Global Tungsten Carbide Powder Market Worth 24.90 Billion USD by 2026


Posted July 6, 2022 by CnMNews

The report "Tungsten Carbide Powder Market by Grade (Rotary Drilling & Mining, Metal Forming & Wear), Application (Machine Tools & Components, Cutting Tools), End-Use Industry (Mining & Construction, Industrial Engineering)
 
The report "Tungsten Carbide Powder Market by Grade (Rotary Drilling & Mining, Metal Forming & Wear), Application (Machine Tools & Components, Cutting Tools), End-Use Industry (Mining & Construction, Industrial Engineering), and Region - Global Forecast to 2026", published by MarketsandMarkets, the global 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% between 2016 and 2026.

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Increase in demand for tungsten carbide powder from the mining & construction, industrial engineering, and transportation end-use industries is propelling the growth of this market.

The rotary drilling & mining segment is the fastest-growing grade segment of the global tungsten carbide powder market

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The rotary drilling & mining grade segment accounted for the largest share of the global tungsten carbide powder market in 2016; this segment is projected to grow at the highest CAGR between 2016 and 2026. Increasing investments made towards the discovery of oil & gas resources is anticipated to drive the growth of the rotary drilling & mining grade segment.

The machine tools & components application segment is anticipated to grow at the highest CAGR from 2016 to 2026

The machine tools & components application segment of the global tungsten carbide powder market is projected to grow at the highest CAGR from 2016 to 2026. The increasing demand for machine tools & components from the mining & construction industry and the expansion of the industrial engineering and transportation sectors are factors anticipated to boost the growth of this segment.

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

The mining & construction end-use industry segment accounted for the largest share of the global tungsten carbide powder market in 2016; this segment is projected to grow at the highest CAGR from 2016 to 2026. The increasing demand for tungsten carbide powder in the mining & construction industry, owing to its superior properties such as resistance to abrasion & impact, toughness, and hardness, has contributed to the growth of this market.

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Asia-Pacific accounted for the largest share of the global tungsten carbide powder market in 2016

Asia-Pacific accounted for the largest share of the global Tungsten Carbide Powder Market in 2016. The growing demand for tungsten carbide powder from various end-use industries, such as mining & construction, industrial engineering, and transportation is driving the growth of the tungsten carbide powder market in the Asia-Pacific region.

Key players operational in the market include 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).

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Last Updated July 6, 2022