Tungsten Carbide Powder Market - Forecast(2024 - 2030)
Tungsten Carbide Powder Market Overview
Tungsten Carbide Powder
market size is forecast to reach US$16.3 billion by 2027 at a CAGR of 5.2% during
the forecast period 2022-2027. Tungsten carbide (methylidyne tungsten) is one of the non ferrous
metals that have superior properties such as increasing strength, hardness and toughness. Chemical vapor deposition (CVD) is a coating
process that exhibits excellent erosion and wear-resistance properties. This depositing tungsten carbide
coatings are commonly used in the aerospace industry. Tungsten carbide
powder market share is being produced by the end-user industries such as mining, building & construction, transportation, industries,
aerospace and others. The tungsten carbide
powder industry is an emerging industry for construction. Due to its properties
such as high thermal conductivity, extreme rigidity and high resistance, it has given rise in the construction market and various infrastructure-related
projects. This is because carbide
tools have the potential to withstand extremes of temperatures and toughness as
compared to conventional steel tools. These tools are used in the construction of real
estate, residential, commercial, infrastructure development, roads, railways and power. One of the driving factors for tungsten carbide powder (TCP) is the aerospace
industry for its application in the machinery tools. One of the key challenges
is to maintain safety standards set by the government in the factory while working
with TCP.
Tungsten Carbide Powder Market COVID-19 Impact
The COVID-19
pandemic has negatively impacted the global market extensively. Unfavorable
conditions arising due to the COVID-19 outbreak coupled with higher costs and
other restraints are hindering the market growth. Tungsten carbide has properties such as good wear resistance, corrosion resistance, electrical
conductivity and thermal conductivity; which are being mixed with other key
components that are needed for high-performance application in the aerospace industry.
Tungsten alloys have an application to make uncooled rocket nozzles, jet blades
satellites, aircraft and aero-engines. According to IATA, aerospace industry has suffered a
global decline of 75.6 % in international passengers; and the domestic demand fell 48.8 % off in 2019. Thus, the decrease in the demand in the aviation
industry is accounted to hamper the growth of the tungsten carbide powder market.
Report Coverage
The “Tungsten
Carbide Powder Market Report – Forecast (2022-2027)" by Industry ARC, covers an in-depth analysis of the following segments in the
Tungsten Carbide Powder industry.
Key Takeaways
- The properties such as strength, hardness and toughness along with its application used for making a variety of cutting tools and machine equipment drive the growth of the tungsten carbide powder market.
- Recycling tungsten carbide powder into reusable tungsten
carbide can be observed as a golden opportunity in the tungsten carbide powder
market.
- Asia-Pacific dominated the global market share, with growing transportation activities in countries such as China, India and Japan.
Figure: Asia-Pacific Tungsten Carbide Powder Market Revenue, 2021-2027 (US$ Billion)
For More Details On this Report-Request For Sample
Tungsten Carbide Powder Market Segment Analysis – by Grade
The Rotary, Drilling and Mining
Grades held the largest share of 30% in the tungsten carbide powder market in
2021. Rotary drilling is the earth auger, which is hand-operated and resembles
the wood auger used in carpentry. Rotary drilling may be adapted for use at any
angle and is applicable for underground mining. Rotary grades are being used
extensively in the mining sector. According to the Ministry of Mines, in 2020-21, mineral production was reported from 32 States contributing to 87.40%
from 10 States; Rajasthan being in the leading position with 17% of share.
Tungsten carbide powder is used in the manufacturing of industry tools because
of its tough and hard nature. To meet the market demand for uncut diamonds,
emeralds and other precious & semi-precious stones it requires cutting
tools and equipment that uses tungsten carbide powder (TCP) in its
manufacturing. Thus, the Rotary, Drilling and Mining Grades used in the mining
sector is a major driver for the tungsten carbide powder in the forecast
period.
Tungsten Carbide Powder Market Segment Analysis – by Application
Cutting tools held the largest share of 35%
in the tungsten carbide powder market in the year 2021. Cutting tools is a hardened
metal tool that is used to cut, shape and remove material from a
workpiece. Cutting tools use tungsten carbide powder because of its high wear resistance, high
modulus of elasticity as well as good impact toughness and corrosion
resistance. According to Invest India journal the construction business market
in India is expected to emerge globally as the third-largest and is
expected to grow on an average of 7.1% each year, by 2025. Rapid urbanization
and improving infrastructure have given rise to construction activities. Cutting
tools are used to drill the circuit
boards, cut steel and different types of marbles & stones in the
construction industry; thus blooming the market growth for the tungsten carbide
powder. One of the alternatives used in cutting tools are the cemented tungsten
carbide which was extremely brittle and limited to industrial use.
Tungsten Carbide Powder Market Segment Analysis - by End-Use Industry
Building and Construction industry held the largest share in the tungsten carbide powder market in 2020 with a CAGR of over 5.0%. The rise in building and construction industries is rising due to the increase in infrastructural projects in different regions. The growing demand for heavy machineries like rollers, cranes, drillers and others is also driving the market demand for tungsten carbide powder. According to the Ministry of Housing & Urban Affairs, GDP from construction in India has increased to INR 2405.28 Billion in the third quarter of 2021 from INR 2212.56 Billion in the second quarter of 2021. With the growing demand for construction industry, machine tools and equipment are also rising in the regions of Europe and the Asia-Pacific, thus creating and driving the demand for the tungsten carbide powder market.
Tungsten Carbide Powder Market Segment Analysis – by Geography
Asia-Pacific (APAC)
dominated the Tungsten Carbide Powder market during the year 2021 with a market
share of 40%, followed by North America and Europe. In the APAC region, China
is driving much of the tungsten carbide powder market demand in the Asia-Pacific
region followed by India and Japan. Asian countries including China and India
who majorly use cutting tools in the construction & mining industry drives the demand for tungsten carbide powder. According to the Ministry
of Statistics and Programme Implementation mineral production for the year 2020-21 (up to November), it is estimated to be 89.2 as compared to 101.9 for the
same time during the year 2019-20. The strong and healthy growth in the mining sector is
associated with growing infrastructural projects which tend to drive the APAC construction
industry further and hence the tungsten carbide powder market. The number of
manufacturing units that have illuminated cutting tools is growing sharply in the
APAC region.
Tungsten Carbide Powder Market – Drivers
Growing Demand from Mining & Construction Industry
The rise in Mining and Construction activities, development of engineering industries and
expansion of the transportation sector are some demand-generating factors that
are estimated to drive the expansion of the global tungsten carbide powder
market. In the mining and construction industry, tungsten carbide powder is
being employed in tunnel boring machines and roller-cutters since these powders
offer resistance from abrasion, wear & tear and improve the strength of
materials. It is also widely utilized in jewelry to prevent them from getting
scratched or tarnished easily. Demand for energy minerals such as coal has led
to an increase in mining activities. According to the Ministry of Mines, the
production of lead & zinc ores at 14.48 million tons in 2019-20 increased
by 5.28% as compared to that in the previous year, in India. This,
coupled with rapid urbanization and improved infrastructure, has led to the expansion
of construction projects. Thus,
all these factors drive the market growth for the tungsten carbide powder.
The Rise in Demand for the Enhanced Cutting Equipment and the Machinery Sector Globally
Industrialization
has led to the increase in demand for tungsten carbide powder in various
industries for different purposes. The rise in enhanced cutting equipment to
cobalt cutting tools which are abrasion resistant and could withstand higher temperatures than standard high-speed steel (HSS) tools. Carbide
cutting surfaces are often used for machining through materials such
as carbon steel or stainless steel due to the
growing demand for industrial machinery in industries like building &
construction and mining. Some of the top
companies that have Developed these Industrial tools are Sandvik, Gray Tools,
Elliott Tool Technologies and Hilti. According to European Commission, the
machinery sector is a substantial contributor to the European economy in 2020. China
(a major player in the Asian industry), Germany, the United States, Japan and
Italy are major competitors in the global machinery market. China's market
share climbed to 28% in 2019. In 2019, according to European Commission, China,
Germany and Japan were the top three global machinery makers, with the United
States at US$4.9 billion and Italy US$6.7 billion accounting for 6% and 8% of the global
share, respectively. Thus, investment in the machinery sector will drive the
demand for tungsten carbide powder in the market as it is being in the making
of cutting equipment.
Tungsten Carbide Powder Market Challenges
Environmental Concerns
A major drawback is that tungsten carbide
power is extremely toxic. Exposure at the workplace
is the main contact route for humans, especially for workers in the carbide industry.
International Tungsten Industry Association
(ITIA) Committee monitors national and international regulations and
proposals that may impact the tungsten industry, particularly in member company
countries. Where appropriate, ITIA works closely with regulatory agencies
by providing information and comments to assist in the development of
reasonable measures to protect health and the environment. Some of the major countries to
follow these regulatory forms are Canada, China, France, India, and Japan. Workers
are exposed to the dust when handling the powders or grinding workpieces and
may inhale particles or absorb them through the skin, leading to silicosis-like pulmonary fibrosis. When tungsten carbide powder is
being used intensively in cement carbide, it could cause environmental
problems as well. Also, the presence of alternative products is hampering the
market growth for TCP.
Tungsten Carbide Powder Market Landscape
Product launches, acquisitions and R&D
activities are key strategies adopted by players in the market. Tungsten
carbide powder market's top companies are:
- Sandvik
- Xiamen Tungsten
- China Minmetals
- Element Six
- Jiangxi Yaosheng
- GuangDong XiangLu Tungsten
- Chongyi Zhangyyuan Tungsten
- Plansee (GTP)
- Japan New Metals,
- Kohsei
Recent Developments
- In January 2020, Sandvik AG acquired Melin Tool Company which was a manufacturer of solid carbide tools. The acquisition will further strengthen the round tool offerings for the aerospace industries.
Relevant Reports
LATAM Powder Metallurgy Market – Forecast (2021 -
2026)
Report Code: CMR 1358
Boron Carbide Market -
Forecast (2021 – 2026)
Report Code: CMR 84693
For more Chemicals and Materials Market
reports, please click here