NEW YORK - Dec. 21, 2020 - The metalworking industry is projected to advance at a considerable pace in the years to come. This can be ascribed to the innovative processes of the Industry 4.0 and the growing integration of internet of things, which are expected to influence machine tools. Other than this, the utilization of data analytics and additive manufacturing technologies is also resulting in the expansion of industry. It is clear that the industry is focusing on digitalization of processes for increasing productivity and efficiency. This growth of the metalworking industry is creating the rising demand for tungsten carbide powder.

Tungsten carbide has high stiffness, high thermal conductivity, and good resistance against ethanol, acetone, gasoline, ammonia, weak acids, organic solvents, and water. The metal can be molded and pressed into different sizes and shapes for applications in cutting tools, industrial machinery, drills, abrasives, and equipment. Because of these properties, the global tungsten carbide powder market is predicted to attain $2,176.8 million by 2023, increasing from $1,762.1 million in 2017, progressing at a 3.6% CAGR during the forecast period (2018–2023). Tungsten carbide powder can be divided into <1 μm, 1–10 μm, and >10μm. Among these, the demand for powder with grain size 1–10μm was the highest in the past.

The reasons for this include the presence of a large number of mining and production facilities, forward and backward integration in the value chain of the domain in China, and in-house ability for manufacturing cemented carbides in the region. In addition to this, the demand for tungsten carbide powder is growing significantly from the automotive industry in APAC.

Hence, the demand for tungsten carbide powder is being driven by the growth of the metalworking industry.

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Vijay Kumar