United States's Carbides Market to See Slight Growth, Reaching 916K Tons and $4.1B by 2035

IndexBox has just published a new report: U.S. - Carbides - Market Analysis, Forecast, Size, Trends And Insights.

The carbides market in the US is set to experience growth in both volume and value over the period from 2024 to 2035, with forecasted CAGRs of +0.6% and +2.0% respectively. By the end of 2035, the market volume is expected to reach 916K tons, and the market value is projected to hit $4.1B in nominal prices.

Market Forecast

Driven by rising demand for carbides in the United States, 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 +0.6% for the period from 2024 to 2035, which is projected to bring the market volume to 916K tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.0% for the period from 2024 to 2035, which is projected to bring the market value to $4.1B (in nominal wholesale prices) by the end of 2035.

Consumption

United States's Consumption of Carbides

In 2024, consumption of carbides decreased by -0.5% to 859K tons, falling for the fifth consecutive year after two years of growth. Over the period under review, consumption recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the consumption volume increased by 2.5%. Carbides consumption peaked at 890K tons in 2019; however, from 2020 to 2024, consumption failed to regain momentum.

The revenue of the carbides market in the United States stood at $3.3B in 2024, picking up 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). The market value increased at an average annual rate of +1.2% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. As a result, consumption attained the peak level of $3.8B. From 2019 to 2024, the growth of the market remained at a lower figure.

Production

United States's Production of Carbides

In 2024, the amount of carbides produced in the United States declined slightly to 756K tons, leveling off at 2023 figures. Over the period under review, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2023 when the production volume increased by 6.1% against the previous year. Carbides production peaked at 802K tons in 2020; however, from 2021 to 2024, production failed to regain momentum.

In value terms, carbides production rose significantly to $3B in 2024. The total output value increased at an average annual rate of +1.3% over the period from 2013 to 2024; the trend pattern remained relatively stable, with only minor fluctuations in certain years. The growth pace was the most rapid in 2018 when the production volume increased by 22%. As a result, production reached the peak level of $3.4B. From 2019 to 2024, production growth remained at a lower figure.

Imports

United States's Imports of Carbides

In 2024, purchases abroad of carbides decreased by -1.3% to 121K tons, falling for the second year in a row after two years of growth. In general, imports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 38% against the previous year. Over the period under review, imports hit record highs at 175K tons in 2022; however, from 2023 to 2024, imports failed to regain momentum.

In value terms, carbides imports declined to $348M in 2024. Overall, imports, however, enjoyed a noticeable increase. The most prominent rate of growth was recorded in 2022 when imports increased by 66%. As a result, imports attained the peak of $480M. From 2023 to 2024, the growth of imports remained at a lower figure.

Imports By Country

In 2024, China (102K tons) constituted the largest carbides supplier to the United States, accounting for a 84% share of total imports. Moreover, carbides imports from China exceeded the figures recorded by the second-largest supplier, Brazil (6.1K tons), more than tenfold. South Africa (4.3K tons) ranked third in terms of total imports with a 3.6% share.

From 2013 to 2024, the average annual growth rate of volume from China totaled +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-2.5% per year) and South Africa (-8.9% per year).

In value terms, China ($146M) constituted the largest supplier of carbides to the United States, comprising 42% of total imports. The second position in the ranking was taken by Norway ($66M), with a 19% share of total imports. It was followed by South Africa, with an 11% share.

From 2013 to 2024, the average annual rate of growth in terms of value from China totaled +3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Norway (+16.9% per year) and South Africa (+0.6% per year).

Import Prices By Country

In 2024, the average carbides import price amounted to $2,876 per ton, shrinking by -2.2% against the previous year. Over the period under review, import price indicated measured growth from 2013 to 2024: its price increased at an average annual rate of +3.8% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, carbides import price increased by +39.9% against 2020 indices. The pace of growth was the most pronounced in 2018 an increase of 34%. The import price peaked at $2,940 per ton in 2023, and then declined in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2024, amid the top importers, the country with the highest price was Norway ($24,844 per ton), while the price for the Netherlands ($666 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Norway (+13.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports

United States's Exports of Carbides

In 2024, overseas shipments of carbides decreased by -12.2% to 18K tons, falling for the second consecutive year after two years of growth. In general, exports showed a abrupt downturn. The pace of growth was the most pronounced in 2021 when exports increased by 20% against the previous year. The exports peaked at 47K tons in 2014; however, from 2015 to 2024, the exports failed to regain momentum.

In value terms, carbides exports shrank slightly to $77M in 2024. Over the period under review, exports saw a abrupt curtailment. The growth pace was the most rapid in 2022 when exports increased by 22%. Over the period under review, the exports hit record highs at $163M in 2014; however, from 2015 to 2024, the exports failed to regain momentum.

Exports By Country

Canada (12K tons) was the main destination for carbides exports from the United States, with a 64% share of total exports. Moreover, carbides exports to Canada exceeded the volume sent to the second major destination, Mexico (2.2K tons), fivefold. Norway (1.2K tons) ranked third in terms of total exports with a 6.7% share.

From 2013 to 2024, the average annual rate of growth in terms of volume to Canada amounted to -6.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mexico (-0.5% per year) and Norway (-19.4% per year).

In value terms, Canada ($22M), Germany ($13M) and Japan ($10M) appeared to be the largest markets for carbides exported from the United States worldwide, with a combined 59% share of total exports.

In terms of the main countries of destination, Japan, with a CAGR of +3.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices By Country

The average carbides export price stood at $4,222 per ton in 2024, increasing by 8.9% against the previous year. Over the period from 2013 to 2024, it increased at an average annual rate of +2.6%. The most prominent rate of growth was recorded in 2018 when the average export price increased by 31%. As a result, the export price reached the peak level of $5,128 per ton. From 2019 to 2024, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major external markets. In 2024, amid the top suppliers, the country with the highest price was Japan ($20,548 per ton), while the average price for exports to Norway ($1,413 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Japan (+4.7%), while the prices for the other major destinations experienced more modest paces of growth.