United States, Rockville, MD, June 15, 2022 (GLOBE NEWSWIRE) -- New research analysis by Fact.MR predicts the global tungsten carbide powder market to rise at a CAGR of 6% from 2022 to 2032. Currently, the tungsten carbide powder market accounts for a valuation of US$ 19.97 billion.
Increasing urbanization and industrialization on a global scale have fueled demand for infrastructure development, which, in turn, is expected to drive tungsten carbide powder market growth through 2032. Increasing use of tungsten carbide powder in the manufacturing of surgical instruments is also anticipated to provide lucrative opportunities for tungsten carbide powder suppliers.
However, the harmful effects of tungsten carbide powder on human health and the environment are expected to have a hindering effect on market growth to some extent.
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Key Takeaways from Market Study
- The tungsten carbide powder market stands at US$ 19.97 billion in 2022.
- From 2022 to 2032, demand for tungsten carbide powder is projected to expand at a CAGR of 6%.
- By 2032, the market is estimated to account for a valuation of US$ 35.64 billion.
- Increasing construction activities, rising urbanization, growing consumption of industrial machinery, and supportive government initiatives to boost mining activities are major factors expected to prominently drive demand for tungsten carbide powder over the coming years.
- Harmful effects on human health and the environment and oversupply of tungsten carbide powder in some regions are expected to adversely impact market potential.
- Progressing at a CAGR of 6.6%, the tungsten carbide powder market in China is expected to be worth US$ 4.46 billion by 2032.
“Increasing infrastructure development due to industrialization and urbanization across the world is expected to boost tungsten carbide powder market potential,” says a Fact.MR analyst
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Winning Strategy
Tungsten carbide powder manufacturers are investing in expanding their business potential across various regions. Market players are also focusing on creative strategies to overcome the losses that were incurred with the onset of COVID-19 in 2020.
Key Segments Covered in Tungsten Carbide Powder Industry Research
- Tungsten Carbide Powder Market by Application :
- Mining Tools & Components
- Cutting Tools
- Dies & Punching
- Abrasive Products
- Other Applications
- Tungsten Carbide Powder Market by End Use :
- Tungsten Carbide Powder for Mining & Tungsten Carbide Powder for Construction
- Industrial Engineering
- Transportation
- Oil & Gas
- Aerospace & Defense
- Other End Uses
- Tungsten Carbide Powder Market by Region :
- North America
- Latin America
- Europe
- APAC
- MEA
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global tungsten carbide powder market, presenting historical demand data (2017-2021) and forecast statistics for the period of 2022-2032.
The study divulges essential insights on the market on the basis of application (mining tools & components, cutting tools, dies & punching, abrasive products, other applications) and end use (mining & construction, industrial engineering, transportation, oil & gas, aerospace & defense, other end uses), across five major regions of the world (North America, Latin America, Europe, APAC, and MEA).
About the Chemicals and Material Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the automotive industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services.
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