How is Rising Demand for End Products Aiding in Growth of Tungsten Carbide Powder Market?

by Devanshu Raizada A Digital Marketing Executive

The Improving global economy and increasing capital have helped boost the growth in various industries, such as automotive, construction, and manufacturing, which in turn, has resulted in the increased demand for metal and related products. For the purpose of metal fabrication in these industries, tools, such as cutting and abrasive tools, punches, molds, and dies make use of tungsten carbide powder and its derivatives. The demand for end products of these industries is witnessing a surge due to the rising population and rapid urbanization, mainly in the Eastern European and Asia-Pacific (APAC) regions. Further, the improvement in the macroeconomics of developing countries, such as Brazil and India is leading to the increasing disposable income of residents of these countries, which is resulting in the rising manufacturing activities and construction projects, thereby adding to the requirement of tungsten for the processing of metals and production of metal-based products.  

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Tungsten carbide powder is prepared using different processes, but majorly the conventional method, carburization, is used for its production.  This powder is used in various end-use industries namely, aerospace & defense, mining & construction, industrial engineering, oil & gas, jewelry, sports, medical, and transportation. The highest demand during 2013–2017 for tungsten carbide powder was generated by the transportation industry. This was attributed to the rising disposable income of people in many countries, which resulted in the high requirement for tungsten carbide for manufacturing studs for tires, dies and die grinders, surface coated breaks, crankshafts, ball joints, and pneumatic rotatory tools, which are used in automotive manufacturing.  The demand for tungsten carbide powder would continue to remain the highest from this industry in the coming time. P&S Intelligence has estimated the CAGR of the tungsten carbide powder market to be 3.6% CAGR in the coming years.

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The tungsten carbide powder is available in different grades — general purpose, rotary drilling & mining, corrosion resistant, metal forming & wear, submicron, and C15, C15A, C16, C17, C18, and C19. All throughout 2013–2017, among all, the rotary drilling & mining grade was the most in demand.  Drill bits and accessories, such as burr blanks, inserts, and rods make use of the tungsten carbide powder and its derivatives to be employed in automotive, oil & gas, agriculture, and construction industries. This was attributed to the appreciable qualities of tungsten carbide products, such as high durability during the drilling process, abrasion resistance, and are hardness. Due to these factors, the demand for rotary drilling & mining-grade powder would continue to be the highest in the near future.

The 3D printing industry is witnessing a revolution in terms of easing of the workflow by the incorporation of tungsten carbide, which has helped in the easy processing, finishing, and shaping of filaments of carbon fiber-reinforced plastics, acrylonitrile butadiene styrene (ABS), and polylactic acid (PLA). Global Tungsten & Powders launched a 3D printing technology for processing of tungsten and tungsten carbide in 2018, using a stable, secure, and high-volume-output technique. Further, tungsten carbide is also used as a raw material for producing nozzles used in 3D printing solutions. Compared to steel-based nozzles, tungsten carbide-based ones are superior in quality and performance. The integration of tungsten carbide in manufacturing nozzles for 3D printing is expected to provide lucrative opportunities to market players for generating higher revenue.

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Created on Jan 2nd 2020 02:23. Viewed 395 times.

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