Market Trends of Tungsten Carbide Powder Industry
This section covers the major market trends shaping the Tungsten Carbide Powder Market according to our research experts:
Growing Demand from Mining & Construction Industry
- Tungsten carbide powder is widely used in the manufacturing of various cutting, engineering, and drilling tools in the mining & construction industry and is expected to be the fastest-growing market during the forecast period.
- Tungsten carbide is made up of equal parts of chemically bonded tungsten and carbide. Because of its superior properties such as extreme hardness and abrasive resistance, it is used in diamond cutting tools and it can replace steel and other metal alloys in a variety of applications.
- Tungsten carbide basically a grey powder, which can be pressed and formed into various shapes for industrial machine tools, abrasives, and other tools. In the mining industry, tungsten carbide is extensively used in drill bits, roll-cutters, hammers, and tunnel boring machines.
- Carbide tools last longer because of their abrasion resistance, superior strength, and can withstand very high temperatures. In the construction industry, they are used as drill bits for a variety of applications such as steel cutting, woodworking tools, and others.
- The growing demand from the construction industry and mining for the extraction of rare and precious metals for a variety of applications is expected to drive the market for the tungsten carbide powder during the forecast period.
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Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to dominate the market for tungsten carbide powder market during the forecast period due to an increase in demand from countries like China and India.
- In the defense sector, tungsten carbide is used in the manufacturing of ammunition and as a neutron reflector in nuclear chain reactions or in weapons. The growing investments from countries like India and China are expected to drive the market.
- In union budget 2019-20, India allocated about USD 61.96 billion for the developments in the defense sector. Moreover, in 2019, China has allocated around USD 177.61 billion for the defense sector.
- The growing demand for the construction industry is expected to drive the market for tungsten carbide market. According to the National Development and Reform Commission, China, the Chinese government approved 26 infrastructure projects at an estimated investment of about USD 142 billion in 2019. Moreover, the Indian government has allocated USD 63 billion for the infrastructure sector in 2019-20 and is planning to spend USD 1.4 trillion over the next five years. The development of smart cities and other schemes like 'housing for all' are expected to increase the demand for construction.
- Tungsten carbide is used in the making a variety of surgical instruments for open and laparoscopic surgeries. Furthermore, it is used in making jewelry because of excellent hardness and scratch resistance. The increasing demand for healthcare and jewelry is expected to drive the market
- The aforementioned factors, coupled with government support, are contributing to the increasing demand for tungsten carbide powder market in the Asia-Pacific during the forecast period.
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