Tungsten Carbide Powder Market Forecast

Forecast on global tungsten carbide powder market size is likely to reach $2,176.8 million by 2023 from 14.5 billion valued in 2015 for a large scale, according to the market research report published by P&S Intelligence. 

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. As tungsten carbide powder is a compound, comprising of equivalent parts of carbon and tungsten atoms. Basically, it’s a fine gray powder, which can be formed into shapes for usage in abrasives, jewelry, tools & instruments and industrial machinery. Depending on the coating method, the proportions of both the compounds can be included in coatings.

Analyzing from the following points are the factors of the growing for global tungsten carbide powder market. From grain size, the size of tungsten carbide powder are three different level :<1 μm, 1–10 μm, >10 μm; By grade tungsten carbide powder market widely used in rotary drilling & mining, metal forming & wear, submicron, corrosion resistant, general purpose, By application, it used in machine tools & components, cutting tools, dies & punches, abrasive products; By end-use Industry are mining & Construction include Inserts, drill bits, burr blanks, industrial engineering includes chemicals & fertilizers, fluid power manufacturing, power generation & transmission, transportation include railways, automotive, oil & gas include exploration, drilling, aerospace & defense include aircraft, ammunition; By geography, the main tungsten carbide powder demand country are 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.

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.

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 2023. 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.

• < Prev
• Next >