Tungsten carbide powder is a compound containing atoms of tungsten and carbide. Tungsten carbide powder can be pressed and molded into different shapes and sizes for usage in cutting tools, abrasives, industrial machinery, jewelry, and other tools and equipment. This powder is characterized by high thermal conductivity, extreme stiffness, and intense strength. Furthermore, it is denser than steel and aluminum. Tungsten carbide powder is produced through a conventional method of carburization, which involves mixing tungsten powder with high purity carbon and reacting the mixture at temperatures ranging between 1,300 and 1,600 degrees centigrade in hydrogen atmosphere. The powder formed is stored in sealed polythene lined steel drums. Micro grain tungsten carbide powder is employed for nozzles, circuit board drills, and end mills, while fine powder is utilized in cutting tools. Further, ultra and medium coarse powders are employed in energy drilling tools, mining tools, and road construction bits.
Rise in mining and construction activities, development of engineering industries, and expansion of the transportation sector are some demand-generating factors which are estimated to drive the expansion of the global tungsten carbide powder market. In the mining and construction industry, these powders are employed in tunnel boring machines and roller-cutters since these powders offer resistance from abrasion, wear and tear, and improve the strength of materials. It is also widely utilized in jewelry to prevent them from getting scratched or tarnished easily. Demand for energy minerals such as coal has led to an increase in mining activities. This, coupled with rapid urbanization and improved infrastructure, has led to expansion of the in construction project. The emerging economies have been witnessing a rise in demand for coal and other minerals due to an increase in electricity consumption to satisfy a large population. Therefore, all these factors are anticipated to lead to an increase in demand for tungsten carbide powders.
However, tungsten carbide powders are highly toxic. Inhaling them can cause serious respiratory diseases and can also severely affect vision and cause skin allergies. Extensive usage of these powders in cement carbide causes harmful effects on the environment. Therefore harmful health and environmental effects of tungsten carbide powders can lead to their reduced usage, thereby causing hindrance to the expansion of the market.
The global tungsten carbide powder market can be segmented into application, and geography. In terms of application, the market can be further segmented into mining and construction, nuclear reactors, sports, surgical instruments, jewelry, and others. Tungsten carbide powder finds its maximum usage in the mining and construction industry. Therefore, this segment is estimated to hold prominent share in the market. However, it is also extensively employed in the other mentioned application areas. For instance, tungsten carbide powder is a very effective nuclear reactor.
In terms of geography, the global tungsten carbide powder market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa (MEA), and Latin America. Asia Pacific market is projected to dominate the global market during the forecast period due to rise in construction, mining and engineering activities. Countries such as China, Japan, and India contribute
Key kaolin mining companies operating in this market include Kennametal Inc. (U.S.), Extramet (Switzerland), Sandvik AB (Sweden), Guangdong Xianglu Tungsten Co., Ltd. (China), Federal Carbide Company (U.S.), Ceratizit S.A. (Luxembourg), Japan New Metal Co., Ltd. (Japan), China Tungsten Online (Xiamen) Manu. & Sales Corp. (China), Nanchang Cemented Carbide Co., Ltd. (China), Jiangxi Yaosheng Tungsten Co., Ltd. (China), and Eurotungstene (France).
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.