The global tungsten carbide powder market is projected to grow from 14.78 billion in 2016 to USD 24.90 billion by 2026, at a CAGR of 5.4% during the forecast period. The increasing demand for industrial machineries from various end-use industries, such as mining & construction, industrial engineering, transportation, and aerospace & defense, is anticipated to drive the demand for tungsten carbide powder in the coming years. Along with the rising demand for metals, the need to increase their reserve base across the regions has led the market players to increase their spending in metal and mining-related activities.
Browse
110 market data tables and 70 figures spread through 165 pages and in-depth TOC
on “Tungsten
Carbide Powder Market by Grade (Rotary Drilling & Mining, Metal Forming
& Wear), Application (Machine Tools & Components, Cutting Tools),
End-Use Industry (Mining & Construction, Industrial Engineering), and
Region - Global Forecast to 2026”
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Major Market Developments
- In December 2014, Ceratizit S.A. partnered
with Grasche (USA) for the distribution of the company’s product
offerings, mainly for the North American market. This strategy helped the
company maintain a better distribution network, along with superior
customer relationship, in the North American market.
- In September 2013, Sandvik acquired the
complete share of Precorp, Inc. (U.S.), a company that offers
polycrystalline diamond and carbide tools, such as drills, reamers, end
mills, port tools, and micro tools. This acquisition helped Sandvik in
providing high speed machining of die cast aluminum, carbide parts, and
the machining of advanced composite materials mainly for the aerospace and
automotive markets.
- In September 2012, Sandvik invested USD 29.5
million in Sandvik Coromant. This investment was related to the setting up
of a new prototype workshop for cemented-carbide tools, as well as a new
productivity and application center in Sandviken, Sweden; and an
application center in Langfang, China. This investment helped the company
set up new productivity standards mainly for the automotive, energy, and
aerospace industries
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The rotary drilling & mining grade segment
accounted for the largest share of the global tungsten carbide powder market in
2016. Superior impact resistance, stiffness, and high-performance ability in
severe working conditions make rotary drilling & mining one of the most preferred
grades for tungsten carbide powder.
The machine tools & components application
segment accounted for the largest share of the global tungsten carbide powder
market in 2016. Increasing adoption of tungsten carbide powder for developing
various components such as nozzles, inserts, rods, sheets, buttons, bits, tips,
strips, and balls, among others, for various end-use industries are anticipated
to drive the demand for tungsten carbide powder in the near future.
The mining & construction end-use industry accounted
for the largest share of the global tungsten carbide powder market in 2016.
Growth of this segment can be attributed to the increasing oil & gas
exploration activities and rising government spending towards the development
of infrastructures.
Among all regions, Asia-Pacific accounted for the
largest share of the global tungsten carbide powder market in 2016. This large
share can be attributed to the high economic growth rate of countries in the
Asia-Pacific region, and investments made across various industries, such as
mining & construction, automotive, oil & gas, and aerospace &
defense. China, India, and Japan are the leading consumers of tungsten carbide
powder in the Asia-Pacific region.
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