Global Tungsten Carbide Powder Market, By Application (Machine Tools & Components, Dies & Punches, Cutting Tools, Abrasive Products), Grade (Rotary Drilling & Mining Grades, Submicron Grades, Metal Forming & Wear Grades, Corrosion Resistant Grades, General Purpose Grades, Others), End Use (Mining & Construction, Transportation, Industrial Engineering, Oil & Gas, Aerospace & Defense) - Industry Trends and Forecast to 2023 to 2030.
Tungsten Carbide Powder Market Analysis and Size
The essential factors contributing to the growth of the tungsten carbide powder market in the forecast period of 2023 to 2020 include the increasing demand for cutting and machining tools, which is prevailing the need for tungsten carbide powder. The rising use in commercial, industrial, and residential sectors for various applications significantly contributes to the market's growth.
Data Bridge Market Research analyses that the tungsten carbide powder market, which was USD 76.59 million in 2022, is expected to reach USD 115.09 million by 2030, growing at a CAGR of 5.2% from 2023 to 2030. Rotary drilling & mining grade segment is dominating due to its outstanding impact resistance, rigidity, and ability for high-performance under demanding working circumstances.
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
Tungsten Carbide Powder Market Scope and Segmentation
2023 to 2030
2021 (Customizable to 2015-2020)
Revenue in USD Million, Volumes in Units, Pricing in USD
By Application (Machine Tools & Components, Dies & Punches, Cutting Tools, Abrasive Products), Grade (Rotary Drilling & Mining Grades, Submicron Grades, Metal Forming & Wear Grades, Corrosion Resistant Grades, General Purpose Grades, Others), End Use (Mining & Construction, Transportation, Industrial Engineering, Oil & Gas, Aerospace & Defense)
U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Market Players Covered
Kennametal Inc. (U.S.), Sandvik AB (Sweden), Mitsubishi Materials Corporation (Japan), Federal Carbide Company (U.S.), H.C. Starck GmbH (Germany), Buffalo Tungsten Inc. (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Ceratizit S.A. (Luxembourg), CERATIZIT USA, Inc. (U.S.), Extramet AG (Switzerland)
Tungsten carbide powder is a chemical compound containing atoms of tungsten and carbide which can be moulded into various shapes for use in industrial machines, cutting tools, jewellery, abrasives, or others. Tungsten carbide powder is characterized by intense strength, high thermal, and extreme stiffness.
Global Tungsten Carbide Powder Market Dynamics
- Expanding industrial and manufacturing sector
Tungsten carbide powder is widely used in industrial applications due to its exceptional hardness, wear resistance, and strength. The growth of automotive, aerospace, oil and gas, mining, and construction industries drives the demand for tungsten carbide powder as it is used in tools, cutting inserts, wear parts, and other components. Therefore, the increasing use of tungsten carbide powder in various industrial sectors is driving the market's growth.
- Strong demand in the mining and construction industries
The mining and construction sectors heavily rely on tungsten carbide powder for drilling tools, excavation equipment, and wear-resistant parts. With ongoing infrastructure development projects and global mining operations, the demand for tungsten carbide powder in these industries remains robust.
- Rapid advancements in additive manufacturing
Tungsten carbide powder is used in the additive manufacturing (3D printing) to create high-performance parts with complex geometries. Adopting additive manufacturing techniques in various sectors, including aerospace, medical, and automotive, fuels the demand for tungsten carbide powder as a feedstock material.
- Increasing focus on research and development
Ongoing research and development efforts to enhance the properties and applications of tungsten carbide powder contribute to market growth. Innovations in powder metallurgy, binder systems, and composite materials expand the potential uses of tungsten carbide powder, further driving market demand.
- Growth in the energy sector
Tungsten carbide powder finds applications in the oil and gas industry for drill bits, nozzles, valves, and other components that require high wear resistance and durability. The expansion of energy exploration and production activities contributes to the demand for tungsten carbide powder, which may provide opportunities to fuel market growth.
- Volatility in tungsten prices
Tungsten experiences price fluctuations due to supply-demand dynamics, geopolitical factors, and trade policies. Volatile tungsten prices can impact the cost of tungsten carbide powder, making it challenging for manufacturers to maintain stable pricing and profitability.
- Substitution by alternative materials
In certain applications, tungsten carbide powder faces competition from alternative materials that offer comparable or specific advantages. For example, the growing popularity of ceramic materials, advanced composites, and other high-performance materials may substitute tungsten carbide in certain applications, impacting the demand for tungsten carbide powder.
This tungsten carbide powder market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the tungsten carbide powder market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays
Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions. Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.
Expected Impact of Economic Slowdown on the Pricing and Availability of Products
When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.
In May 2022, Kennametal Inc. joined GE Additive's Beta Partner Program. As part of the GE Additive Program, Kennametal will further advance its Binder Jet printing capabilities in cemented tungsten carbide as it continues to scale its end-to-end metal additive manufacturing solutions, from metal powders through to the production of 3D-printed parts and tooling
In April, 2022, Sandvik AB expanded its additive manufacturing offering by introducing 3D-printed components in cemented carbide. The Company's new capacity is enabled by a combination of a patented process and tailor-made powder produced in-house.
Global Tungsten Carbide Powder Market Scope
The tungsten carbide powder market is segmented based on application, grade, and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Machine Tools & Components
- Dies & Punches
- Cutting Tools
- Abrasive Products
- Rotary Drilling & Mining Grades
- Submicron Grades,
- Metal Forming & Wear Grades
- Corrosion Resistant Grades
- General Purpose Grades
- Mining & Construction
- Industrial Engineering
- Oil & Gas
- Aerospace & Defense
Global Tungsten Carbide Powder Market Regional Analysis/Insights
The tungsten carbide powder market is analysed and market size insights and trends are provided by application, grade, and end use, as referenced above.
The countries covered in the tungsten carbide powder market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the tungsten carbide powder market owing to growing awareness regarding environmental and energy conservation in the North American region is significantly contributing to the market's growth.
Asia-Pacific is expected to grow from 2023 to 2030 as tungsten carbide powder is used in the additive manufacturing (3D printing) industry to create high-performance parts with complex geometries. This is significantly increasing the market's growth.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Tungsten Carbide Powder Market Share Analysis
The tungsten carbide powder market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the tungsten carbide powder market are:
- Kennametal Inc. (U.S.)
- Sandvik AB (Sweden)
- Mitsubishi Materials Corporation (Japan)
- Federal Carbide Company (U.S.)
- H.C. Starck GmbH (Germany)
- Buffalo Tungsten Inc. (U.S.)
- Guangdong Xianglu Tungsten Co., Ltd. (China)
- Ceratizit S.A. (Luxembourg)
- CERATIZIT USA, Inc. (U.S.)
- Extramet AG (Switzerland)