The mining & construction segment is the fastest-growing end-use industry segment of the global tungsten carbide powder market

CITY, Country, 2021-Oct-06 — /EPR Network/ —

The global tungsten carbide powder market is projected to grow from USD 14.78 billion in 2016 to USD 24.90 billion by 2026, at a CAGR of 5.4% during the forecast period. This growth can be attributed to the increasing demand for tungsten carbide powder from various end-use industries, such as mining & construction, industrial engineering, transportation, and aerospace & defense. Tungsten carbide powder is a high-performance compound formed by combining an equal part of both tungsten and carbon. Tungsten carbide powder is used in various applications such as cutting tools, machine tools & components, dies & punches, and abrasive products.

On the basis of grade, the global tungsten carbide powder market has been classified into rotary drilling & mining, metal forming & wear, submicron, corrosion resistant, general purpose, and others. Rotary drilling & mining is the fastest-growing grade segment of the global tungsten carbide powder market. The rotary drilling & mining grade tungsten carbide powder has superior impact resistance and stiffness, as well as superior performance ability in severe working conditions. This grade of tungsten carbide powder is used in the development of various products and components, which are utilized in mining and oil & gas end-use industries.

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On the basis of application, the global tungsten carbide powder market has been segmented into machine tools & components, cutting tools, dies & punches, abrasive products, and others. The machine tools & components segment is the fastest-growing application segment of the global tungsten carbide powder market. This growth is mainly attributed to the increasing demand for machine tools & components from the mining & construction industry and the expansion of the industrial engineering and transportation sectors.

The mining & construction segment is the fastest-growing end-use industry segment of the global tungsten carbide powder market. Due to its excellent properties such as resistance to abrasion & impact, toughness, and hardness, tungsten carbide powder is utilized in the development of cutting tools, components, and drilling equipment. In addition, the growing demand for heavy machineries such as loaders, evacuators, rollers, and cranes, among others is further anticipated to drive the demand for tungsten carbide powder in the mining & construction segment.

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The tungsten carbide powder market in the Asia-Pacific region is expected to grow at the highest CAGR from 2016 to 2026. The growing demand for tungsten carbide powder from various end-use industries such as construction & mining, industrial engineering, and transportation is propelling the growth of the tungsten carbide powder market in this region.

Key players operational in the global tungsten carbide powder market are Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet (Switzerland), Federal Carbide Company (U.S.), Guangdong Xianglu Tungsten Co., Ltd. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), Japan New Metal Co., Ltd. (Japan), China Tungsten Online (Xiamen) Manu. & Sales Corp. (China), and Eurotungstene (France). These players are focusing on growth strategies such as partnerships, agreements, joint ventures, and mergers & acquisitions to gain a competitive edge over their peers in the market.

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