Tungsten Carbide Market Scenario:
Tungsten carbide is a chemical compound containing both tungsten and carbon atoms in equal parts. Tungsten carbide is generally a grey powder in its basic form but has the ability to be pressed and formed into different shapes depending upon its use in the end user industries. The properties such as high tensile strength, durability and abrasion resistance finds its application in many end user industries. Moreover, the advantages coupled with its cost effectiveness makes them suitable and its major applications includes automobiles, mining & construction, oil & gas, defense, and electrical & electronics among others.
The growth of tungsten carbide market can be attributed to its growing consumption in the applications such as machine & cutting tool components, dies & punches, abrasive products and others. The growing industrialization, and urbanization in the developing regions throughout the globe is expected to boost the market during the forecast years. The global market of tungsten carbide is a lucrative one and it is expected to expand at an encouraging CAGR during the forecast years. The excellent durability, high tensile strength, and corrosion & abrasion resistance of tungsten carbide makes it ideal to be used in mining & construction and automobile which is a major factor driving the market positively.
Top Key Players Analysis:
Sandvik AB (Sweden), Kennametal Inc. (U.S.), Ceratizit S.A. (Luxembourg), Extramet AG (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 (Xiamen) and Eurotungstene (France), among others
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Asia Pacific was the largest region in the global tungsten carbide powder market in 2016 owing to growing demand from the major end-use industries such construction, transportation, and aerospace. Increasing construction activities and rising production & sales of automotive in the Asia Pacific region are the major contributors to the market growth. Additionally, high product demand from the military & defense for homeland security and counterterrorism is likely to fuel the market growth over the assessment period.
North America was the second largest region in the global tungsten carbide powder market in 2016 on account of growing military, aerospace, and automotive sectors in the region. The U.S. is one of the leading military powers in the world, which is an added advantage for market growth. Furthermore, rebound in the building & construction sector in the region is expected to propel the market growth.
The European market is expected to witness a considerable growth due to increased product demand from the automotive sector.
Latin America is likely to grow on the backdrop of the growing automotive sector in various countries such as Mexico, Brazil, and Argentina.
The report covers brief analysis of the major geographic regions namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
The Global Tungsten Carbide Market is segmented into grade type and end use industry. On the basis of grade the market is segmented into general purpose grade, metal foaming and wear grades, submicron grades, rotary drilling and mining grades, and corrosion resistant grades. On the basis of end use industry the global tungsten carbide market is segmented into mining and construction, oil & gas, electrical and electronics, automobiles, defense and others
- Tungsten carbide market manufacturers
- Traders and Distributors of Tungsten carbide market
- Production Process Industries
- Potential Investors
- Raw Material Suppliers
- Nationalized Laboratory
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LIST OF TABLES
Table 1 World Population By Major Regions (2017 To 2030)
Table 2 Global Tungsten Carbide Market: By Region, 2017-2023
Table 3 North America Tungsten Carbide Market: By Country, 2017-2023
Table 4 Europe Tungsten Carbide Market: By Country, 2017-2023
Table 5 Asia Pacific Tungsten Carbide Market: By Country, 2017-2023
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