What are Key Factors Driving Growth in Global Tungsten Carbide Powder Market?

Owing to the various characteristics of tungsten carbide such as high thermal conductivity, high resistance to scratches, indentations, acetone, gasoline, ammonia, ethanol, organic solvents, weak acids, and water, and also higher stiffness as compared to steel, it is increasingly being used in the metalwork-ing, power generation, automotive, defense, and oil & gas industries. In addi-tion to this, tungsten carbide can also be pressed and configured into different shapes and sizes and thus, used in cutting tools, drills, industrial machinery and equipment, and abrasives.

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Due to the above-mentioned factors, the global tungsten carbide powder market is expected to increase its revenue from $1,762.1 million in 2017 to $2,176.8 million by 2023, demonstrating a CAGR of 3.6% during the forecast period (2018-2023). These materials are widely used in the mining and construction, industrial engineering, transportation, aerospace and defense, and oil and gas industries. Out of these, the oil and gas industry is expected to record the fastest growth in the demand for these materials during the fore-cast period, primarily due to the soaring exploration and production (E&P) activities.

The biggest rage presently being observed in the tungsten carbide powder market is the increasing recycling of granular and powdered tungsten carbide scrap. Due to the supply constraints associated with the large-scale use of tungsten carbide, many manufacturers have started the inhouse recycling and refining of the scrap, which has resulted in the domestic production and usage of recyclable tungsten carbide products. For example, Sumitomo Electric Hardmetal Corporation gathers the cement carbide scrap from various companies and reprocess and recycle it.

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In recent years, major players operating in the global 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 December 2016, Umicore announced that it signed a share purchase agreement to acquire 100% stake of Eurotungstene Poudres SAS, an Eramet Group company specialized in the production of tungsten-based products including tungsten carbide powder, to expand its product line. With this acquisition, Umicore has been able to tap into the growing tungsten carbide powder market.

Some of the key players in the tungsten carbide powder market are Chongyi Zhangyuan Tungsten Co. Ltd., GuangDong XiangLu Tungsten Co. Ltd., Nanchang Cemented Carbide Limited Liability Company, China Minmetals Corporation, and Kennametal Inc.

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