The global tungsten carbide powder market, accounting for more than 55.0% share in 2017
Tungsten Carbide Powder Market by Grain Size (10 μm), by Grade (Rotary Drilling & Mining, Metal Forming & Wear, Submicron, Corrosion Resistant, General Purpose), by Application (Machine Tools & Components, Cutting Tools, Dies & Punches, Abrasive Products), by End-Use Industry (Mining & Construction [Inserts, Drill Bits, Burr Blanks], Industrial Engineering [Chemicals & Fertilizers, Fluid Power Manufacturing, Power Generation & Transmission], Transportation [Railways, Automotive], Oil & Gas [Exploration, Drilling], Aerospace & Defense [Aircraft, Ammunition]), by Geography (U.S., Canada, Germany, France, U.K., Italy, Russia, Austria, Switzerland, Belgium, China, Japan, South Korea, India, Indonesia, Vietnam, Brazil, Mexico, Argentina, Saudi Arabia, South Africa) - Global Market Size, Share, Development, Growth, and Demand Forecast, 2013-2023
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NEW YORK, Nov. 20, 2019 /PRNewswire/ -- Tungsten carbide powder market is projected to reach $2,176.8 million by 2023, the market growth is driven by the increasing demand of tungsten carbide-based machine tools, cutting tools, abrasive products in automotive, construction, mining, transportation, and oil and gas industries.
Based on grain size, the tungsten carbide powder market is categorized into 10 ?m. Globally, the powder with grain size 1â€"10 ?m constituted the largest share in the market, accounting for more than 55.0% share in terms of volume in 2017. The market for this category is driven by the fact that the powder of this size is ideal for making variety of cutting tools, machine tools, and abrasive products.
On the basis of grade, the tungsten carbide powder market is classified into rotary drilling and mining, metal forming and wear, submicron, corrosion resistant, general purpose, and others (C15, C15A, C16, C17, C18, and C19). Globally, rotary drilling and mining grades accounted for the largest share in the market, accounting for more than 35.0% share in terms of value in 2017, driven by their large-scale demand in oil and gas, construction, and mining projects.
Based on application, the tungsten carbide powder market is categorized into machine tools and components, cutting tools, dies and punches, abrasive products, and others. Among these, cutting tools category was the largest application area in the market, in 2017, in terms of both value and volume, owing to the fact that tungsten carbide is widely used in manufacturing of cutting tools used in automotive and construction industries for metal cutting and stone working purpose.
On the basis of end-use industry, the tungsten carbide powder market is categorized into mining and construction (drill bits, inserts, and burr blanks), industrial engineering (chemical and fertilizers, fluid power manufacturing, and power generation and transmission), transportation (railways and automotive), oil and gas (exploration and drilling), aerospace and defense (aircraft and ammunition), and others (jewelry, medical, and sports). Globally, mining and construction is one of the major end-use industries in the market. The high demand for drilling tools, cutting tools, and machine component primarily manufactured using tungsten carbide powder is the major factor behind its significant share.
APAC accounted for the largest revenue share in terms of value in the global tungsten carbide powder market, accounting for more than 55.0% share in 2017. The high demand for the product is driven by growing consumption of the powder in manufacturing different tools and components to support the industrial sector of countries such as China, Japan, South Korea, and India.
Major opportunity identified in the tungsten carbide powder market is the product adoption in 3D printing technology. Recent innovations and the commercial adoption of 3D printing technology have allowed for the processing of tungsten carbide. This offers new growth opportunities for the market. In February 2018, Dyze Design, a 3D printing accessory developer, launched a set of tungsten carbide nozzles for integration in numerous fused deposition modeling (FDM) machines. The successful integration of tungsten carbide in supply chain is offering lucrative opportunities to the market players for growth.
The tungsten carbide powder market is dominated by Chinese producers, such as Chongyi Zhangyuan Tungsten Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Xiamen Tungsten Co. Ltd., Nanchang Cemented Carbide Limited Liability Company, China Minmetals Corporation, and GuangDong XiangLu Tungsten Co. Ltd. Majority of the Chinese companies in the market have their mining as well as production base in China, owing to the presence of large deposits of tungsten ores in the country.
Apart from offering carbide powder, companies operating in the tungsten carbide powder market also provide a wide range of tungsten-based products. Owing to the technical nature and specific usage of the powder, majority of the market players sell their products directly to the consumers. Sandvik AB, Kennametal Inc., CERATIZIT S.A., Umicore, and Japan New Metals Co. Ltd. are some other key players accounting for a significant share in the market.
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