Tungsten Carbide Market Growth | Growing Opportunities and Challenges, Evolving Technologies, Future Trends Forecast by 2027
The global tungsten carbide powder market growth is segmented by grade, application, end-use industries, and region.
Various grades of tungsten carbide powder are available in the
market such as rotary drilling & mining, metal forming & wear,
submicron, corrosion resistant, general purposes, and others. Among these, the
rotary drilling & mining grades are the leading segments in the market
owing to high impact resistance, stiffness, and ability to perform in severe
conditions.
The application segment includes cutting tools, wear parts, roll
& die, diamond tools, mining tools, and abrasive products. The carbide
cutting tools are often used for machining through materials such as carbon,
stainless steel, and in situations where other tools would wear away. They
offer a better finish and allow faster machining at a much higher temperature
than standard high-speed steel tools.
The mining & construction end user segment is leading the
market growth owing to the high product demand in top-hammer rock drill bits,
downhole hammers, roller-cutters, longwall plough chisels, longwall shearer
picks, raise boring reamers, and tunnel boring machines. This growth is
attributed to its superior properties such as resistance to abrasion &
impact, toughness, and hardness.
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Regional Analysis
The global Tungsten Carbide Powder Market Growth is
segmented into five regions namely Asia Pacific, North America, Europe, Latin
America, and the Middle East & Africa.
Asia Pacific dominated the global tungsten carbide powder market
in 2016 on account of the high demand from the major end-use industries such as
construction, transportation, and aerospace in countries such as Japan, India,
China, and others.
North America was the second largest region in the global
tungsten carbide powder market in 2016 owing to the high demand from the
military & defense, automotive, and aerospace industries.
The high product demand from the manufacturing of various
automotive parts in Western European countries is likely to influence the
market growth.
The Latin American region is expected to grow significantly due
to the growing automotive industry in the region.
The increasing exploration of oil & gas reserves and
infrastructural hub present in the GCC countries is likely to drive the market
in the region.
Competitive Analysis
Some of the manufacturers operating in the global tungsten
carbide powder market growth are Sandvik AB (Sweden), Kennametal (U.S.),
CERATIZIT S.A. (Luxembourg), Federal Carbide Company (U.S.), GuangDong XiangLu
Tungsten Co.,Ltd (China), Nanchang Cemented Carbide Co., Ltd. (China),
JAPAN NEW METALS CO., LTD. (Japan), Umicore (Belgium), ChinaTungsten (China),
H.C. Starck GmbH (U.S.), Reade International Corp., (U.S), and Merck KGaA
(Germany).
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