Global Carbides Market's Modest Growth Trajectory With a 1.1% CAGR in Value Through 2035

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The global carbides market, valued at $18.8B in 2024, is forecast for modest growth to $21.3B by 2035 (CAGR +1.1%), with volume reaching 8.6M tons (CAGR +0.4%). Consumption and production have remained relatively flat since peaking in 2013. China is the dominant producer (32% share) and consumer (26% share). The United States, Germany, and Japan are the top importers by value, while China is the leading exporter, accounting for 50% of global export volume. Per capita consumption is highest in Japan, Russia, and the United States.

Key Findings

• Market forecast shows modest growth to 8.6M tons and $21.3B by 2035 with CAGRs of +0.4% and +1.1% respectively
• China leads global production (32% share) and consumption (26% share)
• United States, Germany, and Japan are the top importers by value, together comprising 37% of global imports
• China dominates exports, accounting for 50% of global export volume and 42% by value
• Global market size and volume have remained relatively flat since peaking in 2013

Market Forecast

Driven by rising demand for carbides worldwide, 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 8.6M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +1.1% for the period from 2024 to 2035, which is projected to bring the market value to $21.3B (in nominal wholesale prices) by the end of 2035.

Consumption

World's Consumption of Carbides

In 2024, approx. 8.2M tons of carbides were consumed worldwide; therefore, remained relatively stable against the previous year. Over the period under review, consumption saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the consumption volume increased by 1.5%. Over the period under review, global consumption attained the peak volume at 9.1M tons in 2013; however, from 2014 to 2024, consumption remained at a lower figure.

The global carbides market size reduced modestly to $18.8B in 2024, falling by -2.3% 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). Overall, consumption showed a relatively flat trend pattern. Global consumption peaked at $20.4B in 2013; however, from 2014 to 2024, consumption stood at a somewhat lower figure.

Consumption By Country

The country with the largest volume of carbides consumption was China (2.2M tons), accounting for 26% of total volume. Moreover, carbides consumption in China exceeded the figures recorded by the second-largest consumer, India (910K tons), twofold. The third position in this ranking was held by the United States (864K tons), with a 10% share.

From 2013 to 2024, the average annual rate of growth in terms of volume in China was relatively modest. The remaining consuming countries recorded the following average annual rates of consumption growth: India (-0.0% per year) and the United States (-0.1% per year).

In value terms, the largest carbides markets worldwide were the United States ($3.6B), China ($3B) and Japan ($1.9B), together comprising 45% of the global market.

The United States, with a CAGR of +2.0%, saw 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 more modest paces of growth.

The countries with the highest levels of carbides per capita consumption in 2024 were Japan (3 kg per person), Russia (2.6 kg per person) and the United States (2.5 kg per person).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by China (with a CAGR of -0.5%), while consumption for the other global leaders experienced a decline in the per capita consumption figures.

Production

World's Production of Carbides

In 2024, global production of carbides fell to 8.2M tons, approximately reflecting 2023. Overall, production showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 1.5%. Over the period under review, global production attained the maximum volume at 9.1M tons in 2013; however, from 2014 to 2024, production remained at a lower figure.

In value terms, carbides production contracted slightly to $19.2B in 2024 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the production volume increased by 19% against the previous year. Global production peaked at $20.2B in 2013; however, from 2014 to 2024, production stood at a somewhat lower figure.

Production By Country

The country with the largest volume of carbides production was China (2.6M tons), accounting for 32% of total volume. Moreover, carbides production in China exceeded the figures recorded by the second-largest producer, India (842K tons), threefold. The United States (759K tons) ranked third in terms of total production with a 9.3% share.

From 2013 to 2024, the average annual growth rate of volume in China was relatively modest. In the other countries, the average annual rates were as follows: India (+0.1% per year) and the United States (-0.4% per year).

Imports

World's Imports of Carbides

In 2024, purchases abroad of carbides decreased by -2.6% to 990K tons, falling for the second year in a row after two years of growth. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 25%. Global imports peaked at 1.2M tons in 2018; however, from 2019 to 2024, imports failed to regain momentum.

In value terms, carbides imports shrank to $2.2B in 2024. Overall, imports, however, 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, global imports attained the peak figure at $2.8B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Imports By Country

The United States (121K tons) and Germany (114K tons) were the major importers of carbides in 2024, recording approx. 12% and 12% of total imports, respectively. It was followed by India (73K tons), Japan (61K tons), South Korea (49K tons) and France (48K tons), together constituting a 23% share of total imports. The following importers - Poland (39K tons), Belgium (28K tons), Norway (27K tons) and Italy (25K tons) - together made up 12% of total imports.

From 2013 to 2024, the biggest increases were recorded for Belgium (with a CAGR of +3.0%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the largest carbides importing markets worldwide were the United States ($348M), Germany ($254M) and Japan ($229M), with a combined 37% share of global imports. South Korea, France, India, Poland, Italy, Norway and Belgium lagged somewhat behind, together comprising a further 25%.

Norway, with a CAGR of +5.0%, saw the highest rates of growth with regard to 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

In 2024, the average carbides import price amounted to $2,248 per ton, falling by -4.1% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2022 when the average import price increased by 24% against the previous year. As a result, import price reached the peak level of $2,496 per ton. From 2023 to 2024, the average import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Japan ($3,722 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 the United States (+3.5%), while the other global leaders experienced more modest paces of growth.

Exports

World's Exports of Carbides

In 2024, overseas shipments of carbides decreased by -2.6% to 951K tons, falling for the second consecutive year after two years of growth. Overall, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 30%. The global exports peaked at 1.2M tons in 2018; however, from 2019 to 2024, the exports failed to regain momentum.

In value terms, carbides exports shrank to $1.5B in 2024. In general, exports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 46% against the previous year. Over the period under review, the global exports reached the maximum at $2.2B in 2022; however, from 2023 to 2024, the exports failed to regain momentum.

Exports By Country

China prevails in exports structure, amounting to 478K tons, which was approx. 50% of total exports in 2024. The Netherlands (57K tons) ranks second in terms of the total exports with a 6% share, followed by Brazil (4.8%) and Germany (4.7%). Slovakia (41K tons), Vietnam (39K tons), Russia (32K tons), Sweden (24K tons), Kazakhstan (19K tons) and Belgium (17K tons) held a little share of total exports.

China experienced a relatively flat trend pattern with regard to volume of exports of carbides. At the same time, Vietnam (+17.3%), Germany (+3.9%), Brazil (+3.4%) and Kazakhstan (+2.4%) displayed positive paces of growth. Moreover, Vietnam emerged as the fastest-growing exporter exported in the world, with a CAGR of +17.3% from 2013-2024. By contrast, Slovakia (-2.2%), the Netherlands (-2.3%), Russia (-2.5%), Sweden (-3.3%) and Belgium (-3.7%) illustrated a downward trend over the same period. China (+7.5 p.p.), Vietnam (+3.4 p.p.), Germany (+1.8 p.p.) and Brazil (+1.7 p.p.) significantly strengthened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($644M) remains the largest carbides supplier worldwide, comprising 42% of global exports. The second position in the ranking was held by Germany ($87M), with a 5.6% share of global exports. It was followed by the Netherlands, with a 4.4% share.

In China, carbides exports expanded at an average annual rate of +1.5% over the period from 2013-2024. In the other countries, the average annual rates were as follows: Germany (-4.7% per year) and the Netherlands (-2.3% per year).

Export Prices By Country

In 2024, the average carbides export price amounted to $1,619 per ton, dropping by -10.1% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 an increase of 28% against the previous year. As a result, the export price reached the peak level of $1,961 per ton. From 2023 to 2024, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2024, amid the top suppliers, the country with the highest price was Germany ($1,953 per ton), while Kazakhstan ($899 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Slovakia (+2.8%), while the other global leaders experienced more modest paces of growth.