Tungsten Carbide Powder Market to Hit USD2,176.8 Million by 2023 Major Key Players Are Sandvik, Kennametal, CERATIZIT GROUP, Umicore, And Others

The market growth is driven by the increasing demand of tungsten carbide-based machine tools, cutting tools, abrasive products in automotive, construction, mining, transportation, and oil and gas industries.

Based on grain size, the tungsten carbide powder market is categorized into 10 μm. Globally, the powder with grain size 1–10 μm constituted the largest share in the market, accounting for more than 55.0% share in terms of volume in 2017. The market for this category is driven by the fact that the powder of this size is ideal for making variety of cutting tools, machine tools, and abrasive products.

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On the basis of grade, the tungsten carbide powder market is classified into rotary drilling and mining, metal forming and wear, submicron, corrosion resistant, general purpose, and others (C15, C15A, C16, C17, C18, and C19). Globally, rotary drilling and mining grades accounted for the largest share in the market, accounting for more than 35.0% share in terms of value in 2017, driven by their large-scale demand in oil and gas, construction, and mining projects.

APAC accounted for the largest revenue share in terms of value in the global tungsten carbide powder market, accounting for more than 55.0% share in 2017. The high demand for the product is driven by growing consumption of the powder in manufacturing different tools and components to support the industrial sector of countries such as China, Japan, South Korea, and India.

Major opportunity identified in the tungsten carbide powder market is the product adoption in 3D printing technology. Recent innovations and the commercial adoption of 3D printing technology have allowed for the processing of tungsten carbide. This offers new growth opportunities for the market. In February 2018, Dyze Design, a 3D printing accessory developer, launched a set of tungsten carbide nozzles for integration in numerous fused deposition modeling (FDM) machines.

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The tungsten carbide powder market is dominated by Chinese producers, such as Chongyi Zhangyuan Tungsten Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Xiamen Tungsten Co. Ltd., Nanchang Cemented Carbide Limited Liability Company, China Minmetals Corporation, and GuangDong XiangLu Tungsten Co. Ltd. Majority of the Chinese companies in the market have their mining as well as production base in China, owing to the presence of large deposits of tungsten ores in the country.

Apart from offering carbide powder, companies operating in the tungsten carbide powder market also provide a wide range of tungsten-based products. Owing to the technical nature and specific usage of the powder, majority of the market players sell their products directly to the consumers. Sandvik AB, Kennametal Inc., CERATIZIT S.A., Umicore, and Japan New Metals Co. Ltd. are some other key players accounting for a significant share in the market.

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