Carbides Market

The article provides an in-depth analysis of the global carbides market, forecasting a slight increase in consumption and value over the next eight years. Key points include consumption trends, production volumes, import and export data. China remains the largest producer and exporter of carbides, while the United States and Germany are the largest importers. Prices have seen moderate growth, with noticeable variations by country. Overall, the article offers comprehensive insights into the dynamics of the carbides market.

Market Forecast

Driven by rising demand for carbides worldwide, the market is expected to start an upward consumption trend over the next eight years. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.3% for the period from 2022 to 2030, which is projected to bring the market volume to 7.8M tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.9% for the period from 2022 to 2030, which is projected to bring the market value to $19.8B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Carbides

In 2022, consumption of carbides was finally on the rise to reach 7.6M tons after two years of decline. Overall, consumption, however, recorded a pronounced decrease. The most prominent rate of growth was recorded in 2018 with an increase of 5%. Over the period under review, global consumption attained the peak volume at 10M tons in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

The global carbides market revenue rose modestly to $17.1B in 2022, surging by 4.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). In general, consumption, however, recorded a perceptible downturn. Over the period under review, the global market reached the peak level at $26.1B in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were China (2.1M tons), the United States (1.2M tons) and India (899K tons), with a combined 56% share of global consumption.

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of -0.4%), while consumption for the other global leaders experienced a decline in the consumption figures.

In value terms, the largest carbides markets worldwide were the United States ($4B), China ($2.9B) and Japan ($1.8B), together comprising 51% of the global market. India, Russia, Brazil, Germany, Mexico and Iran lagged somewhat behind, together comprising a further 19%.

India, with a CAGR of -0.3%, recorded the highest growth rate of market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced a decline in the market figures.

The countries with the highest levels of carbides per capita consumption in 2022 were the United States (3.7 kg per person), Japan (2.8 kg per person) and Russia (2.5 kg per person).

From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of -0.9%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World Production of Carbides

In 2022, production of carbides was finally on the rise to reach 7.6M tons for the first time since 2019, thus ending a two-year declining trend. In general, production, however, showed a perceptible curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by 5.3% against the previous year. Over the period under review, global production attained the maximum volume at 10M tons in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

In value terms, carbides production rose modestly to $16.4B in 2022 estimated in export price. Over the period under review, production, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2018 when the production volume increased by 21% against the previous year. Global production peaked at $26.4B in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Production By Country

China (2.6M tons) remains the largest carbides producing country worldwide, accounting for 35% of total volume. Moreover, carbides production in China exceeded the figures recorded by the second-largest producer, the United States (1.1M tons), twofold. The third position in this ranking was taken by India (836K tons), with an 11% share.

From 2012 to 2022, the average annual growth rate of volume in China was relatively modest. In the other countries, the average annual rates were as follows: the United States (-4.5% per year) and India (-0.6% per year).

Imports

World Imports of Carbides

In 2022, purchases abroad of carbides increased by 1.7% to 1.1M tons, rising for the second year in a row after two years of decline. In general, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 24% against the previous year. Global imports peaked at 1.2M tons in 2018; however, from 2019 to 2022, imports remained at a lower figure.

In value terms, carbides imports surged to $2.8B in 2022. Overall, total imports indicated a modest increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +86.5% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 45%. Global imports peaked in 2022 and are likely to see gradual growth in the immediate term.

Imports By Country

The United States (174K tons) and Germany (147K tons) were the largest importers of carbides in 2022, amounting to near 16% and 13% of total imports, respectively. Japan (70K tons) took the next position in the ranking, followed by India (68K tons), France (58K tons) and South Korea (56K tons). All these countries together took approx. 22% share of total imports. Poland (37K tons), Italy (30K tons), Belgium (29K tons), Norway (27K tons), the Czech Republic (26K tons), the Netherlands (25K tons) and Turkey (24K tons) held a minor share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by the Netherlands (with a CAGR of +21.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest carbides importing markets worldwide were the United States ($480M), Germany ($351M) and Japan ($316M), with a combined 41% share of global imports. South Korea, France, India, Italy, Poland, Norway, Turkey, the Netherlands, the Czech Republic and Belgium lagged somewhat behind, together accounting for a further 28%.

The Netherlands, with a CAGR of +25.5%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average carbides import price stood at $2,510 per ton in 2022, surging by 26% against the previous year. Over the last decade, it increased at an average annual rate of +1.3%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($4,491 per ton), while Belgium ($1,409 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+4.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Carbides

In 2022, overseas shipments of carbides increased by 0.8% to 1.1M tons, rising for the second year in a row after two years of decline. The total export volume increased at an average annual rate of +1.4% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth appeared the most rapid in 2021 with an increase of 29%. Over the period under review, the global exports hit record highs at 1.2M tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, carbides exports soared to $2.2B in 2022. In general, total exports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of +2.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +87.8% against 2020 indices. The pace of growth appeared the most rapid in 2021 with an increase of 46%. The global exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports By Country

China was the main exporting country with an export of around 541K tons, which finished at 48% of total exports. The Netherlands (69K tons) took the second position in the ranking, followed by Germany (69K tons) and Slovakia (63K tons). All these countries together held near 18% share of total exports. The following exporters - Brazil (44K tons), Vietnam (40K tons), Russia (36K tons), Sweden (25K tons), the United States (25K tons), Kazakhstan (24K tons) and Belgium (21K tons) - together made up 19% of total exports.

From 2012 to 2022, average annual rates of growth with regard to carbides exports from China stood at +5.1%. At the same time, Vietnam (+37.4%), Germany (+10.2%) and Brazil (+1.6%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +37.4% from 2012-2022. Kazakhstan, Slovakia and the Netherlands experienced a relatively flat trend pattern. By contrast, Russia (-2.3%), Sweden (-3.6%), Belgium (-4.6%) and the United States (-6.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of China, Germany and Vietnam increased by +15, +3.4 and +3.4 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($930M) remains the largest carbides supplier worldwide, comprising 42% of global exports. The second position in the ranking was taken by Germany ($175M), with a 7.9% share of global exports. It was followed by the Netherlands, with a 4.2% share.

From 2012 to 2022, the average annual growth rate of value in China totaled +5.1%. The remaining exporting countries recorded the following average annual rates of exports growth: Germany (+8.3% per year) and the Netherlands (+1.2% per year).

Export Prices By Country

The average carbides export price stood at $1,963 per ton in 2022, increasing by 28% against the previous year. In general, the export price saw a slight expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was the United States ($3,549 per ton), while Kazakhstan ($938 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Slovakia (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform