Pune, India -- (SBWire) -- 04/06/2018 --Global Tungsten Carbide Powder Market accounted for USD 15.22 billion in 2016 and is projected to grow at a CAGR of 5.6% during the forecast period of 2017 to 2024. The upcoming market report contains data for historic years 2014, 2015, the base year of calculation is 2016 and the forecast period is 2017 to 2024.
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Major Market Competitors/Players:
Some of the major players in tungsten carbide powder market include Sandvik AB, Kennametal Inc., Ceratizit S.A., Extramet, Federal Carbide Company, Guangdong Xianglu Tungsten Co., Ltd, Nanchang Cemented Carbide Co., Ltd., Jiangxi Yaosheng Tungsten Co., Ltd., Japan New Metal Co., Ltd., China Tungsten Online (Xiamen) Manu. & Sales Corp., Eurotungstene, Reade International Corporation, Buffalo Tungsten Inc., Lineage Alloys, Inc., DMEGC, Global Tungsten & Powders (GTP), Zigong Huagang Cemented Carbide New Materials Co., Ltd., H.C. Starck and many more.
Tungsten Carbide Powder Market - Market Definition:
Tungsten carbide powder is a compound containing atoms of tungsten and carbide. Tungsten carbide powder can be pressed and molded into different shapes and sizes for usage in cutting tools, abrasives, industrial machinery, jewelry, and other tools & equipment. This powder is characterized by high thermal conductivity, extreme stiffness, and intense strength. The latest trend in this market is high demand from industrial machinery apart from the transportation, mining & industrial engineering sectors. Besides, growing mining & construction, industrial engineering, transportation, oil & gas, aerospace & defense industries are further driving market demand for tungsten carbide.
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Tungsten Carbide Powder Market - Market Segmentation:
The tungsten carbide powder market is segmented on the basis of grade into rotary drilling & mining grades, metal forming & wear grades, submicron grades, corrosion resistant grades, general purpose grades, and other grades
On the basis of application, the market is segmented into machine tools & components, cutting tools, dies & punches, abrasive products and others.
On the basis of end-user, the market is segmented into mining & construction, industrial engineering, transportation, oil & gas, aerospace & defense and others.
On the basis of geography, the tungsten carbide powder market report covers data points for 28 countries across multiple geographies such as North America, South America, Europe, Asia-Pacific and Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, Saudi Arabia, South Africa, and Brazil among others. In 2017, Asia-Pacific is expected to dominate the market.
Major Market Drivers:
- Growing demand for industrial machinery
- Increasing product demand in transportation, mining, construction and industrial engineering sector
Market Restraints:
- Highly toxic property of tungsten carbide powders
- Oversupply of tungsten by China
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Tungsten Carbide Powder Market Global Analysis and in-Depth Research on Market Size, Trends, Emerging Growth Factors and Regional Forecasts to 2024
Global tungsten carbide powder market is highly fragmented with the presence of a large number of players across different regions. These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.