Tungsten carbide is used in varied applications in the defense, metalworking, oil & gas, power generation, and automotive industries, due to its superior properties, such as high thermal conductivity, high resistance to scratches and indentations, and stiffer than steel. The compound also displays exceptional resistance to ammonia, acetone, ethanol, water, gasoline, and weak acids. Owing to these, the tungsten carbide powder market will accelerate at a CAGR of 3.6% during forecast period. The market stood at $1,762.1 million in 2017 and it is expected to reach $2,176.8 million by 2023.
Another key factor driving the tungsten carbide powder market growth is the recycling of tungsten carbide scrap. Powdered and granular scrap of the compound is recycled to obtain its reusable form. Additionally, the trend of in-house recycling and refining of such scrap has led to the local manufacturing and usage of reusable tungsten carbide products. For example, Sumitomo Electric Hardmetal Corporation gathers cement carbide scrap from manufacturing units, where scrap is generated, for recycling and reprocessing it.
Different grades of tungsten carbide are available in the market to meet the varied needs of different industries. Thus, categories under the grade segment of the tungsten carbide powder market include rotary drilling and mining, submicron, corrosion resistant, metal forming and wear, and general purpose. Amongst these, the rotary drilling and mining category is expected to showcase the fastest growth in the forecast period. This can be owed to the surging demand for rotary drilling and mining grades in the construction, mining, and oil & gas sectors.
Additionally, Europe, Middle East and Africa (MEA), and Latin America (LATAM) are also expected to hold considerable share in the tungsten carbide market, on account of spurring demand for tungsten carbide-based tools in the oil & gas industry and rising application of the compound in the automobile sector. Furthermore, Germany is expected to lead the European market, due to the high demand for this powder from the automotive sector, as the country is home to leading automakers. Moreover, the Brazilian market will exhibit the fastest growth in LATAM, due to the growing automobile industry.
With the increasing applications of tungsten carbide and the rising activities of recycling of tungsten carbide scrap, the production and consumption of tungsten carbide will spike in the coming years.
Source: www.psmarketresearch.com
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