Data Bridge Market Research analyses that the tungsten carbide powder market, which was USD 76.59 million in 2022, is expected to reach USD 115.09 million by 2030, growing at a CAGR of 5.2% from 2023 to 2030. Rotary drilling & mining grade segment is dominating due to its outstanding impact resistance, rigidity, and ability for high-performance under demanding working circumstances. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Market Analysis and Insights
The essential factors contributing to the growth of the tungsten carbide powder market in the forecast period of 2023 to 2020 include the increasing demand for cutting and machining tools, which is prevailing the need for tungsten carbide powder. The rising use in commercial, industrial, and residential sectors for various applications significantly contributes to the market's growth.
Tungsten carbide powder is widely used in industrial applications due to its exceptional hardness, wear resistance, and strength. The growth of automotive, aerospace, oil and gas, mining, and construction industries drives the demand for tungsten carbide powder as it is used in tools, cutting inserts, wear parts, and other components. Therefore, the increasing use of tungsten carbide powder in various industrial sectors is driving the market's growth.
Tungsten carbide powder is used in the additive manufacturing (3D printing) to create high-performance parts with complex geometries. Adopting additive manufacturing techniques in various sectors, including aerospace, medical, and automotive, fuels the demand for tungsten carbide powder as a feedstock material.
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Tungsten Carbide Powder Market Scope
The tungsten carbide powder market is segmented based on application, grade, and end use. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Application
- Machine Tools & Components
- Dies & Punches
- Cutting Tools
- Abrasive Products
Grade
- Rotary Drilling & Mining Grades
- Submicron Grades,
- Metal Forming & Wear Grades
- Corrosion Resistant Grades
- General Purpose Grades
- Others
End Use
- Mining & Construction
- Transportation
- Industrial Engineering
- Oil & Gas
- Aerospace & Defense
Competitive Landscape and Tungsten Carbide Powder Market Share Analysis
The tungsten carbide powder market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the tungsten carbide powder market are:
- Kennametal Inc. (U.S.)
- Sandvik AB (Sweden)
- Mitsubishi Materials Corporation (Japan)
- Federal Carbide Company (U.S.)
- H.C. Starck GmbH (Germany)
- Buffalo Tungsten Inc. (U.S.)
- Guangdong Xianglu Tungsten Co., Ltd. (China)
- Ceratizit S.A. (Luxembourg)
- CERATIZIT USA, Inc. (U.S.)
- Extramet AG (Switzerland)
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