Tungsten Carbide Powder Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Tungsten Carbide Powder Market Analysis
The market for tungsten carbide powder is expected to grow at a CAGR of about 5% globally during the forecast period. Growing demand for industrial machine tools along with superior properties of tungsten carbide powder are driving the market. On the flip side, unfavorable conditions arising due to the COVID-19 outbreak coupled with higher costs and other restraints are hindering the market growth.
- Tungsten carbide powder market is expected to grow during the forecast period owing to the increasing demand form the mining & construction industry.
- Asia-Pacific region to dominate the market across the globe with the largest consumption from countries such as China and India.
Tungsten Carbide Powder Market Trends
This section covers the major market trends shaping the Tungsten Carbide Powder Market according to our research experts:
Growing Demand from Mining & Construction Industry
- Tungsten carbide powder is widely used in the manufacturing of various cutting, engineering, and drilling tools in the mining & construction industry and is expected to be the fastest-growing market during the forecast period.
- Tungsten carbide is made up of equal parts of chemically bonded tungsten and carbide. Because of its superior properties such as extreme hardness and abrasive resistance, it is used in diamond cutting tools and it can replace steel and other metal alloys in a variety of applications.
- Tungsten carbide basically a grey powder, which can be pressed and formed into various shapes for industrial machine tools, abrasives, and other tools. In the mining industry, tungsten carbide is extensively used in drill bits, roll-cutters, hammers, and tunnel boring machines.
- Carbide tools last longer because of their abrasion resistance, superior strength, and can withstand very high temperatures. In the construction industry, they are used as drill bits for a variety of applications such as steel cutting, woodworking tools, and others.
- The growing demand from the construction industry and mining for the extraction of rare and precious metals for a variety of applications is expected to drive the market for the tungsten carbide powder during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for tungsten carbide powder market during the forecast period due to an increase in demand from countries like China and India.
- In the defense sector, tungsten carbide is used in the manufacturing of ammunition and as a neutron reflector in nuclear chain reactions or in weapons. The growing investments from countries like India and China are expected to drive the market.
- In union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. Moreover, in 2019, China has allocated around USD 177.61 billion for the defense sector.
- The growing demand for the construction industry is expected to drive the market for tungsten carbide market. According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019. Moreover, the Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years. The development of smart cities and other schemes like 'housing for all' are expected to increase the demand for construction.
- Tungsten carbide is used in the making a variety of surgical instruments for open and laparoscopic surgeries. Furthermore, it is used in making jewelry because of excellent hardness and scratch resistance. The increasing demand for healthcare and jewelry is expected to drive the market
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for tungsten carbide powder market in the Asia-Pacific during the forecast period.
Tungsten Carbide Powder Industry Overview
The global tungsten carbide powder market is partially fragmented with players accounting for a marginal share of the market. Few companies include A.L.M.T. Corp., American Elements, JAPAN NEW METALS CO., LTD., Merck KGaA, and Umicore Cobalt & Specialty Materials.
Tungsten Carbide Powder Market Leaders
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A.L.M.T. Corp.
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American Elements
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JAPAN NEW METALS CO., LTD.
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Merck KGaA
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Umicore Cobalt & Specialty Materials
*Disclaimer: Major Players sorted in no particular order
Tungsten Carbide Powder Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Growing Demand for Industrial Machine Tools
- 4.1.2 Superior Properties of Tungsten Carbide Powder
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4.2 Restraints
- 4.2.1 Unfavorable Conditions Arising Due to the COVID-19 Outbreak
- 4.2.2 Higher Costs and Other Restraints
- 4.3 Industry Value Chain Analysis
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4.4 Porters Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION
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5.1 Application
- 5.1.1 Machine Tools
- 5.1.2 Ammunition
- 5.1.3 Wear & Die Parts
- 5.1.4 Others
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5.2 End-user Industry
- 5.2.1 Mining & Construction
- 5.2.2 Aerospace & Defense
- 5.2.3 Transportation
- 5.2.4 Oil &Gas
- 5.2.5 Healthcare
- 5.2.6 Others (Jewelry, Sports, Electronics, etc.,)
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share Analysis/Ranking Analysis**
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 A.L.M.T. Corp.
- 6.4.2 American Elements
- 6.4.3 Atlantic Equipment Engineers
- 6.4.4 Buffalo Tungsten
- 6.4.5 ChinaTungsten
- 6.4.6 CNPC POWDER © GROUP CO., LTD
- 6.4.7 Edgetech Industries LLC
- 6.4.8 ELECTRONICA TOUGH CARB LTD
- 6.4.9 Ganzhou CF Tungsten Co.,LTD
- 6.4.10 Global Tungsten & Powders
- 6.4.11 JAPAN NEW METALS CO., LTD.
- 6.4.12 Kennametal Inc.
- 6.4.13 Merck KGaA
- 6.4.14 Metaltech
- 6.4.15 Serena Inc.
- 6.4.16 Umicore Cobalt & Specialty Materials
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Growing Use as Replacement For Uranium
- 7.2 Recent Developments Using Tungsten Carbide Powder for 3D Printing
Tungsten Carbide Powder Industry Segmentation
The Tungsten Carbide Powder Market report include:
| Application | Machine Tools | |
| Ammunition | ||
| Wear & Die Parts | ||
| Others | ||
| End-user Industry | Mining & Construction | |
| Aerospace & Defense | ||
| Transportation | ||
| Oil &Gas | ||
| Healthcare | ||
| Others (Jewelry, Sports, Electronics, etc.,) | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Tungsten Carbide Powder Market Research FAQs
What is the current Tungsten Carbide Powder Market size?
The Tungsten Carbide Powder Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Tungsten Carbide Powder Market?
A.L.M.T. Corp., American Elements, JAPAN NEW METALS CO., LTD., Merck KGaA and Umicore Cobalt & Specialty Materials are the major companies operating in the Tungsten Carbide Powder Market.
Which is the fastest growing region in Tungsten Carbide Powder Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Tungsten Carbide Powder Market?
In 2024, the Asia Pacific accounts for the largest market share in Tungsten Carbide Powder Market.
What years does this Tungsten Carbide Powder Market cover?
The report covers the Tungsten Carbide Powder Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Tungsten Carbide Powder Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Tungsten Carbide Powder Industry Report
Statistics for the 2024 Tungsten Carbide Powder market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Tungsten Carbide Powder analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
