Tungsten Carbide Powder

Tungsten Carbide Powder

The Tungsten Carbide Powder Market is expected to grow at a steady rate of around 5.85% owing to the growing demand from metalworking industries, extended mining operations, and increased infrastructural development projects. Tungsten carbide, because of its high hardness and wear resistance, has no substitute in many industrial uses. The automotive and aerospace industries are also some of the biggest consumers of high-performance cutting tools and wear-resistant components. For instance, as the National Mining Association published in its report, 2020, the United States mined 535.4 million short tons of coal, in 2023, it mined reached 577.5 million short tons. The manufacturing sector across diverse end users has shown significant market share and is expected to retain the largest market share throughout the forecast period. This dominance is attributable to the fact that most applications of metal cutting, forming, and machining today incorporate tungsten carbide tools. Automotive and aerospace industries act as the primary clients for these cutting tools because those industries are sensitive to precision cutting tools. There is already a shift toward auto manufacturing and high-speed machining, to name a few, therefore boosting the call for first rate tungsten carbide tools. For example, BMW Group reported an increase in their tooling consumption for their new electric vehicle production lines, with tungsten carbide tools making up 70% of their cutting tool inventory.

Therefore, with greater adoption of tungsten carbide powder, the market is set to experience substantial growth in the forecast period.

• Based on application, the market is segmented into machine tools, cutting tools, recycling tools, wear resistant tools, and others. The cutting tools segment held a significant share of the market in 2023, due to its extensive use across various industries such as automotive, aerospace, and metalworking. The emergence of electric cars made it necessary to use lightweight and high-strength materials due to the reduction of range that results in specific machining. Tungsten carbide cutting tools must be used for such material’s cutting because conventional tools will quickly wear out or get dull on such applications. In 2023 Sumitomo of Japan launched a new series of tungsten carbide cutting inserts especially for manufacturing electric vehicle parts to give high accuracy and lowest wear on tool. CNC machining has put emphasis on high quality cutting tools due to its popular trend and so global tungsten carbide cutting tools market. For instance, CERATIZIT Group introduced a new product segment of tungsten carbide goods mostly used in CNC that include inserts and end mills with enhanced sturdiness for creating elaborate shapes with great accuracy. Due to the encouraging force of the industry 4.0 revolution on automated and smart manufacturing, the tungsten carbide cutting tools are more preferable for use.
• Based on end user, the market is segmented into aerospace and defense, automotive, mining and construction, electronics, and others. The mining and construction segment dominated the market and is expected to experience significant growth in the forecast period owing to the rapid growth in the construction sector due to increased industrialization and urbanization. Tungsten carbide powder is widely used in both sectors for the purpose of producing wear-resistant parts, mining equipment, and drilling tools. Some of the countries with high mineral endowment such as Australia and Chile are now expanding mining activities. For instance, new mining projects in copper and iron ores have created increased market for tungsten carbide drill bits, cutters and mining tools used in high impact or abrasive applications. According to a global construction market outlook in 2023 the construction market exhibited an estimated increase of 3.4 % in 2023 from 2022 which closed with an increase in investment of 2.4%. The growth in the building sector was slightly better with reference to the growth in the world economy which today, as per the IMF sources, expanded 3.1% last year. The construction sector revealed value increase of 0.5% in advanced economies in 2023, however, in the emerging countries the growth in the building market was much higher at a 5.6%. Therefore, with the growing mining and construction industry, the demand for tungsten carbide powder would increase in the forecast period.
• For a better understanding of the market adoption of tungsten carbide powder, the market is analyzed based on its worldwide presence in countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific held the majority share of the market in the year 2023. The major factors contributing to the growth of the market include the rapid industrialization and the emergence of electric vehicles in the region. Additionally, the region has focused on manufacturing capabilities and the expansion of infrastructure projects has consequently driven the tungsten carbide powder market. For instance, the Chinese government announced its 2024 Budget in March 2024. The budget includes an expenditure of CNY28.6tn (USD 4tn) in 2024 – which is an increase of 3.8% compared with the 2023 Budget. Also in March, the government announced it plans to invest CNY1.2tn (USD 173bn) in transport infrastructure projects by the end of this year. Furthermore, in March 2024, the Yangtze River Delta region government announced an investment of CNY140bn (USD 19.6bn) to develop 32 railway infrastructure projects in the region in 2024. In February 2024, the Shanghai government announced it plans to start work on 24 projects with a combined investment of CNY42.1bn (USD 5.8bn) in 2024. Additionally, the region has the highest growth in the adoption of new technologies such as additive manufacturing, and 3D printing. Furthermore, the growing government initiative to promote industrial development, further supported the development of tungsten carbide powder market. Thus, amongst areas, Asia Pacific held a significant share of the market in the year 2023.
• Some of the major players operating in the market include Sandvik AB, Global Tungsten & Powders, A.L.M.T. Corp., Merck KGaA, CERATIZIT S.A., Kennametal Inc., JAPAN NEW METALS CO., LTD., Extramet AG, Federal Carbide Company, and Hyperion Materials & Technologies.