Tungsten Carbide Powder Market valued worth USD 15.22 million in 2019 and expected to grow at a CAGR of 5.6 percent in the forecasted period from 2020 to 2026
Published | February 2020
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 employed 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 projected to grow at a CAGR of 5.6 percent in the forecasted period from 2020 to 2026.
Rapid urbanization and improved infrastructure to support the expansion of Global Tungsten Carbide Powder Market in the forecasted period
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 forecasted 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 jewelry to prevent them from getting scratched or tarnished easily. Demand for energy minerals such as coal has led to an increase 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 anticipated to lead to an increase in demand for tungsten carbide powders.
Mining and construction contributed the largest share to the Global Tungsten Carbide Powder Market in 2019
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.
Asia-Pacific accounted for the largest contribution to the Global Tungsten Carbide Powder Market
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 largest 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.
The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of Tungsten Carbide Powder market size & forecast. The report promises to provide state-of-the-art technology of Tungsten Carbide Powder production and industry insights which help decision-makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.