BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Global Tungsten Carbide Powder Market size to reach USD 23.81 billion by 2028. During the forecast period between 2022 and 2028, BlueWeave expects the size of global tungsten carbide powder market to grow at a steady CAGR of 6.5%. Major growth drivers for global tungsten carbide powder market include increasing demand for industrial machine tools, rising mining and construction activities, rapid urbanization and improved infrastructure and surging demand for coals and other minerals.
Tungsten Carbide Powder – Overview
Tungsten carbide refers to an alloy with tougher characteristics than titanium. It is a heat-resistant, scratch-free, and rust-free substance composed of carbide and tungsten in proper proportions. In addition, tungsten carbide can be precisely cut and formed into any required shape.
Increasing demand for industrial machine tools by rapid urbanization
Growing urbanization and industrialization have resulted in soaring demand for infrastructural development. This, in turn, is expected to fuel the overall market expansion. In addition, high adoption of tungsten carbide in the surgical instruments manufacturing, increasing spectrum of applications in 3D printing, and supportive government initiatives to increase mining activities are also expected to fuel the growth of global tungsten carbide powder market. However, oversupply of tungsten by China and detrimental impact of tungsten carbide to health are anticipated to hamper the growth of global tungsten carbide powder market during the period in analysis.
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Challenge: Health hazards linked with exposure to tungsten carbide powder
One significant disadvantage of tungsten carbide power is exceedingly poisonous. The primary route of interaction for people is at work, particularly for individuals in the carbide industry. The International Tungsten Sector Association (ITIA) Committee maintains a record of domestic and international laws and proposals that may have an impact on the tungsten industry, notably in member countries. Where appropriate, ITIA collaborates closely with regulatory bodies, giving information and opinions to aid in the creation of reasonable health and environmental safeguards. Canada, China, France, India, and Japan are among the major countries that have adopted these regulatory forms. When handling powders or grinding work pieces, workers are exposed to dust and may inhale or absorb particles via their skin, resulting in silicosis-like lung fibrosis. When tungsten carbide powder is used extensively in cement carbide, it may cause environmental issues. The availability of alternative is also anticipated to affect the growth of global tungsten carbide powder market.
Global Tungsten Carbide Powder Market – By Application
On the basis of application, global tungsten carbide powder market is categorized into Machine Tools & Components, Dies & Punches, Cutting Tools, and Abrasive Products segments. Cutting tools segment is expected to hold the highest share in the market during the forecast period. Tungsten carbide powder is employed in cutting tools because of its superior wear resistance, high modulus of elasticity, impact toughness, and corrosion resistance.
Impact of COVID -19 on Global Tungsten Carbide Powder Market
COVID-19 pandemic had a detrimental effect on tungsten carbide powder market. It has impaired the market prospects of tungsten carbide production, which has been hampered by a paucity of experienced employees, raw materials, and industrial process interruptions hindered by industry closure and stringent norms for social isolation. Furthermore, the lockdown regulations and travel restriction and import-export ban hampered finished goods delivery, producing significant supply-demand disruptions in the market. In addition, many investors have been hesitant to participate in this market, resulting in a decrease in investments. However, owing to the importance of tungsten carbonate in the mining and construction markets, demand for tungsten carbonate is likely to increase significantly in the coming years as the construction and mining markets expand significantly. Furthermore, the market players have embraced new methods and ideas to boost global market growth.
Competitive Landscape
Major players operating in Global Tungsten Carbide Powder Market include Kennametal Inc, Extranet, Guangdong Xianglu Tungsten Co Ltd, Sandvik AB, Federal Carbide Company, Japan New Metals Co. Ltd, Nanchang Cemented Carbide Co Ltd, China Tungsten Online (Xiamen) Manu & Sales Corp, Jiangxi Yaosheng Tungsten Co. Ltd, and Umicore. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
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