%. Domestically, the Chinese 3C market grew from approximately RMB 1.9055 trillion in 2022 to RMB 1.998 trillion in 2023, a year-on-year increase of 5.2%. In 2024, the production of major products remained robust, with mobile phone production reaching 1.669 billion units, a year-on-year increase of 7.8%; smartwatch production reaching 80.95 million units, a year-on-year increase of 5.4%; and virtual reality device production reaching 8.366 million units, a significant year-on-year increase of 59.4%.
With the continuous development of technology, AI technology is profoundly reshaping the 3C industry landscape. AI smartphones, AI PCs, and AI wearable devices are becoming the core engines of a new innovation cycle. According to IDC and Counterpoint forecasts, global AI smartphone shipments are expected to reach 520 million units by 2027. In the AR/VR device sector, global shipments are projected to exceed 35 million units by 2028. The smart wearable field continues its rapid growth, with the deep integration of AI and wearable devices driving the evolution of products such as glasses, headphones, and watches towards intelligence and ecosystem integration.
Therefore, according to Statista statistics, the global consumer electronics market will return to a growth trajectory from 2025, reaching a market size of $1.1537 trillion by 2030, with a CAGR of 2.8% from 2024 to 2030. In terms of shipments, global consumer electronics shipments (including smartphones, tablets, smart wearables, and laptops) are expected to grow from 2.108 billion units in 2024 to 2.623 billion units in 2030, with a CAGR of 3.7%.
The 3C industry has extensive demand for cutting tools for components such as electronic product casings, precision parts, and circuit boards. New materials such as titanium alloy frames and stainless steel folding mechanisms are particularly challenging to process, leading to a continuous increase in the use of carbide micro-diameter cutting tools as these new materials are adopted. Based on the aforementioned industry data, the market size for cemented carbide and cemented carbide cutting tools in the 3C electronics sector is projected to reach 851 million yuan and 3.405 billion yuan respectively in 2025. It is estimated that by 2030, the market size for cemented carbide and cemented carbide cutting tools in this sector will reach 5.15 billion yuan and 12.342 billion yuan respectively.
VI. Furniture and Home Decoration Sector
The furniture and home decoration sector encompasses the entire industry chain, including the design, manufacturing, and installation of residential furniture, office furniture, custom furniture, cabinets and bathroom fixtures, wooden doors and windows, wood flooring, and wood decorative materials. The demand for cemented carbide tools in this sector is primarily concentrated in woodworking CNC cutting tools, specifically including cemented carbide saw blades for board cutting, milling tools, edge banding and trimming tools, and drilling tools. In furniture manufacturing, carbide saw blades are used for precision cutting and sizing of engineered wood, solid wood, and MDF boards; carbide milling cutters are used for edge shaping and irregular milling of boards; carbide drill bits are used for machining positioning and connecting holes in furniture parts; and carbide edge banding and trimming tools are used for finishing the edges of boards. Due to its good wear resistance, high cutting sharpness, and long service life, carbide has become the mainstream material for woodworking tools.
According to the latest data released by the National Bureau of Statistics, in 2024, the total completed floor area of buildings nationwide was 737.43 million square meters, a year-on-year decrease of 27.7%; of which, the completed floor area of residential buildings was 537.41 million square meters, a year-on-year decrease of 27.4%. In 2025, the total completed floor area of buildings nationwide was 603.48 million square meters, a year-on-year decrease of 18.1%; of which, the completed floor area of residential buildings was 428.3 million square meters, a year-on-year decrease of 20.2%. Compared with 2024, the decline in completed floor area has narrowed, but it is still within a period of deep adjustment. The decrease in new real estate construction projects has limited demand for home renovations. In response, the government has implemented a series of favorable policies. Policies such as the trade-in program and green smart home subsidies, introduced in 2024, entered their full implementation phase in 2025. The government allocated an initial batch of 62.5 billion yuan in subsidies to continue supporting the trade-in program, and home furnishings were included in the consumer goods trade-in subsidy program, directly stimulating the renovation and upgrading intentions of existing homeowners. The furniture and home furnishing market is expected to remain relatively stable in the future.
According to industry data, the market size for cemented carbide and cemented carbide cutting tools in the furniture and home furnishing sector is estimated at 341 million yuan and 1.362 billion yuan respectively in 2025. It is projected that by 2030, the market size for cemented carbide and cemented carbide cutting tools in this sector will reach 1.89 billion yuan and 4.528 billion yuan respectively.
VII. Mining and Rock Drilling Sector
As a core component of rock drilling tools, cemented carbide is closely related to the market size of mining and infrastructure construction needs. Rock drilling tools are essential geological tools for mining, primarily including roller cone drills, down-the-hole drills, top hammer drills, diamond core drill bits, raise drills, and top hammer impact drills. Their downstream applications are mainly in mining, infrastructure construction, and oil drilling.
Globally, the rock drilling tool industry has seen continuous market expansion in recent years. Statistics show that the global rock drilling tool market size reached 51.15 billion yuan in 2024, with a compound annual growth rate (CAGR) of 4.16% from 2018 to 2024. This growth is mainly attributed to the stable increase in global mineral resource extraction and the continued advancement of infrastructure construction. With the continued expansion of mining plans, statistics from Research and Markets and GII (Japan's Global Vision Information) indicate that the global rock excavation equipment market size is projected to grow from $2.29 billion in 2025 to $2.45 billion in 2030, with a CAGR of 1.3% from 2025 to 2030.
Domestically, the rock drilling tool industry has experienced even more significant growth. According to predictions from the China Research and Development Institute (CRDI), the market size of China's rock drilling tool industry exceeded 15 billion yuan in 2025, and is expected to grow at a compound annual growth rate of 9.2% from 2025 to 2030, reaching over 28 billion yuan by 2030. This rapid growth is driven by three core factors: First, continued infrastructure investment, with bidding volume for highway tunnel projects in western China increasing by 41% year-on-year in 2025, leading to a surge in the procurement of hydraulic rock drills for tunnel construction; second, accelerated upgrading of mining operations, with the intelligent transformation of China's metal mines accelerating against the backdrop of rising global mineral prices, and the mechanization rate of open-pit mines reaching 63% by 2025; and third, technological breakthroughs driving domestic substitution, with domestically produced rock drills achieving breakthroughs in areas such as electro-hydraulic hybrid power and intelligent sensing systems.
As the core material for rock drilling tools, the market size of cemented carbide for rock drilling is closely related to the demand for rock drilling tools. The main types of cemented carbide products for rock drilling include alloy teeth for rock drill bits, alloy teeth for down-the-hole drill bits, and alloy teeth for roller cone drill bits. With the continued advancement of global mining and infrastructure construction, the market demand for cemented carbide for mining will continue to expand.
According to industry data, the market size for cemented carbide and cemented carbide tools in the rock drilling and engineering fields is projected to reach RMB 6.62 billion and RMB 15 billion respectively in 2025. It is further estimated that by 2030, the market size for cemented carbide and cemented carbide tools in this field will reach RMB 41.125 billion and RMB 70.396 billion respectively.
VIII. Mold Industry
Molds are various tools used in industrial production to obtain desired products through processes such as injection molding, blow molding, extrusion, die casting, forging, smelting, and stamping. In industries such as military manufacturing, electronics manufacturing, automobile manufacturing, building materials processing, medical supplies manufacturing, aerospace, light industry, and energy, over 60% to 80% of parts rely on mold processing, thus earning molds the title of "the mother of industry."
Molds are generally classified into several categories, including stamping dies, drawing dies, injection molds, casting molds, forging dies, and pressing dies. Molds made using cemented carbide are mainly stamping dies, drawing dies, and cold heading dies, primarily processing metal materials.
As a global manufacturing center, China has a vast demand for molds. Driven by the demand for precision molds in high-end manufacturing sectors such as new energy vehicles, consumer electronics, and aerospace, my country's mold market continues to grow. According to a global metal mold market report released by GII (Gross Industry Information Technology), the Chinese metal mold market is projected to grow from approximately US$1.7 billion in 2024 to US$2 billion in 2030, with a compound annual growth rate of 4.5% from 2024 to 2030.
Based on the above industry data, the market size of cemented carbide in the mold sector is estimated at RMB 2.475 billion in 2025, and is projected to reach RMB 15.559 billion in 2030.
NO.4
Summary
Based on the above analysis, the core judgments regarding the future market capacity of cemented carbide and cemented carbide tools are as follows:
The downstream application fields of cemented carbide tools continue to expand, with major markets such as automobiles (including new energy vehicles), general machinery, and aerospace maintaining steady growth. In 2025, the market size of cutting tools in my country's cemented carbide tool sector will be approximately RMB 68.103 billion, corresponding to an alloy market size of approximately RMB 17.026 billion; the market size of rock drilling and engineering tools will be approximately RMB 15 billion, corresponding to an alloy market size of RMB 5.25 billion; and the market size of cemented carbide for molds will be approximately RMB 2.475 billion.
Under the background of the state's strategic control over tungsten resources, the price support factors on the upstream supply side continue to strengthen. The penetration rate of cemented carbide tools in end-user fields such as cutting tools, mold manufacturing, and geological mining is steadily increasing, and the application scope is continuously expanding. The "15th Five-Year Plan" promotes the high-end transformation of the manufacturing industry and the steady growth of the macroeconomy, creating a favorable external environment for the industry's development. Driven by the combined effects of the above factors, the market size of cemented carbide tools and the cemented carbide industry will continue to expand. It is estimated that by 2030, the total market size of cemented carbide will reach approximately RMB 208.012 billion, indicating that cemented carbide-related industries have long-term growth potential and broad development space.
