Tungsten Carbide Powder Market Research Report: by Grain Size (10 μm), Grade (Rotary Drilling & Mining, Metal Forming & Wear, Submicron, Corrosion Resistant, General Purpose), Application (Machine Tools & Components, Cutting Tools, Dies & Punches, Abrasive Products), End-Use Industry (Mining & Construction, Industrial Engineering, Transportation, Aerospace & Defense) – Global Industry Analysis and Forecast to 2023

  • Published: November 2018
  • Report Code: CM11025
  • Available Format: PDF
  • Pages: 283

The global tungsten carbide powder market was valued at $1,762.1 million in 2017, and it is forecasted to display a CAGR of 3.6% during the forecast period (2018–2023) to reach $2,176.8 million by 2023.

The Asia-Pacific (APAC) tungsten carbide powder market is expected to witness the fastest growth during the forecast period. This can be mainly attributed to the high demand for tungsten carbide powder from the automotive industry. For instance, in 2017, China accounted for the largest production of passenger cars and commercial vehicles in the world. The country produced 29.0 million motor vehicles in the same year, as compared to 28.1 million in 2016. Thus, increasing production of automobiles is expected to result in high demand for tungsten carbide powder in the region.

Tungsten Carbide Powder Market

Fundamentals Governing Tungsten Carbide Powder Market

Recycling of powdered and granular tungsten carbide scrap into reusable tungsten carbide is observed as a major trend in the tungsten carbide powder market. Tungsten carbide exhibits high resistance to abrasion and wear, and equipment made from it does not undergo significant material loss. However, on account of supply constraints, several manufacturers have begun in-house recycling and refining of tungsten carbide scrap, which has led to the local production and consumption of reusable tungsten carbide products. For instance, Sumitomo Electric Hardmetal Corporation collects cement carbide scrap from group companies and other companies, where tungsten carbide scrap is generated on a large scale, for reprocessing and recycling it.

Tungsten carbide exhibits high thermal conductivity, high stiffness, and good resistance against acetone, ethanol, gasoline, ethanol, ammonia, water, weak acids, and organic solvents. It can be pressed and molded into different shapes and sizes for applications in drills, cutting tools, abrasives, industrial machinery, and equipment. Thus, its wide range of applications is driving the tungsten carbide powder market growth.

Tungsten Carbide Powder Market

Processing of tungsten carbide using 3D printing technology and its incorporation into 3D printing materials are offering ample growth opportunities to players operating in the tungsten carbide powder market. For instance, in February 2018, Dyze Design, a 3D printing accessory developer, launched a set of tungsten carbide nozzles for integration into numerous fused deposition modeling (FDM) machines.

Segmentation Analysis of Tungsten Carbide Powder Market

Tungsten carbide powder with grain size of 1–10 μm constituted the largest revenue share in the tungsten carbide powder market in 2017. This is due to the fact that the powder of this size is ideal for making variety of cutting tools, machine equipment, and abrasive products.

The rotary drilling & mining grades category is expected to exhibit the fastest growth over the forecast period, in terms of value, owing to their large-scale demand in the oil & gas, agriculture, construction, and mining industries.

Cutting tools were the largest category in application area in 2017, in terms of value. This is ascribed to the fact that tungsten carbide powder is widely used in manufacturing of cutting tools used in the automotive and construction industries for metal cutting and stone working purposes.

The oil & gas industry is projected to be the fastest-growing end-use category in the tungsten carbide powder market during the forecast period, in terms of value. This can be attributed to the increasing exploration & production (E&P) spending, coupled with increased shale gas exploration.

Tungsten Carbide Powder Market Report Coverage
Report Attribute Details
Historical Years 2013-2017
Forecast Years 2018-2023
Market Size by Segments Grain Size, Grade, Application, End-Use Industry
Market Size of Geographies U.S., Canada, Germany, France, U.K., Italy, Russia, Austria, Switzerland, Belgium, China, Japan, India, South Korea, Indonesia, Vietnam, Brazil, Mexico, Argentina, Saudi Arabia, South Africa
Market Players Sandvik AB, GuangDong XiangLu Tungsten Co. Ltd., Kennametal Inc., Umicore, Xiamen Tungsten Co. Ltd., China Minmetals Corporation, Nanchang Cemented Carbide Limited Liability Company, Jiangxi Yaosheng Tungsten Co. Ltd., CERATIZIT S.A., Japan New Metals Co. Ltd., OC Oerlikon Corporation AG, Chongyi Zhangyuan Tungsten Co. Ltd.

Geographical Analysis of Tungsten Carbide Powder Market

Globally, the APAC region dominated the tungsten carbide powder market throughout the historical period and is expected to maintain the trend during the forecast period as well. This can be mainly attributed to the forward and backward integrated in the value chain of the market in China, significant mining and production facilities, and in-house ability to manufacture cemented carbides.

Besides, the APAC tungsten carbide powder market is expected to exhibit the fastest growth over the forecast period, owing to the high demand for tungsten carbide powder from the automotive industry. Considering the future industry scenario, China is expected to lead the regional market, with revenue worth $987.7 million in 2023.

Tungsten Carbide Powder Market

Competitive Landscape of Tungsten Carbide Powder Market

Some of the major players operating in the global tungsten carbide powder market are Chongyi Zhangyuan Tungsten Co. Ltd., Xiamen Tungsten Co. Ltd., GuangDong XiangLu Tungsten Co. Ltd., OC Oerlikon Corporation AG, Japan New Metals Co. Ltd., Nanchang Cemented Carbide Limited Liability Company, China Minmetals Corporation, and Kennametal Inc.

Recent Strategic Developments of Major Tungsten Carbide Powder Market Players

In recent years, major players in the tungsten carbide powder market have taken several strategic measures, such as acquisitions and geographical expansion, to gain a competitive edge in the industry. For instance, in October 2017, OC Oerlikon Corporation AG acquired Primateria AB in Sweden and signed an agreement to acquire the assets of DiaPac LLC and Diamond Recovery Services Inc. (DRS) in the U.S., to enhance its product portfolio. With such acquisitions, the company also aims to strengthen its technical expertise in the production, processing, and recycling of advanced materials, such as tungsten carbide.

Moreover, in September 2018, National Mineral Development Corporation sought license for exploration of tungsten in the Kimberley region of Australia. Upon its approval, the company plans to produce tungsten metal on a large scale. This development is also expected to result in high availability of tungsten carbide powder in the market.

Market Size Breakdown by Segment

The Tungsten Carbide Powder Market report offers comprehensive market segmentation analysis along with market estimation for the period 2013–2023.

Based on Grain Size

  • <1 μm
  • 1–10 μm
  • >10 μm

Based on Grade

  • Rotary Drilling and Mining
  • Metal Forming and Wear
  • Submicron
  • Corrosion Resistant
  • General Purpose

Based on Application

  • Machine Tools & Components
  • Cutting Tools
  • Dies & Punches
  • Abrasive Products

Based on End-Use Industry

  • Mining & Construction
    • Inserts
    • Drill bits
    • Burr blanks
  • Mining & Construction
    • Chemicals & fertilizers
    • Fluid power manufacturing
    • Power generation & transmission
  • Transportation
    • Railways
    • Automotive
  • Oil & Gas
    • Exploration
    • Drilling
  • Aerospace & Defense
    • Aircraft
    • Ammunition

Geographical Analysis

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Russia
    • Austria
    • Switzerland
    • Belgium
  • Asia-Pacific (APAC)
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Vietnam
  • Latin America (LATAM)
    • Brazil
    • Mexico
    • Argentina
  • Middle East and Africa (MEA)
    • Saudi Arabia
    • South Africa

Key Questions Addressed/Answered in the Report

  • What is the current scenario of the global tungsten carbide powder market?
  • What are the emerging technologies for the development of tungsten carbide powder?
  • What are the historical size and the present size of the market segments and their future potential?
  • What are the major catalysts for the market and their impact during the short, medium, and long terms?
  • What are the evolving opportunities for the players in the market?
  • What are the key geographies from the investment perspective?
  • What are the key strategies adopted by the major players to expand their market shares?
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