Global Tungsten Carbide Powder Market: An Overview
Global Tungsten Carbide Powder is a chemical compound consisting of atoms of tungsten and carbide. The compound can be pressed and molded into different shapes and sizes for usage in cutting tools, industrial machinery, abrasives, jewelry, and other tools and equipment. Tungsten Carbide powder is characterized by high thermal conductivity, intense strength, and extreme stiffness. The powder formed is stored in sealed polythene lined steel drums. Micro grain tungsten carbide powder is used for nozzles, end mills, and circuit board drills while the fine powder is used in cutting tools. The Global Tungsten Carbide Powder Market accounted for USD 15.22 million in 2019 and is anticipated to grow at a CAGR of 5.6 percent in the forecast period from 2020 to 2026.
Global Tungsten Carbide Powder Market: Market Dynamics
The rise in mining and construction activities, expansion of the transportation sector, development of engineering industries are some of the factors propelling the growth of the market and are expected to drive the expansion of the market in the forecast period. In the mining and construction industry, the powders are employed in tunnel boring machines and roller cutters as they provide resistance from abrasion, wear and tear and improve the strength of materials. The powder is also widely used in the jewelry industry to prevent them from getting scratched or tarnished easily. Demand for energy minerals such as coal has led to a rise in mining activities, thereby leading to an increase in demand for the global tungsten carbide powder market. Additionally, rapid urbanization and improved infrastructure have led to the expansion of the construction project.
The emerging economies have been witnessing a rise in demand for coal and other minerals owning to an increase in electricity consumption to satisfy a large population. In addition, increasing investments made towards the consumption of oil and gas resources, increasing demand for tungsten carbide powder in the mining and construction industry owing to superior properties such as resistance to abrasion & impact, toughness, and hardness are anticipated to drive the expansion of the rotary drilling and mining grade segment. Henceforth, all these factors are expected to lead to an increase in demand for tungsten carbide powders.
Global Tungsten Carbide Powder Market: Market Segmentation
On the basis of application, the Global Tungsten Carbide Powder Market can be classified as Machine Tools & Components, Dies & Punches, Cutting Tools, and Abrasive Products. On the basis of Grade, the Global Tungsten Carbide Powder Market can be segmented as Rotary Drilling & Mining Grades, Submicron Grades, Metal Forming & Wear Grades, Corrosion Resistant Grades, General Purpose Grades and Other Grades. On the basis of End-Use, the Global Tungsten Carbide Powder Market can be bifurcated as Mining & Construction, Transportation, Industrial Engineering, Oil & Gas, and Aerospace & Defense. In 2019, Mining and construction contributed the largest share to the Global Tungsten Carbide Powder Market owing to factors such as a rapid increase in construction and building industries, growth in population and urbanization, and an increase in government infrastructure and development plans.
Global Tungsten Carbide Powder Market: Regional Landscape
North America, Europe, Asia-Pacific, and the Middle East and Africa are few of the key regions where the presence of Global Tungsten Carbide Powder Market can be witnessed. In 2019, Asia-Pacific accounted for the most significant contribution to the Global Tungsten Carbide Powder Market due to the rise in construction, mining and engineering activities in the region.
Global Tungsten Carbide Powder Market: Key Market Players
Kennametal Inc (US), Extrament (Switzerland), Guangdong Xianglu Tungsten Co Ltd (China), Sandvik AB (Sweden), Federal Carbide Company (US), Japan New Metal Co. Ltd (Japan), Nanchang Cemented Carbide Co Ltd (China), China Tungsten Online (Xiamen), Manu & Sales Corp. (China), Jiangxi Yaosheng Tungsten Co. Ltd (China) and Eurotungstene (France) are few of the key market players in the Global Tungsten Carbide Power Market.
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