Tungsten Carbide Market, Revenue, Driving Factors, Key Players, Strategies, Trends, Forecast

Various grades of tungsten carbide powder are available in the market such as rotary drilling mining, metal forming wear, submicron, corrosion resistant, general purposes, and others. Among these, the rotary drilling mining grades are the leading segments in the market owing to high impact resistance, stiffness, and ability to perform in severe conditions.

The application segment includes cutting tools, wear parts, roll die, diamond tools, mining tools, and abrasive products. The carbide cutting tools are often used for machining through materials such as carbon, stainless steel, and in situations where other tools would wear away. They offer a better finish and allow faster machining at a much higher temperature than standard high-speed steel tools.

The mining construction end user segment is leading the market growth owing to the high product demand in top-hammer rock drill bits, downhole hammers, roller-cutters, longwall plough chisels, longwall shearer picks, raise boring reamers, and tunnel boring machines. This growth is attributed to its superior properties such as resistance to abrasion impact, toughness, and hardness.

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Regional Analysis

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 dominated the global tungsten carbide powder market in 2022 on account of the high demand from the major end-use industries such as construction, transportation, and aerospace in countries such as Japan, India, China, and others.

North America was the second largest region in the global tungsten carbide strength in 2022 owing to the high demand from the military defense, automotive, and aerospace industries.

The high product demand from the manufacturing of various automotive parts in Western European countries is likely to influence the market growth.

The Latin American region is expected to grow significantly due to the growing automotive industry in the region.

The increasing exploration of oil gas reserves and infrastructural hub present in the GCC countries is likely to drive the market in the region.

Competitive Analysis

Some of the manufacturers operating in the global tungsten carbide powder market are Sandvik AB (Sweden), Kennametal (U.S.), CERATIZIT S.A. (Luxembourg), Federal Carbide Company (U.S.), GuangDong XiangLu Tungsten Co.,Ltd (China), Nanchang Cemented Carbide Co., Ltd. (China), JAPAN NEW METALS CO., LTD. (Japan), Umicore (Belgium), ChinaTungsten (China), H.C. Starck GmbH (U.S.), Reade International Corp., (U.S), and Merck KGaA (Germany).

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