Tungsten Carbide Powder Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI1259
Global Tungsten Carbide Powder Market size is likely to reach USD 24.5 billion by 2024 from 14.5 billion valued in 2015, registering a CAGR of 5.5% during the forecasted period. The product is a compound, comprising of equivalent parts of carbon and tungsten atoms. Basically, it’s a fine gray powder, which can be formed into shapes for usage in abrasives, jewelry, tools & instruments and industrial machinery. Depending on the coating method, the proportions of both the compounds can be included in coatings.
Increasing product demand in transportation, mining & construction and industrial engineering sector will positively influence the tungsten carbide powder market over the estimated timespan. Increasing government investments to upgrade their public infrastructure, particularly in the BRICS nations. In addition, escalating spending for residential & commercial buildings will significantly boost the tungsten carbide powder demand, thereby propelling the overall tungsten carbide powder market size by 2024.
China is world’s largest tungsten ore resources holder and producer. The tungsten output from China accounts to almost 85% of the global output. China has the control over the total tungsten resources, it manages export quota, purchases and stores tungsten resources, also implements other strict policies, which not only have adverse effects on supplies to the world but will also slow down the tungsten carbide market globally. This excess supply of the product by China is a restraint in global tungsten carbide powder market.
Tungsten carbide powder is emerging as an alternative to depleted uranium reserves because of the health risks that people are exposed to because of radioactive nature of uranium, which is overcome by the stability of tungsten carbide powder at high temperatures. Moreover, tungsten carbide is gaining recognition to be used in 3D printing technology equipment. More and more companies are replacing their present material, used in 3D printing equipment, like lead with tungsten carbide powder because of its stiffness, strength and capacity to withstand high temperatures and heat. Both these applications of tungsten carbide powder prove as an opportunity for its market to expand and grow in the forecasted period.
The overall tungsten carbide powder market size on the basis of grade can be classified as rotary drilling & mining, metal forming & wear, submicron, corrosion resistant and general purpose. Rotary drilling & mining grade product led the overall business in 2015 on account of its high strength and superior stiffness, impact resistance. Furthermore, this product grade offers value added workability in severe conditions and is thus widely used across mining and oil & gas sector.
On the basis of application, the global tungsten carbide powder market is segregated into machine tools & components, dies & punches and abrasive products. Machine tools & components accounted for the major chunk of the business in 2015. Increasing use of tungsten carbide powder for manufacturing nozzles, sheets, inserts, rods, strips and balls and many others for various end user industries are expected to drive the market’s growth. Mining & construction industry is paving the path for tungsten carbide powder market growth in coming years due to increasing oil & gas exploration activities around the globe.
China, India and Japan are the principal consumers in the Asia Pacific region of tungsten carbide powder. North America, led by the U.S. is forecast to witness moderate gains over the projected timeframe. Increasing oil & gas industry in the U.S. along with shale gas exploration will boost the regional product demand by 2024. In addition, uplifting regional construction industry after economic downturn will further complement business growth in the coming years. Europe tungsten carbide powder market share will be driven by growing product demand in the construction due to increasing renovation and remodeling activities.
Key players operating in product market globally are Kennametal., Sandvik AB, Federal Carbide Company, Japan New Metal Company Ltd, Ceratizit, ChinaTungsten Online (Xiamen) Manufacturing & Sales Corporation, and Buffalo Tungsten. Other manufacturing companies are Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Company Ltd., Zigong Huagang Cemented Carbide New Materials Company, H.C Starck, Reade International Corporation, Guangdong Xianglu Tungsten Company Ltd., Nanchang Cemented Carbide Co. Ltd., Manu and Sales Corporation (China), Extramet and Eurotungstene.
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