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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