European Union's Carbides Market Forecast to Reach 889K Tons and $2.2B by 2035 After Recent Decline

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The EU carbides market experienced a third consecutive annual decline in 2024, with consumption falling to 853K tons and market value to $2B. Driven by rising demand, a modest recovery is forecast, projecting a market volume of 889K tons and a value of $2.2B by 2035. France, Germany, and Spain are the largest consumers, while the Netherlands, Spain, and France lead production. Imports and exports have contracted recently, with significant price variations between countries like Sweden (high import price) and Belgium (low import price). The market remains below its 2013-2014 peak levels.

Key Findings

• EU carbides consumption declined for the third year to 853K tons in 2024 but is forecast to grow slightly to 889K tons by 2035
• France leads the market in value at $875M, followed by Germany and Spain as top consumers
• Production increased slightly in 2024 to 719K tons after a decade of decline, led by the Netherlands, Spain, and France
• Germany is the largest importer by volume, while Sweden pays the highest import price at over $6,300 per ton
• The Netherlands, Germany, and Slovakia are the leading exporters, with Germany achieving the highest export price

Market Forecast

Driven by rising demand for carbides in the European Union, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +0.4% for the period from 2024 to 2035, which is projected to bring the market volume to 889K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +0.7% for the period from 2024 to 2035, which is projected to bring the market value to $2.2B (in nominal wholesale prices) by the end of 2035.

Consumption

European Union's Consumption of Carbides

For the third year in a row, the European Union recorded decline in consumption of carbides, which decreased by -2.2% to 853K tons in 2024. Overall, consumption recorded a pronounced decline. The growth pace was the most rapid in 2021 when the consumption volume increased by 0.6%. Over the period under review, consumption hit record highs at 1.2M tons in 2013; however, from 2014 to 2024, consumption failed to regain momentum.

The revenue of the carbides market in the European Union contracted modestly to $2B in 2024, reducing by -2.7% 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). Over the period under review, consumption saw a pronounced slump. The most prominent rate of growth was recorded in 2021 when the market value increased by 8.4%. Over the period under review, the market attained the peak level at $3.5B in 2014; however, from 2015 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were France (126K tons), Germany (119K tons) and Spain (91K tons), with a combined 39% share of total consumption. The Netherlands, Italy, Belgium, Romania, Sweden, Austria and Poland lagged somewhat behind, together accounting for a further 45%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Poland (with a CAGR of +1.0%), while consumption for the other leaders experienced mixed trends in the consumption figures.

In value terms, France ($875M) led the market, alone. The second position in the ranking was taken by Germany ($300M). It was followed by Spain.

In France, the carbides market declined by an average annual rate of -4.4% over the period from 2013-2024. The remaining consuming countries recorded the following average annual rates of market growth: Germany (-7.7% per year) and Spain (+1.0% per year).

The countries with the highest levels of carbides per capita consumption in 2024 were Belgium (5.3 kg per person), the Netherlands (4.7 kg per person) and Austria (4.4 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Poland (with a CAGR of +1.1%), while consumption for the other leaders experienced a decline in the per capita consumption figures.

Production

European Union's Production of Carbides

After ten years of decline, production of carbides increased by 1% to 719K tons in 2024. In general, production, however, showed a perceptible shrinkage. The volume of production peaked at 1.1M tons in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

In value terms, carbides production contracted to $1.5B in 2024 estimated in export price. Over the period under review, production, however, recorded a deep setback. The most prominent rate of growth was recorded in 2014 with an increase of 7.5%. As a result, production reached the peak level of $3B. From 2015 to 2024, production growth remained at a somewhat lower figure.

Production By Country

The countries with the highest volumes of production in 2024 were the Netherlands (119K tons), Spain (90K tons) and France (81K tons), together comprising 40% of total production. Romania, Slovakia, Belgium, Germany, Italy and Sweden lagged somewhat behind, together accounting for a further 43%.

From 2013 to 2024, the biggest increases were recorded for Slovakia (with a CAGR of -1.4%), while production for the other leaders experienced a decline in the production figures.

Imports

European Union's Imports of Carbides

In 2024, supplies from abroad of carbides decreased by -6.6% to 367K tons, falling for the second year in a row after two years of growth. Overall, imports showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 when imports increased by 26%. The volume of import peaked at 486K tons in 2018; however, from 2019 to 2024, imports remained at a lower figure.

In value terms, carbides imports contracted to $884M in 2024. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 46%. Over the period under review, imports reached the peak figure at $1.1B in 2022; however, from 2023 to 2024, imports failed to regain momentum.

Imports By Country

In 2024, Germany (114K tons) was the major importer of carbides, comprising 31% of total imports. It was distantly followed by France (48K tons), Poland (39K tons), Belgium (28K tons), Italy (25K tons), Sweden (22K tons) and the Netherlands (21K tons), together constituting a 50% share of total imports.

From 2013 to 2024, average annual rates of growth with regard to carbides imports into Germany stood at -2.4%. At the same time, the Netherlands (+10.2%), Belgium (+3.0%), Sweden (+1.7%) and Poland (+1.3%) displayed positive paces of growth. Moreover, the Netherlands emerged as the fastest-growing importer imported in the European Union, with a CAGR of +10.2% from 2013-2024. France experienced a relatively flat trend pattern. By contrast, Italy (-1.8%) illustrated a downward trend over the same period. The Netherlands (+3.9 p.p.), Belgium (+2.6 p.p.), Poland (+2.3 p.p.) and France (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Germany saw its share reduced by -5.9% from 2013 to 2024, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Germany ($254M), Sweden ($136M) and France ($105M) appeared to be the countries with the highest levels of imports in 2024, together accounting for 56% of total imports. Poland, Italy, Belgium and the Netherlands lagged somewhat behind, together comprising a further 24%.

Among the main importing countries, the Netherlands, with a CAGR of +3.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices By Country

The import price in the European Union stood at $2,407 per ton in 2024, approximately mirroring the previous year. In general, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the import price increased by 19%. As a result, import price reached the peak level of $2,527 per ton. From 2023 to 2024, the import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2024, amid the top importers, the country with the highest price was Sweden ($6,309 per ton), while Belgium ($1,209 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Italy (+2.3%), while the other leaders experienced more modest paces of growth.

Exports

European Union's Exports of Carbides

In 2024, overseas shipments of carbides were finally on the rise to reach 233K tons for the first time since 2021, thus ending a two-year declining trend. In general, exports, however, recorded a perceptible reduction. The pace of growth appeared the most rapid in 2021 when exports increased by 28% against the previous year. The volume of export peaked at 343K tons in 2018; however, from 2019 to 2024, the exports failed to regain momentum.

In value terms, carbides exports fell to $370M in 2024. Overall, exports, however, recorded a pronounced decline. The growth pace was the most rapid in 2021 with an increase of 39%. The level of export peaked at $622M in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

The Netherlands (57K tons), Germany (44K tons) and Slovakia (41K tons) represented roughly 61% of total exports in 2024. It was distantly followed by Sweden (24K tons), Belgium (17K tons), Romania (14K tons) and Spain (11K tons), together making up a 29% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Germany (with a CAGR of +3.9%), while the other leaders experienced a decline in the exports figures.

In value terms, Germany ($87M), the Netherlands ($67M) and Slovakia ($47M) were the countries with the highest levels of exports in 2024, together comprising 54% of total exports.

Among the main exporting countries, Slovakia, with a CAGR of +0.6%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices By Country

In 2024, the export price in the European Union amounted to $1,591 per ton, dropping by -11.3% against the previous year. Overall, the export price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the export price increased by 41%. As a result, the export price attained the peak level of $1,970 per ton. From 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Germany ($1,953 per ton), while Slovakia ($1,151 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Spain (+3.5%), while the other leaders experienced more modest paces of growth.