The global tungsten carbide powder market is projected to grow from 14.78 billion in 2016 to USD 24.90 billion by 2026, at a CAGR of 5.4% during the forecast period. The increasing demand for industrial machineries from various end-use industries, such as mining & construction, industrial engineering, transportation, and aerospace & defense, is anticipated to drive the demand for tungsten carbide powder in the coming years. Along with the rising demand for metals, the need to increase their reserve base across the regions has led the market players to increase their spending in metal and mining-related activities.
Browse 110 market data tables and 70 figures spread through 165 pages and in-depth TOC on “Tungsten Carbide Powder Market by Grade (Rotary Drilling & Mining, Metal Forming & Wear), Application (Machine Tools & Components, Cutting Tools), End-Use Industry (Mining & Construction, Industrial Engineering), and Region - Global Forecast to 2026”
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Major Market Developments
In December 2014, Ceratizit S.A. partnered with Grasche (USA) for the distribution of the company’s product offerings, mainly for the North American market. This strategy helped the company maintain a better distribution network, along with superior customer relationship, in the North American market.
In September 2013, Sandvik acquired the complete share of Precorp, Inc. (U.S.), a company that offers polycrystalline diamond and carbide tools, such as drills, reamers, end mills, port tools, and micro tools. This acquisition helped Sandvik in providing high speed machining of die cast aluminum, carbide parts, and the machining of advanced composite materials mainly for the aerospace and automotive markets.
In September 2012, Sandvik invested USD 29.5 million in Sandvik Coromant. This investment was related to the setting up of a new prototype workshop for cemented-carbide tools, as well as a new productivity and application center in Sandviken, Sweden; and an application center in Langfang, China. This investment helped the company set up new productivity standards mainly for the automotive, energy, and aerospace industries
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The rotary drilling & mining grade segment accounted for the largest share of the global tungsten carbide powder market in 2016. Superior impact resistance, stiffness, and high-performance ability in severe working conditions make rotary drilling & mining one of the most preferred grades for tungsten carbide powder.
The machine tools & components application segment accounted for the largest share of the global tungsten carbide powder market in 2016. Increasing adoption of tungsten carbide powder for developing various components such as nozzles, inserts, rods, sheets, buttons, bits, tips, strips, and balls, among others, for various end-use industries are anticipated to drive the demand for tungsten carbide powder in the near future.
The mining & construction end-use industry accounted for the largest share of the global tungsten carbide powder market in 2016. Growth of this segment can be attributed to the increasing oil & gas exploration activities and rising government spending towards the development of infrastructures.
Among all regions, Asia-Pacific accounted for the largest share of the global tungsten carbide powder market in 2016. This large share can be attributed to the high economic growth rate of countries in the Asia-Pacific region, and investments made across various industries, such as mining & construction, automotive, oil & gas, and aerospace & defense. China, India, and Japan are the leading consumers of tungsten carbide powder in the Asia-Pacific region.
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