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Tungsten Carbide Powder Market

Tungsten Carbide Powder Market

Tungsten Carbide Powder Market Analysis By Application (Mining Tools & Components, Cutting Tools, Dies & Punching & Abrasive Products) By End-Use & By Region – Global Market Insights 2022 to 2032

Tungsten Carbide Powder Market
FACT7353MR

Tungsten Carbide Powder Market Outlook (2022-2032)

Global tungsten carbide powder market stands at a valuation of US$ 19.97 billion. Detailed industry analysis reveals that worldwide consumption of tungsten carbide powder is predicted to increase at a CAGR of 6% over the next ten years with the market reaching US$ 35.64 billion by the end of 2032.

Report Attributes

Details

Tungsten Carbide Powder Market Size (2022)

US$ 19.97 Billion

Projected Year Value (2032F)

US$ 35.64 Billion

Global Market Growth Rate (2022-2032)

6% CAGR

North America Market Value (2022)

US$ 6.66 Billion

Mining & Construction Segment Value (2022)

US$ 4.84 Billion

Key Companies Profiled

  • Kennametal Inc.
  • Extramet
  • Sandvik AB
  • Guangdong Xianglu Tungsten Co. Ltd.
  • Federal Carbide Company
  • Ceratizit S.A.
  • Japan New Metal Co. Ltd.
  • China Tungsten Online (Xiamen) Manu. & Sales Corp.
  • Nanchang Cemented Carbide Co. Ltd.
  • Jiangxi Yaosheng Tungsten Co. Ltd.
  • Eurotungstene

Increasing demand for manufacturing tools in various end-use industries is expected to boost tungsten carbide powder suppliers’ revenue generation. Rising demand for industrial machinery is expected to propel the consumption of corrosion-resistant tungsten carbide powder over the coming years.

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Tungsten Carbide Powder Demand Analysis (2017-2021) Vs. Market Growth Forecasts (2022-2032)

Increasing demand for machine tools for cutting, drilling, etc., is expected to significantly shape sales of tungsten carbide powder. Industrialization picked up the pace on a global scale and is expected to prominently drive the tungsten carbide powder market potential over the coming years.

Demand for tungsten carbide powder rose at a CAGR of 4.9% from 2017 to 2021 and ended up with a net worth of US$ 19.12 billion in 2021.

Increasing demand from construction and mining industries owing to high infrastructural development across the world is also expected to provide lucrative opportunities for tungsten carbide powder manufacturers. The rising scope of application in 3D printing will also guide demand for tungsten carbide powder throughout the forecast period.

Increasing use of corrosion-resistant, ready-to-press carbide powder in the healthcare industry for manufacturing surgical instruments is also expected to favor tungsten carbide market growth.

Rising popularity of characteristic features of tungsten carbide powder such as extreme strength, high thermal conductivity, etc., is expected to favor tungsten carbide powder consumption growth over the years to come.

From 2021 to 2032, tungsten carbide powder demand is anticipated to progress at a CAGR of 6%.

Tungsten carbide powder market forecast by Fact.MR

What is Majorly Driving Consumption of Tungsten Carbide Powder?

“Rising Investments in Infrastructure Development Fueled by Urbanization Driving Market Expansion”

Emerging economies of the world are seeing a substantial increase in urbanization and industrialization which is expected to have a positive impact on shipments of tungsten carbide powder.

Governments of these economies are investing in big infrastructural projects to advance their development and hence are increasing the scope of application for tungsten carbide powder in construction and mining industries specifically.

Tungsten carbide cobalt powder, tungsten titanium carbide powder, tungsten carbide welding powder, and other tungsten carbide products are expected to witness a steady rise in demand from developing economies.

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What Hurdles Do Tungsten Carbide Powder Suppliers Have to Encounter?

“High Product Cost and Harmful Effects on Health & Environment”

High costs and oversupply from certain nations are expected to have a constraining effect on the global demand for tungsten carbide powder.

Also, the detrimental effects of submicron tungsten carbide powder on human health after prolonged exposure and its harmful effects on the environment are expected to further dent the tungsten carbide powder market growth curve over the coming years.

What is the Regional Outlook for Tungsten Carbide Powder Consumption?

“Asia Pacific & North America Leading Tungsten Carbide Powder Demand”

The North America tungsten carbide powder market currently stands at US$ 6.66 billion and is projected to reach an approximate value of US$ 12.22 billion by the end of 2032 while registering a CAGR of 6.3% across the forecast period.

Increasing investments in the construction sector and rising demand for industrial machinery are predicted to majorly influence the tungsten carbide powder market potential in this region.

The Asia Pacific tungsten carbide powder market is anticipated to exhibit highly lucrative opportunities for tungsten carbide powder suppliers over the coming years. Increasing demand for better wear protection in multiple industries in this region is expected to propel the demand for fused tungsten carbide powder.

Rising use of spherical tungsten carbide powder in the metal manufacturing sector in this region will further bolster the tungsten carbide market potential in this region. Tungsten carbide powder shipments in this region are projected to rise at a CAGR of 6.6% through 2032.

Europe is also anticipated to be a significant market for tungsten carbide powder vendors owing to increasing industrialization in this region.

Country-wise Insights

Why Should Tungsten Carbide Powder Suppliers Focus on China?

“High Construction & Mining Activity in China”

China is a highly lucrative market for tungsten carbide powder manufacturers owing to increasing investments in infrastructure development and favorable government policies. In China, the demand for tungsten carbide powder is anticipated to rise at a CAGR of 6.6% throughout the forecast period and is projected to account for a revenue total of US$ 4.46 billion by 2032.

Owing to high industrial activity demand for ready-to-press tungsten carbide powder, tungsten titanium carbide powder, tungsten carbide hard facing powder, corrosion-resistant ready-to-press tungsten carbide powder is expected to see a steady increase through 2032 in China.

However, the oversupply of tungsten carbide powder in some parts of China and the slowdown of manufacturing activities in the nation during the COVID-19 pandemic are expected to adversely affect market growth.

Category-wise Insights

Which End-use Sectors Drive Most Demand for Tungsten Carbide Powder?

“Highest Demand for Tungsten Carbide Powder from Construction & Mining Sectors”

The mining and construction segment is expected to account for a major revenue share in the global tungsten carbide powder market. This segment is expected to rise at a CAGR of 7.3% over the forecast period and will account for a net revenue total of US$ 9.78 billion by the end of 2032.

Increasing investments in infrastructure development by governments across the world and rising urbanization are expected to bolster the growth of this segment as far as tungsten carbide powder consumption is concerned, and also drive demand for tungsten carbide band saw blades in parallel.

Demand for tungsten carbide thermal spray powder, tungsten titanium carbide powder, spherical tungsten carbide powder, and tungsten carbide welding powder is expected to be high from the mining and construction end-use segment.

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Did COVID-19 Slow Down Sales of Tungsten Carbide Powder?

The unprecedented outbreak of coronavirus infections in 2020 resulted in a global pandemic situation and caused multiple markets to topple under adverse conditions. Lockdowns were imposed to control the spread of infections and these lockdown restrictions resulted in the closure of multiple manufacturing facilities which in turn disrupted the tungsten carbide market.

A decline in construction activity resulted in the low usage of tungsten carbide powder in the construction industry, and hence, had a negative impact on the overall growth trend of the market. Demand for tungsten carbide powder in the mining industry also took a hit and further led to decreased demand for tungsten carbide powder.

Tungsten carbide powder manufacturers are expected to resort to various strategies to boost their business potential in the post-pandemic world. The tungsten carbide powder market is expected to evolve at a steady pace in the post-pandemic era as restrictions are lifted and the world returns to normal.

Competitive Landscape

Tungsten carbide powder manufacturers are deploying various organic and inorganic strategies to increase their market presence on a global scale, especially after the setback that the COVID-19 pandemic provided.

The tungsten carbide powder market is partially fragmented in nature and is expected to offer lucrative opportunities for new entrants as well as established market players over the years ahead.

Key Segments Covered in Tungsten Carbide Powder Industry Research

  • Tungsten Carbide Powder Market by Application :

    • Mining Tools & Components
    • Cutting Tools
    • Dies & Punching
    • Abrasive Products
    • Other Applications
  • Tungsten Carbide Powder Market by End Use :

    • Tungsten Carbide Powder for Mining & Tungsten Carbide Powder for Construction
    • Industrial Engineering
    • Transportation
    • Oil & Gas
    • Aerospace & Defense
    • Other End Uses
  • Tungsten Carbide Powder Market by Region :

    • North America
    • Latin America
    • Europe
    • APAC
    • MEA

- FAQs -

Currently, the global tungsten carbide powder market is worth US$ 19.97 billion.
By 2032, the tungsten carbide powder market is projected to reach a valuation of US$ 35.64 billion.
Consumption of tungsten carbide powder is predicted to increase at a CAGR of 6% from 2022 to 2032.
The China tungsten carbide powder market is expected to progress at a CAGR of 6.6% and end up with a value of US$ 4.46 billion by 2032.
The mining and construction end-use segment is anticipated to expand at a CAGR of 7.3% and account for US$ 9.78 billion by 2032.
Key tungsten carbide powder manufacturers are Kennametal Inc., Extramet, Sandvik AB, Guangdong Xianglu Tungsten Co. Ltd., Federal Carbide Company, Ceratizit S.A., Japan New Metal Co. Ltd., and China Tungsten Online (Xiamen) Manu. & Sales Corp.

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