Press release
Tungsten Carbide Powder Market Regional Revenue, Trends, Opportunities and Future Growth Till 2023
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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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.
the tungsten carbide powder market is categorized into machine tools and components, cutting tools, dies and punches, abrasive products, and others. Among these, cutting tools category was the largest application area in the market, in 2017, in terms of both value and volume, owing to the fact that tungsten carbide is widely used in manufacturing of cutting tools used in automotive and construction industries for metal cutting and stone working purpose.
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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.
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.
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