Tungsten carbide powder is produced by carburization in a hydrogen
atmosphere with tungsten powder and carbon mixture. It offers high thermal
conductivity, intense strength, and extreme stiffness, which make it an
excellent material of choice for all types of metal forming and cutting tools.
The global tungsten carbide powder market is primarily driven by the
increasing demand for industrial machinery in the industrial sector across the
globe from various end-use industries such as automotive, aerospace, chemical,
and consumer electronics. According to a report about Strategic Technologies
for the Army of Twenty-First Century (STAR 21), tungsten carbide can be an
alternative to depleted uranium as both of them work against light armor, which
may increase the product demand in military & defense sector. Furthermore,
the increasing adoption of tungsten carbide for manufacturing 3D printer’s
nozzles required in extrusion process can be a potential opportunity for the
market growth over the assessment period. According to the International
Tungsten Industry Association (ITIA), tungsten shot and ammunition are less
hazardous alternatives to poisonous lead for hunting and in military training.
According to Stockholm International Peace Research Institute (SIPRI), the
total U.S. military expenditure was USD 611 billion in 2016 with a share of
around 36% of total world military expenditure, which was followed by China.
The increase in military & defense expenditure is likely to propel the
market growth over the assessment period. Some of the key development trends
noticed in the market include merger, acquisition, and expansion among others.
For instance, in November 2014, CERATIZIT Italia, a subsidiary of CERATIZIT
announced to acquire the Italian drawing tool manufacturer VAN-Dies by the end
of the year. This acquisition led to CERATIZIT becoming a full range provider
of tungsten carbide tools in the Italian market and strengthened business in
Europe. Furthermore, in December 2016, Umicore announced a share purchase
agreement to acquire Eurotunsgtene, a specialized in developing, manufacturing,
and marketing metal powders used in diamond tools and hard metal applications.
However, the product has been identified toxic by the New Jersey Department of
Health and Senior Services. Also, the exposure limits of 5 mg/m3 over an
average of 8 hours and 10 hours has been set by National Institute for
Occupational Safety and Health (NIOSH) and American Conference of Governmental
Industrial Hygienists (ACGIH) respectively. Both the regulatory bodies have set
the limit of 10 mg/m3 as a Short Term Exposure Limit (STEL). The limitations on
use of the product may challenge the market growth during the forecast period.
Segmentation The global tungsten carbide powder market is segmented on the basis of
the grade, application, end-use industry, and region.
On the basis of the grades, the global tungsten carbide powder market is
segmented into rotary drilling & mining, metal forming & wear,
submicron, corrosion resistant, general purposes, and others.
On the basis of the application, the market is segmented into cutting
tools, wear parts, roll & die, diamond tools, mining tools, and abrasive
products.
By the end-use industry, the market is segmented into mining &
construction, military & defense, industrial engineering, transportation,
oil & gas, aerospace, and others.
Regional
Analysis The global tungsten carbide powder market is segmented into five regions
namely Asia Pacific, North America, Europe, Latin America, and the Middle East
& Africa.
Asia Pacific dominated the global tungsten carbide powder market in 2016
on account of the high demand from the major end-use industries such as
construction, transportation, and aerospace in countries such as Japan, India,
China, and others.
North America was the second largest region in the global tungsten
carbide powder market in 2016 owing to the high demand from the military &
defense, automotive, and aerospace industries.
The high product demand from the manufacturing of various automotive
parts in Western European countries is likely to influence the market growth.
The Latin American region is expected to grow significantly due to the
growing automotive industry in the region.
The increasing exploration of oil & gas reserves and infrastructural
hub present in the GCC countries is likely to drive the market in the region.
Competitive Analysis: Sandvik AB, Kennametal, CERATIZIT S.A., Federal Carbide Company, GuangDong XiangLu Tungsten Co.,Ltd, Nanchang Cemented Carbide Co., Ltd., JAPAN NEW METALS CO., LTD., Umicore, ChinaTungsten, H.C. Starck GmbH, Reade International Corp., Merck KGaA
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