Tungsten Carbide Powder Market By Grade (General Purpose Grades, Metal Forming & Wear Grades, Submicron Grades, Rotary Drilling & Mining Grades, Corrosion Resistant Grades & Others), By Application (Forming & Compact Dies, Machine Tools & Components, Cutting Tools, Machine Tools Components & Cutting Tools), By End-Use Industry (Mining, Building & Construction, Transportation, Industrial, Aerospace & Defense, Oil & Gas, Healthcare & Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2022-2027

Report Code: CMR 52692 Report Format: PDF + Excel

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.

By Grade: General Purpose Grades, Metal Forming & Wear Grades, Submicron Grades, Rotary Drilling and Mining Grades, Corrosion Resistant Grades and Others.
By Application: Forming & Compact Dies, Machine Tools & Components, Cutting Tools, Machine Tools Components and Cutting Tools.
By End-Use Industry: Mining, Building & Construction, Transportation, Industrial, Aerospace & Defense, Oil & Gas, Healthcare and Others.
By Geography: North America (U.S, Canada and Mexico), Europe (UK, France, Germany, Italy, Spain, Russia, Netherlands, Belgium and Rest of Europe), APAC (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, Rest of South America) and RoW (Middle East and Africa).

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)

              Tungsten Carbide Powder market       

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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:

  1. Sandvik
  2. Xiamen Tungsten
  3. China Minmetals
  4. Element Six
  5. Jiangxi Yaosheng
  6. GuangDong XiangLu Tungsten
  7. Chongyi Zhangyyuan Tungsten
  8.  Plansee (GTP)
  9. Japan New Metals,
  10.  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.

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1. Tungsten Carbide Powder Market - Market Overview
    1.1 Definitions and Scope
2. Tungsten Carbide Powder Market - Executive Summary
    2.1 Key Trends by Grade
    2.2 Key Trends by Application
    2.3 Key Trends by End Use Industry
    2.4 Key Trends by Geography
3. Tungsten Carbide Powder Market – Comparative analysis
    3.1 Market Share Analysis - Major Companies
    3.3 Top 5 Financials AnalyMajor Companies
    3.2 Product Benchmarkingsis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Tungsten Carbide Powder Market - Startup companies Scenario Premium io Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Tungsten Carbide Powder Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Tungsten Carbide Powder Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Tungsten Carbide Powder Market – Strategic Analysis
    7.1 Value/Supply Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Tungsten Carbide Powder Market – By Grade (Market Size - $Million/Billion)
    8.1 Rotary Drilling & Mining Grades
    8.2 Metal Forming Grades
9. Tungsten Carbide Powder Market – By Application (Market Size - $Million/Billion)
    9.1 Machine Tools and Components
    9.2 Cutting Tools
    9.3 Recycling Tools
    9.4 Wear Resistant Tools
    9.5 Others
10. Tungsten Carbide Powder Market – By End Use Industry (Market Size - $Million/Billion)
    10.1 Mining
    10.2 Construction
    10.3 Aerospace & Defense
    10.4 Transportation
    10.5 Healthcare
    10.6 Oil & Gas
    10.7 Others
11. Tungsten Carbide Powder Market - By Geography (Market Size - $Million/Billion)
    11.1 North America
       11.1.1 USA
       11.1.2 Canada
       11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherlands
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zeeland
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
       11.4.1 Brazil
       11.4.2 Argentina
       11.4.3 Colombia
       11.4.4 Chile
       11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
            11.5.1.1 Saudi Arabia
            11.5.1.2 UAE
            11.5.1.3 Israel
            11.5.1.4 Rest of the Middle East
        11.5.2 Africa
            11.5.2.1 South Africa
            11.5.2.2 Nigeria
            11.5.2.3 Rest of Africa
12. Tungsten Carbide Powder Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Tungsten Carbide Powder Market – Industry/Segment Competition Analysis Premium
    13.1 Company Benchmarking Matrix – Major Companies
    13.2 Market Share at Global Level - Major companies
    13.3 Market Share by Key Region - Major companies
    13.4 Market Share by Key Country - Major companies
    13.5 Market Share by Key Application - Major companies
    13.6 Market Share by Key Product Type/Product category - Major companies
14. Tungsten Carbide Powder Market – Key Company List by Country Premium Premium
15. Tungsten Carbide Powder Market Company Analysis - Business Overview, Product Portfolio, Financials and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
    * "Financials would be provided to private companies on best-efforts basis."