Tungsten Carbide Powder Market Is Estimated to Rise 5.5% by 2024

Tungsten carbide powder market is expected to achieve a CAGR of 5.5% rise by 2024, from 14.5 billion valued in 2015 to 24.5 billion dollar. The expectation is depending on the increasing product demand in transportation, mining & construction and industrial engineering sector and increasing government investments to upgrade their public infrastructure, particularly in the BRICS nations. 

In addition, escalating spending for residential & commercial buildings will significantly boost the demand, thereby propelling the overall tungsten carbide powder market size by 2024.

China is world’s largest tungsten ore resources holder and producer. The tungsten output from China accounts to almost 85% of the global output. China has the control over the total tungsten resources, it manages export quota, purchases and stores tungsten resources, also implements other strict policies, which not only have adverse effects on supplies to the world but will also slow down the tungsten carbide market globally. This excess supply of the product by China is a restraint in global tungsten carbide powder market.

Tungsten carbide powder is emerging as an alternative to depleted uranium reserves because of the health risks that people are exposed to because of radioactive nature of uranium, which is overcome by the stability of tungsten carbide powder at high temperatures. 

Moreover, tungsten carbide is gaining recognition to be used in 3D printing technology equipment. More and more companies are replacing their present material, used in 3D printing equipment, like lead with tungsten carbide powder because of its stiffness, strength and capacity to withstand high temperatures and heat. Both these applications of tungsten carbide powder prove as an opportunity for its market to expand and grow in the forecasted period.

China, India and Japan are the principal consumers in the Asia Pacific region of tungsten carbide powder. North America, led by the U.S. is forecast to witness moderate gains over the projected timeframe. Increasing oil & gas industry in the U.S. along with shale gas exploration will boost the regional product demand by 2024. 

In addition, uplifting regional construction industry after economic downturn will further complement business growth in the coming years. Europe tungsten carbide powder market share will be driven by growing product demand in the construction due to increasing renovation and remodeling activities.

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