Burgeoning Global Mining and Construction Activities Drives the Tungsten Carbide Market

Introduction

Market Dynamics

Mining and construction activities have been gaining traction over the last several years. The demand for minerals and rare metals has been consistently increasing. In addition to this, population growth has resulted in higher demand generation for houses and the need to construct commercial places to enable the growth of the retail sector and build office buildings. Also, several manufacturing companies are shifting their operations in emerging economies such as India and Brazil. This has resulted in job opportunities, which has given way to the urban middle and spending potential. Moreover, umpteen airlines are now giving away customers frequent flier points, and on the flight, meals to attract new travelers. This will lead to the growth of the aerospace industry, which, in turn, has the potential to drive the tungsten carbide market demand.

Impact of COVID-19

COVID-19 has impacted the global supply chains to an incredible level. International trade is on a standstill as several economies have announced partial to complete lockdowns in their respective countries. This has led to the shutting down of many small and medium-sized companies, which has also resulted in job and income losses at a significant level. Furthermore, global supply chains have been distorted by a combination of over-reliance on China, and their plans to reshuffle their supply chains and shift away from China. The Chinese trade practices to induce trade for only their benefit has been facing flak lately, the effects of which are likely to be felt in the years to come.

Competitive Players

1. Kennametal
2. Sandvik AB
3. Federal Carbide Company
4. Japan New Metal Company Ltd
5. Ceratizit
6. ChinaTungsten Online (Xiamen) Manufacturing & Sales Corporation
7. Buffalo Tungsten
8. Global Tungsten & Powders
9. Jiangxi Yaosheng Tungsten Company Ltd.
10. Zigong Huagang Cemented Carbide New Materials Company
11. C Starck
12. Reade International Corporation
13. Guangdong Xianglu Tungsten Company Ltd.
14. Nanchang Cemented Carbide Co. Ltd.
15. Manu and Sales Corporation (China)
16. Extranet and Eurotungstene

Recent Developments

Segmentation

1. By Grade
   1. General Purpose
   2. Metal Forming and Wear
   3. Rotary Drilling and Mining
   4. Submicron
   5. Corrosion Resistant
2. By Application
   1. Cutting Tools
   2. Machine Tools and Components
   3. Dies and Punches
   4. Abrasive Products
3. By End-User
   1. Oil and Gas
   2. Aerospace and Defense
   3. Industrial Engineering
   4. Transportation
   5. Mining and Construction