The global tungsten carbide powder market is primarily driven by the increasing demand for industrial machinery in the industrial sector across the globe from various end-use industries such as automotive, aerospace, chemical, and consumer electronics. According to a report about Strategic Technologies for the Army of Twenty-First Century (STAR 21), tungsten carbide can be an alternative to depleted uranium as both of them work against light armor, which may increase the product demand in military & defense sector. Furthermore, the increasing adoption of tungsten carbide for manufacturing 3D printer’s nozzles required in extrusion process can be a potential opportunity for the market growth over the assessment period. According to the International Tungsten Industry Association (ITIA), tungsten shot and ammunition are less hazardous alternatives to poisonous lead for hunting and in military training. According to Stockholm International Peace Research Institute (SIPRI), the total U.S. military expenditure was USD 611 billion in 2016 with a share of around 36% of total world military expenditure, which was followed by China. The increase in military & defense expenditure is likely to propel the market growth over the assessment period. Some of the key development trends noticed in the market include merger, acquisition, and expansion among others. For instance, in November 2014, CERATIZIT Italia, a subsidiary of CERATIZIT announced to acquire the Italian drawing tool manufacturer VAN-Dies by the end of the year. This acquisition led to CERATIZIT becoming a full range provider of tungsten carbide tools in the Italian market and strengthened business in Europe. Furthermore, in December 2016, Umicore announced a share purchase agreement to acquire Eurotunsgtene, a specialized in developing, manufacturing, and marketing metal powders used in diamond tools and hard metal applications. However, the product has been identified toxic by the New Jersey Department of Health and Senior Services. Also, the exposure limits of 5 mg/m3 over an average of 8 hours and 10 hours has been set by National Institute for Occupational Safety and Health (NIOSH) and American Conference of Governmental Industrial Hygienists (ACGIH) respectively. Both the regulatory bodies have set the limit of 10 mg/m3 as a Short Term Exposure Limit (STEL). The limitations on use of the product may challenge the market growth during the forecast period.
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Geographically, the global tungsten carbide powder market is segmented into five regions namely Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Asia Pacific was the largest region in the global tungsten carbide powder market in 2016 owing to growing demand from the major end-use industries such construction, transportation, and aerospace. Increasing construction activities and rising production & sales of automotive in the Asia Pacific region are the major contributors to the market growth. Additionally, high product demand from the military & defense for homeland security and counterterrorism is likely to fuel the market growth over the assessment period.
North America was the second largest region in the global tungsten carbide powder market in 2016 on account of growing military, aerospace, and automotive sectors in the region. The U.S. is one of the leading military powers in the world, which is an added advantage for market growth. Furthermore, rebound in the building & construction sector in the region is expected to propel the market growth.
The European market is expected to witness a considerable growth due to increased product demand from the automotive sector.
Latin America is likely to grow on the backdrop of the growing automotive sector in various countries such as Mexico, Brazil, and Argentina.
The infrastructural hub and the oil & gas reserves located in the GCC countries are likely to fuel the product demand in the Middle East and Africa.
- Sandvik AB
- CERATIZIT S.A.
- Federal Carbide Company
- GuangDong XiangLu Tungsten Co.,Ltd
- Nanchang Cemented Carbide Co., Ltd.
- JAPAN NEW METALS CO., LTD.
- C. Starck GmbH
- Reade International Corp.
- Merck KGaA
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The global tungsten carbide powder market is segmented on the basis of the grade, application, end-use industry, and region.
Based the grades, the global tungsten carbide powder market is segmented into rotary drilling & mining, metal forming & wear, submicron, corrosion resistant, general purposes, and others.
The global tungsten carbide powder market is segmented on the basis of the application as cutting tools, wear parts, roll & die, diamond tools, mining tools, and abrasive products.
On the basis of the end-user industry, the market is segmented into mining & construction, military & defense, industrial engineering, transportation, oil & gas, aerospace, and others.
- Tungsten Carbide Powder Manufacturers
- Traders and distributors of Tungsten Carbide Powder
- Research and development institutes
- Potential investors
- Raw material suppliers
- Nationalized laboratory
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