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Tungsten Carbide Powder Market, Technology & Innovation Trends 2016-2024
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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.
The overall tungsten carbide powder market size on the basis of grade can be classified as rotary drilling & mining, metal forming & wear, submicron, corrosion resistant and general purpose. Rotary drilling & mining grade product led the overall business in 2015 on account of its high strength and superior stiffness, impact resistance. Furthermore, this product grade offers value added workability in severe conditions and is thus widely used across mining and oil & gas sector.
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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.
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.
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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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