Regardless of a company’s size or income, the most recent research study offers an exhaustive analysis of the Tungsten Carbide Powder market for 2023–2032. This survey study discusses the key market trends and the industry’s outlook for the forecast years.
Global Tungsten Carbide Powder Market presents a variety of new trends that have a significant impact on market growth dynamics as well as the most recent industry knowledge. According to the most recent projection, global growth will reach its lowest point this year at 2.8% before edging up to 3.0% in 2024. Although more slowly than expected, the rate of global inflation will drop from 8.7% in 2022 to 7.0% this year and 4.9% by 2024. Notably, growth rates for emerging markets and developing economies have increased significantly in many cases, from 2.8 percent in 2022 to 4.5% this year.
Global Tungsten Carbide Powder is a chemical compound consisting of atoms of tungsten and carbide. The compound can be pressed and molded into different shapes and sizes for usage in cutting tools, industrial machinery, abrasives, jewelry, and other tools and equipment. Tungsten Carbide powder is characterized by high thermal conductivity, intense strength, and extreme stiffness. The powder formed is stored in sealed polythene lined steel drums. Micro grain tungsten carbide powder is used for nozzles, end mills, and circuit board drills while the fine powder is used in cutting tools. The Global Tungsten Carbide Powder Market is projected to reach USD 25.80 billion by 2027, at a CAGR of 5.4% during the forecast period (2021-2027).
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Global Tungsten Carbide Powder Market: Market Dynamics
The rise in mining and construction activities, expansion of the transportation sector, development of engineering industries are some of the factors propelling the growth of the market and are expected to drive the expansion of the market in the forecast period. In the mining and construction industry, the powders are employed in tunnel boring machines and roller cutters as they provide resistance from abrasion, wear and tear and improve the strength of materials. The powder is also widely used in the jewelry industry to prevent them from getting scratched or tarnished easily. Demand for energy minerals such as coal has led to a rise in mining activities, thereby leading to an increase in demand for the global tungsten carbide powder market. Additionally, rapid urbanization and improved infrastructure have led to the expansion of the construction project.
The emerging economies have been witnessing a rise in demand for coal and other minerals owning to an increase in electricity consumption to satisfy a large population. In addition, increasing investments made towards the consumption of oil and gas resources, increasing demand for tungsten carbide powder in the mining and construction industry owing to superior properties such as resistance to abrasion & impact, toughness, and hardness are anticipated to drive the expansion of the rotary drilling and mining grade segment. Henceforth, all these factors are expected to lead to an increase in demand for tungsten carbide powders.
Global Tungsten Carbide Powder Market: Market Segmentation
On the basis of application, the Global Tungsten Carbide Powder Market can be classified as Machine Tools & Components, Dies & Punches, Cutting Tools, and Abrasive Products. On the basis of Grade, the Global Tungsten Carbide Powder Market can be segmented as Rotary Drilling & Mining Grades, Submicron Grades, Metal Forming & Wear Grades, Corrosion Resistant Grades, General Purpose Grades and Other Grades. On the basis of End-Use, the Global Tungsten Carbide Powder Market can be bifurcated as Mining & Construction, Transportation, Industrial Engineering, Oil & Gas, and Aerospace & Defense. In 2019, Mining and construction contributed the largest share to the Global Tungsten Carbide Powder Market owing to factors such as a rapid increase in construction and building industries, growth in population and urbanization, and an increase in government infrastructure and development plans.
Global Tungsten Carbide Powder Market: Regional Landscape
North America, Europe, Asia-Pacific, and the Middle East and Africa are few of the key regions where the presence of Global Tungsten Carbide Powder Market can be witnessed. In 2019, Asia-Pacific accounted for the most significant contribution to the Global Tungsten Carbide Powder Market due to the rise in construction, mining and engineering activities in the region.
Global Tungsten Carbide Powder Market: Key Market Players
Kennametal Inc (US), Extrament (Switzerland), Guangdong Xianglu Tungsten Co Ltd (China), Sandvik AB (Sweden), Federal Carbide Company (US), Japan New Metal Co. Ltd (Japan), Nanchang Cemented Carbide Co Ltd (China), China Tungsten Online (Xiamen), Manu & Sales Corp. (China), Jiangxi Yaosheng Tungsten Co. Ltd (China) and Eurotungstene (France) are few of the key market players in the Global Tungsten Carbide Power Market.
Table of Content
Chapter 1: Global Tungsten Carbide Powder Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Tungsten Carbide Powder market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Tungsten Carbide Powder Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Tungsten Carbide Powder market Size Forecast (2023-2032).
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(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Tungsten Carbide Powder market revenues on a global, regional, and country level, projecting trends until 2032. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Tungsten Carbide Powder market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Tungsten Carbide Powder market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Tungsten Carbide Powder business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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