Tungsten carbide powder market is projected to reach $2,176.8 million by 2023, according to P&S Intelligence.
The market growth is driven by the increasing demand of tungsten carbide-based machine tools, cutting tools, abrasive products in automotive, construction, mining, transportation, and oil and gas industries.
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On the basis of end-use industry, the tungsten carbide powder market is categorized into mining and construction (drill bits, inserts, and burr blanks), industrial engineering (chemical and fertilizers, fluid power manufacturing, and power generation and transmission), transportation (railways and automotive), oil and gas (exploration and drilling), aerospace and defense (aircraft and ammunition), and others (jewelry, medical, and sports). Globally, mining and construction is one of the major end-use industries in the market. The high demand for drilling tools, cutting tools, and machine component primarily manufactured using tungsten carbide powder is the major factor behind its significant share.
Based on grain size, the tungsten carbide powder market is categorized into <1 μm, 1–10 μm, and >10 μm. Globally, the powder with grain size 1–10 μm constituted the largest share in the market, accounting for more than 55.0% share in terms of volume in 2017. The market for this category is driven by the fact that the powder of this size is ideal for making variety of cutting tools, machine tools, and abrasive products.
Based on application, the tungsten carbide powder market is categorized into machine tools and components, cutting tools, dies and punches, abrasive products, and others. Among these, cutting tools category was the largest application area in the market, in 2017, in terms of both value and volume, owing to the fact that tungsten carbide is widely used in manufacturing of cutting tools used in automotive and construction industries for metal cutting and stone working purpose.
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Major opportunity identified in the tungsten carbide powder market is the product adoption in 3D printing technology. Recent innovations and the commercial adoption of 3D printing technology have allowed for the processing of tungsten carbide. This offers new growth opportunities for the market. In February 2018, Dyze Design, a 3D printing accessory developer, launched a set of tungsten carbide nozzles for integration in numerous fused deposition modeling (FDM) machines. The successful integration of tungsten carbide in supply chain is offering lucrative opportunities to the market players for growth.
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