Global Tungsten Carbide Market, By Grade (Rotary Drilling & Mining Grades, Metal Forming & Wear Grades, Submicron Grades, Corrosion Resistant Grades, General Purpose Grades), By Application (Machine Tools & Components, Cutting Tools, Dies & Punches, Abrasive Products), By End-use industry (Mining & Construction, Industrial Engineering, Transportation, Oil & Gas, Aerospace & Defense) & By Region - Global Forecast to 2021
Tungsten carbide is a high performance material containing equal amount of tungsten powder and high purity carbon atoms. It is produced through carburization of tungsten powder, where equal amount of tungsten powder and high purity carbon is mixed at a temperature of 1300 degree and 1600 degree Celsius. Its superior properties such as hardness, strength and toughness, makes it a suitable material for different applications such as machine tools & components, cutting tools, dies & punches and abrasives.
Tungsten carbide is available in four major grades such as Rotary Drilling & Mining Grades, Metal Forming & Wear Grades, Submicron Grades, and Corrosion Resistant Grades. Of these four major grades, rotary drilling & mining grades is widely consumed in different end use industry. Rotary drilling & mining grades segment of the market is estimated to be the largest segment. Increasing demand from building and construction projects and rising demand for critical tools in high performance application is anticipated to drive the growth of tungsten carbide market.
Tungsten carbide is highly preferred in tooling applications owing to its outstanding properties and strength. Tungsten carbide powder can be easily pressed and shaped into desired forms as per the requirements of the industry. It’s outstanding properties also makes it a suitable material for additive manufacturing. Tungsten carbide is used to manufacture components like nozzles, inserts, rods, sheets, drill bits, buttons and balls. It is mainly used in mining & construction end use industry to drill hard rock surfaces. China is the leading market for tungsten carbide in the world, however the slowdown of Chinese manufacturing sector is a challenge for the manufacturers of tungsten carbide. In the future, the growing demand for industrial machinery and other manufacturing tooling products is expected to drive the consumption of tungsten carbide.
The report covers major application of tungsten carbide such as machine tools & components, cutting tools, dies & punches and abrasive products. The tungsten carbide market is projected to grow at a CAGR of 5.8% during 2016-2021.The tungsten carbide market is expected to register highest growth in Asia-Pacific region as compared to other region. Some of the leading countries in this region are China, India, Japan and South Korea.
This market research study provides a detailed qualitative and quantitative analysis of the global tungsten carbide market. Various secondary sources, such as encyclopedia, directories, industry journals, and databases are used to identify and collect information useful for this extensive commercial study of the tungsten carbide market. The primary sources include experts from related industries and suppliers who have been interviewed to obtain and verify critical information as well as to assess the future prospects of the market.
Competitive scenarios of the top players in the tungsten carbide market have been discussed in the report. Some of the leading players of this industry with their recent developments and other strategic industry activities are also covered in the report. Companies, such as 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)and other are operating in this market.
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