Global Statistics Representing Tungsten Carbide Market Scenario
Tungsten carbide powder is produced by carburization in a hydrogen atmosphere with a combination of tungsten metal powder and carbon. It consists of tungsten and carbon atoms in an equal amount and has a low coefficient of thermal expansion, high melting point, and high density.
The product market is expected to witness significant growth during the forecast period, 2019–2026. This is attributed to the expansion of mining and construction activities, flourishing engineering industry, and growing transportation sector. The market is driven by elements such as the increasing adoption of tungsten carbide powder for several components including nozzles, rods, bits, inserts, sheets, buttons, tips, strips, and balls. Besides, the use of product as a replacement for depleted uranium and its adoption in 3D printing technology are providing scope for market opportunities.
The tungsten carbide market is expected to remain resilient amid fluctuations in market conditions. With burgeoning demand from specific segments, the market is expected to register a CAGR of 5.61% during the forecast period (2019–2026) to attain a value worth USD 23.85 million by 2026.
The global market for tungsten carbide powder is segmented by grade, application, and end-user industry.
On the basis of grade, the market is segmented into rotary mining & drilling, submicron, corrosion resistant, metal forming & wear, and others. The metal forming segment is expected to witness considerable growth during the forecast period. This is attributed to the unique features of tungsten carbide such as strength and ability to withstand high temperatures that make it ideal for numerous commercial and industrial applications.
Based on application, the product market is segmented into abrasive products, roll & dye, wear parts, cutting tools, and diamond tools. The wear parts segment is expected to witness considerable growth during the forecast period. This is attributed to the increasing number of end-use industries such as automotive, and the growing demand of wear-resistant materials. The ability of tungsten carbide to withstand arcing and its resistance to corrosion makes it suitable for use in voltage regulators.
On the basis of end-use, the market is segmented into military & defense, industrial engineering, oil & gas, and others. The military and defense segment is expected to hold considerable share in global product market during the forecast period 2019–2026. Tungsten carbide plays prominent role in military and defence sector owing to a high measure of hardness or high resistence to deformation. Growing use of the product in order to modernizae the warefare system is likely to surge the demand for tungsten carbide. Globally, trending advancements are powered by technological adoption, driven by the need to adequately defend against cross-border tensions and in conflict areas. For instance, the U.S. Navy, with an aim to defend its ships from enemy missiles, has introduced the Surface Electronic Warfare Improvement Program (SEWIP). SEWIP Block 3, being a passive sensor, could confuse aircraft and ship radars.
Geographically, the tungsten carbide market is segmented into Asia-Pacific, North America, Europe, and Latin America and the Middle East & Africa (LAMEA).
Asia-Pacific is expected to hold a major share in the product market, owing to its growing agriculture sector. Tungsten carbide strips are primarily used for agriculture cutting machinery; hence, the increasing agriculture activities promote the use of such machinery. The presence of thriving agricultural economies such as India, China, and others is one of the critical drivers for product market in the region. Additionally, tungsten carbide is an efficient counter electrode for dye-sensitized solar cells; thus, the increase in the production of solar cells results in market growth. Furthermore, government initiatives encourage the demand for tungsten carbide; for instance, the government of India announced the National Solar Mission, which is aimed to increase the production output of solar power and promote new investments in the manufacturing of solar cell. This move is anticipated to fuel the demand of tungsten in India for the production of solar cells during the forecast period.
North America is anticipated to emerge as a promising market for tungsten carbide on account of the robust manufacturing of engineered polymers such as PEEK in the United States, owing to its catalyst like properties. Furthermore, the Mexican government announced the National Infrastructure Plan (NIP) to boost the energy and electronics sector at a domestic level, which is expected to positively impact the market for carbon nanotubes.
Europe as a market for tungsten carbide is expected to witness potential growth. This is credited to the increasing awareness among manufacturers regarding the benefits of tungsten carbide and the associated investments in R&D activities.
The market for tungsten carbide in LAMEA is expected to witness steady growth, owing to the infrastructure development and associated opportunities in the construction sector. The commercial use of tungsten carbide in the electronics and construction industry is credited to its unique and potential attributes.
Some of the major players in the market are Sandvik AB (Sweden), Nanchang Cemented Carbide Co., Ltd. (China), Reade International Corp., (U.S.), XiangLu Tungsten Co., Ltd (China), Kennametal (U.S.), Federal Carbide Company (U.S.), CERATIZIT S.A. (Luxembourg), JAPAN NEW METALS CO., LTD. (Japan), Umicore (Belgium), H.C. Starck GmbH (U.S.), China Tungsten (China), and Merck KGaA (Germany).
Tungsten Carbide Market Segmentation