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Tungsten Carbide Powder Market, Application Development, Competitive Market Share & Forecast, 2016 – 2024

04-13-2017 06:55 AM CET | Industry, Real Estate & Construction

Press release from: Global Market Insights Inc.

Tungsten Carbide Powder Market, Application Development,

Global Tungsten Carbide Powder Market size is likely to reach USD 24.5 billion by 2024 from 14.5 billion valued in 2015, registering a CAGR of 5.5% during the forecasted period. The product is a compound, comprising of equivalent parts of carbon and tungsten atoms. Basically, it’s a fine gray powder, which can be formed into shapes for usage in abrasives, jewelry, tools & instruments and industrial machinery. Depending on the coating method, the proportions of both the compounds can be included in coatings.

Increasing product demand in transportation, mining & construction and industrial engineering sector will positively influence the tungsten carbide powder market over the estimated timespan. Increasing government investments to upgrade their public infrastructure, particularly in the BRICS nations. In addition, escalating spending for residential & commercial buildings will significantly boost the tungsten carbide powder demand, thereby propelling the overall tungsten carbide powder market size by 2024.

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Tungsten carbide powder is emerging as an alternative to depleted uranium reserves because of the health risks that people are exposed to because of radioactive nature of uranium, which is overcome by the stability of tungsten carbide powder at high temperatures. Moreover, tungsten carbide is gaining recognition to be used in 3D printing technology equipment. More and more companies are replacing their present material, used in 3D printing equipment, like lead with tungsten carbide powder because of its stiffness, strength and capacity to withstand high temperatures and heat. Both these applications of tungsten carbide powder prove as an opportunity for its market to expand and grow in the forecasted period.

On the basis of application, the global tungsten carbide powder market is segregated into machine tools & components, dies & punches and abrasive products. Machine tools & components accounted for the major chunk of the business in 2015. Increasing use of tungsten carbide powder for manufacturing nozzles, sheets, inserts, rods, strips and balls and many others for various end user industries are expected to drive the market’s growth. Mining & construction industry is paving the path for tungsten carbide powder market growth in coming years due to increasing oil & gas exploration activities around the globe.

Browse complete summary of this report @ https://www.gminsights.com/industry-analysis/tungsten-carbide-powder-market

China, India and Japan are the principal consumers in the Asia Pacific region of tungsten carbide powder. North America, led by the U.S. is forecast to witness moderate gains over the projected timeframe. Increasing oil & gas industry in the U.S. along with shale gas exploration will boost the regional product demand by 2024. In addition, uplifting regional construction industry after economic downturn will further complement business growth in the coming years. Europe tungsten carbide powder market share will be driven by growing product demand in the construction due to increasing renovation and remodeling activities.

Key players operating in product market globally are Kennametal., Sandvik AB, Federal Carbide Company, Japan New Metal Company Ltd, Ceratizit, ChinaTungsten Online (Xiamen) Manufacturing & Sales Corporation, and Buffalo Tungsten. Other manufacturing companies are Global Tungsten & Powders, Jiangxi Yaosheng Tungsten Company Ltd., Zigong Huagang Cemented Carbide New Materials Company, H.C Starck, Reade International Corporation, Guangdong Xianglu Tungsten Company Ltd., Nanchang Cemented Carbide Co. Ltd., Manu and Sales Corporation (China), Extramet and Eurotungstene.

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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