Tungsten Carbide Powder Market

Tungsten Carbide Powder Market Size (2023-2028)

The tungsten carbide powder market is predicted to extend from $ 14.30 billion in 2022 to arrive at $ 24.62 billion by 2028, with a CAGR of 5.9% over the outlook period.

Tungsten carbide powder is a compound that contains carbide and tungsten atoms. This powder is characterized by high thermal conductivity, extreme rigidity, and high resistance. Also, it is denser than steel and aluminum. The powder form is stored in sealed polyethylene-coated steel drums. In addition, ultra and medium-thickness powders are employed in drilling tools, mining tools, and road construction bits. In addition, tungsten carbide is increasingly recognized for its use in 3D printing technology equipment. Tungsten carbide powder is a chemical component that has tungsten and carbide atoms and is obtained by reacting tungsten powder with high-purity carbon at temperatures between 1300 and 1600° C in a hydrogen atmosphere. This is the most conventional process for the production of tungsten carbide powder and is known as carburization. Owing to its unique features like hardness, high modulus of elasticity, and strong electrical and thermal conductivity, tungsten carbide powder has found uses in various end-use industries such as building and construction, oil and gas, automotive, mining, and aerospace.

Tungsten Carbide Powder Market Trends:

Recycling of tungsten carbide powder and granular waste into reusable tungsten carbide is observed as a major trend in the tungsten carbide powder market. Tungsten carbide has high resistance to abrasion and wear, and equipment made from it does not experience significant material loss. However, due to supply constraints, several manufacturers have begun to recycle and refine residual tungsten carbide internally, leading to the local production and consumption of reusable tungsten carbide products. For example, Sumitomo Electric Hardmetal Corporation collects cement carbide waste from group companies and other companies, where large-scale tungsten carbide waste is generated for reprocessing and recycling.

Tungsten Carbide Powder Market Recent Developments in Industry:

Polymet Corporation announced the introduction of High-Speed ​​Oxyfuel (HVOF) powders to complement its thermal spray product line. Prior to the addition of powder to the product line, Polymet supplied thermal spray materials for arc spray and wire flame processes. From now on, tungsten carbide-based powders will be available for HVOF systems.

Tungsten Carbide Powder Market Drivers:

The tungsten carbide powder market is driven by the escalating call for wear-resistant machine tools for cutting, drilling, and mining. Furthermore, the growing construction and automotive industries are predicted to have a significant impact on the growing call for tungsten carbide powder materials, thus driving the expansion of the worldwide market. Rapid industrialization in Asia-Pacific is also predicted to drive market expansion during the foreseen period.

Tungsten Carbide Powder Market Restraints:

The oversupply of the tungsten market in China and the slowdown in the Chinese manufacturing sector could slow the expansion of the world market for tungsten carbide powder.

Tungsten Carbide Powder Market Opportunities:

Due to the stability of tungsten carbide at high temperatures, it is likely to be an alternative to depleted uranium in anti-tank projectiles. Furthermore, fracture and shatter-resistant tungsten carbide has found its application in the 3D printing process that uses the laser fusion process for metal printing. The processing of tungsten carbide using 3D printing technology and its incorporation into 3D printing materials offers many expansion opportunities for players in the tungsten carbide powder market.

TUNGSTEN CARBIDE POWDER MARKET REPORT COVERAGE:

Tungsten Carbide Powder Market Challenges:

Tungsten carbide powders are very toxic. Its inhalation can cause serious respiratory diseases and can also seriously affect vision and cause skin allergies. Intensive use of these powders in cement carbide has harmful effects on the environment. Therefore, the harmful health and environmental effects of tungsten carbide powders can reduce their use, making it difficult to expand the market.

Tungsten Carbide Powder Market Segmentation:

By Grade:

• Rotary drilling & mining

• Metal forming & wear

The mining grade and rotary drilling segment accounted for the majority of the worldwide tungsten carbide powder market in 2020.

By Application:

• Machine Tools & Components

• Cutting Tools

The machine tool and component applications segment accounted for the majority of the worldwide tungsten carbide powder market in 2020. Escalating adoption of tungsten carbide powder for the development of various components such as nozzles, inserts, rods, blades, buttons, tips, bands, and balls, among others, intended for various end-use industries, which will drive the call for tungsten carbide powder in the near future.

By End-Use industry:

• Mining & Construction

• Industrial Engineering

The mining and construction industry accounted for the majority of the worldwide tungsten carbide powder market in 2020. The expansion in this segment can be attributed to escalated oil and gas exploration activities and escalated public spending on infrastructure development.

Tungsten Carbide Powder Regional Analysis:

The Tungsten Carbide Powder Report includes the segmentation of Regions with their respective Countries.

• North America 

• Europe 

• Asia Pacific

• Latin America 

• Middle East & Africa 

Asia-Pacific had the largest share of the worldwide tungsten carbide powder market in 2021 and is predicted to be the dominant regional market during the foreseen period. The expansion of the regional market is attributed to rapid industrialization with the expansion of the building and construction industries leading to the high use of tungsten carbide powder in industrial machinery. In addition to that, as China is the biggest supplier of tungsten, it offers easy and less expensive access to raw materials for the regional industry. North America accounted for the second-largest share of the worldwide tungsten carbide market in 2021 and is likely to post healthy expansion over the foreseen period. The increase in drilling and response activities in the region requires a series of drilling and extraction tools with high resistance to abrasion and wear; this leads to the use of tungsten carbide powder in the manufacture of these tools. The expansion of the tungsten carbide powder market in the Middle East and Africa is attributed to the high consumption of tungsten carbide powder in the manufacture of drilling, cutting, and mining tools for onshore businesses and the offshore of its oil and gas industry.

Tungsten Carbide Powder Key Players:

1. Sandvik AB (Sweden)
2. Kennametal Inc (US)
3. CERATIZIT S.A. (Luxembourg)
4. Federal Carbide Company (US)
5. Guangdong XiangLu Tungsten Co., Ltd (China)
6. Nanchang Cemented Carbide Co., Ltd (China)
7. Japan New Metals Co., Ltd (Japan)
8. Umicore (Belgium)
9. ChinaTungsten (China)
10. H.C. Starck GmbH (US)
11. Reade International Corp., (US)
12. Chongyi ZhangYuan Tungsten Co., Ltd (China)
13. Merck KGaA (Germany)