Expansion of Transportation Sector may boost the Global Tungsten Carbide Powder Market
According to a new report published by Reports Monitor titled, “Tungsten Carbide Powder Market by Type, Property & Applications: Global Opportunity Analysis and Industry Forecast, 2017–2025,” the Tungsten Carbide Powder Market was valued at XX million in 2016 and is projected to reach at XX million by 2025, growing at a CAGR of XX% from 2017 to 2025.
Asia Pacific region holds the major share owing to the increasing demand for the market from different industries such as construction & mining, industrial engineering and transportation is driving the growth of the tungsten carbide powder market in this region.
Tungsten carbide powder is generally produced by carburization in a hydrogen atmosphere with a mixture of tungsten metal powder and carbon. It is a chemical compound which contais equal parts of tungsten and carbon atoms. Moreover, it has high melting point, high density, and low coefficient of thermal expansion.
Growing mining and construction activities, development of engineering industries, and expansion of transportation sectors are some of the factors boosting the growth of market. The market consists of various driving elements such as the rising adoption of the powder for emerging different components including nozzles, inserts, rods, sheets, buttons, bits, tips, strips & balls, for several industries. Additionally, the opportunities of the market include emerging substitute to depleted uranium and adoption of tungsten carbide in 3D printing technology. However, oversupply of tungsten by China is one of the restraining factors of the market. Furthermore, the market involves several challenges including slowdown in Chinese manufacturing sector.
Based on the segmentation of the market, it is bifurcated into grade, application, end-user, and region. Depending on the grade the market is segmented into rotary drilling & mining, metal forming & wear, submicron, corrosion resistant, general purpose, and others. Application wise the market is segmented into machine tools & components, cutting tools, dies & punches, abrasive products, and others. Based on the end-user the market is bifurcated into mining & construction, industrial engineering, transportation, oil & gas, aerospace & defense, and others.
Key Question Answered:
•What will be the market size in 2025 and at what rate it will grow?
•Who are the major key players in global tungsten carbide powder market and what are their strategies?
•Which vertical industry is expected to show major growth?
•What segment and region will lead the market and why?
The major companies in the report include: Sandvik AB, Kennametal Inc., Ceratizit S.A, Extramet, Federal Carbide Company, Guangdong Xianglu Tungsten Co., Ltd., Nanchang Cemented Carbide Co., Ltd., Jiangxi Yaosheng Tungsten Co., Ltd., Japan New Metal Co., Ltd., China Tungsten Online (Xiamen) Manu. & Sales Corp. and Eurotungstene.
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