Global Tungsten Carbide Market - 2022-2029
発行: DataM Intelligence
ページ情報: 英文 188 Pages
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The "global tungsten carbide market" reached US$ XX million in 2021 and is expected to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period 2022-2029.
Tungsten carbide is composed of equal amounts of carbon and tungsten atoms. Tungsten carbide is ideal for industrial applications because of its exceptional strength, toughness and hardness. Because cobalt effectively wets the tungsten carbide grains during liquid phase sintering, tungsten carbide exists as cemented tungsten carbide in industries where cobalt binds the "cement" in cemented tungsten carbides. As a result, cobalt increases the strength and hardness of a sintered product by reducing residual porosity.
Further, tungsten carbide is twice as rigid as steel, with Young's modulus of 530-700 GPa and has a density that is almost halfway between lead and gold. The material has a hardness comparable to corundum and can only be polished and completed using high-hardness abrasives such as cubic boron nitride and diamond powder, wheels and compounds.
The rise in mining and construction activities acts as a significant market driver for the global tungsten carbide market. Nonetheless, the high toxicity of the respective material could be a market restraint.
The mining industry is booming extensively due to the growing demand for metals and minerals in various industrial segments. As per statistics, the world mining production was 7.9 billion metric tons in 2019 and the growth rate of iron ore production was 5.8% by 2019 and the same for nickel is 31.4%.
Tungsten carbide is the chosen material for mining tools such as carbide inserts, tungsten carbide buttons and cemented carbide tips, which are widely utilized in the high-pressure DTH hammer drilling sector and can be used in petroleum drilling, quarrying and tunneling. Tungsten carbide mining tools offer an operational performance with high hardness, good wear resistance and high impact toughness. The tungsten carbide inserts have a high drilling speed and a long service life, saving unproductive time, reducing labor and speeding up engineering speed and are suitable for mining granite, sandstone and limestone, among others. Further, tungsten carbide is a drilling bit accessory in heavy-duty rock drilling or deep hole drilling applications.
Since the mining industry is witnessing extensive hikes and tungsten carbide is being extensively employed in mining sites, the mining industry's experienced growth is considered a major market driver for the global tungsten carbide market.
The principal health hazards connected with tungsten carbide include silicosis-like lung fibrosis and dust inhalation. The American National Toxicology Program believes cobalt-cemented tungsten carbide is a human carcinogen. Inhaling them can cause major respiratory problems, as well as visual problems and skin allergies.
Similarly, extensive use of these particles in cement carbide has negative environmental consequences and adverse health effects. The respective properties of tungsten carbide powder pose a barrier to the market's expansion.
The market prospects of tungsten carbide production have been affected by the COVID-19 pandemic, limited by a scarcity of experienced personnel, raw materials and industrial process interruptions that were hampered by industry lockdowns and a demand for social isolation. Furthermore, the lockdown in reaction to the COVID-19 outbreak impeded the delivery of finished goods, causing substantial supply-demand disruptions in the market.
However, due to the importance of tungsten carbonate in the mining and construction market, demand for tungsten carbonate is expected to increase in the coming years with the construction and mining market's extensive expansion dramatically.
The global tungsten carbide market is classified based on grade, application, end-user and region.
The tungsten carbide market's end-user segment consists of machine tools & components, dies & punches, cutting tools, abrasive products and others. In 2020, the machine tool and component applications segment accounted for the lion's share of the global tungsten carbide powder market. The increasing usage of tungsten carbide powder in the manufacture of various components for various end-user industries, such as nozzles, inserts, rods, blades, buttons, tips, bands and balls, among others, will boost the need for tungsten carbide powder in the near future.
In 2021, Asia-Pacific held the greatest share of the global tungsten carbide powder market and it is expected to be the dominant region. The growing industrialization of the region, combined with the rise of the building and construction sectors, has resulted in the effective use of tungsten carbide powder in industrial machinery. Furthermore, being the world's largest supplier of tungsten, China provides convenient and low-cost access to the raw material for the region's sector.
In 2021, Asia-Pacific accounted for the biggest share of the global tungsten carbide powder market and it is expected to continue to be the most dominating regional market over the forecast period. Rapid industrialization, coupled with the rise of the building and construction sectors, has resulted in the use of tungsten carbide powder in industrial machinery, resulting in the expansion of the regional market. Furthermore, as the world's largest supplier of tungsten, China provides the regional sector with convenient and affordable access to raw materials.
The global tungsten carbide market is active and dynamic in terms of the number and strength of global and local producers. Due to many manufacturers such as Sandvik AB, Kennametal Inc., CERATIZIT S.A., Federal Carbide Company, GuangDong XiangLu Tungsten Co. Ltd., JAPAN NEW METALS CO. LTD, China Tungsten, Chongyi Zhang Yuan Tungsten Co. Ltd, Merck KgaA and H.C. GmbH, the market is classified as fragmented. To achieve competitive advantages and recognition in their particular markets, significant market stakeholders use market techniques such as mergers, acquisitions, product launches, contributions and collaborations.
For instance, on January 12, 2021, Sweden's Sandvik AB completed the previously announced acquisition of the entire business of India-based Miranda Tools, a manufacturer of High-Speed Steel and solid carbide round tools.
Overview: Sandvik is a technology company that specializes in mining and rock excavation, as well as rock processing, metal cutting and materials technology. Its products and solutions are maximized through digitalization, innovation and sustainable engineering. Sandvik AB is a worldwide engineering business headquartered in Sweden specializing in metal cutting, digital and additive manufacturing, mining and construction, stainless and special steel alloys and industrial heating. In 1862, the corporation was created in Sweden. In 2020, the Sandvik Group will employ roughly 37,000 people and generate approximately 86 billion SEK in revenue across more than 160 countries.
Tungsten carbide: The company offers a variety of powder products and recycling services for secondary tungsten raw materials and is considered a world-leading supplier and manufacturer of high-quality powders based on metal tungsten, such as tungsten carbide.
On January 11, 2019, Sandvik has finalized the acquisition of Dura-Mill, a maker of precision solid carbide end mills based in the United States. Dura-Mill will strengthen its expertise in handling bespoke end mills as part of the Sandvik Coromant division.
The global tungsten carbide market report would provide approximately 61 tables, 65 figures and almost 188 pages.
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