The demand for tungsten carbide powder as the starting material for diverse high-performance processes remains strong as progress in fields such as aerospace technology, automobiles, and medical equipment manufacturing occurs. Tungsten carbide is a very hard, highly durable material with exceptional wear resistance which makes this market very important in modern industry for producing tools, cutting instruments, and various components which operate in demanding conditions. The market of WCP has evolved over the recent past due to technological advances, partnerships, and production reconfiguration for improved productivity and sustainability.

According to the UnivDatos Market Insights analysis, as per their “Tungsten Carbide Powder Market” report, the global market was valued at USD 17.07 billion in 2023, growing at a CAGR of about 5.85% during the forecast period from 2024-2032 to reach USD billion by 2032.

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Recent Developments in the Tungsten Carbide Powder Sector:

The industry has seen a robust development in the last couple of years in different areas for various industries which are able to meet the specific requirements of the end users. The availability of novel methods of processing and technological partnerships is influencing the growth of the tungsten carbide powder. The discoveries of new composite materials and more so increased production technology have enabled increasing the performance of tungsten carbide products in various fields. These are some of the major events in this sector.

·       March 2024: Hardide plc, known as Hardide Coating launched the first in a new range of Hardide Enhanced Components with a JP-5000 4” copper nozzle used in High-Velocity Oxy Fuel (HVOF) thermal spray coating. The tungsten/tungsten carbide-based Hardide® chemical vapour deposition (CVD) coating is proven to extend the operational life of HVOF thermal spray copper nozzles by 5 to 40 times when spraying carbide or metallic-based powders. The ready coated nozzles include O-rings suitable to withstand the higher temperatures generated in longer periods of service.

·       July 2022: H.C. Starck Tungsten Powders (“HCS”), a wholly owned subsidiary of Masan High-Tech Materials signed an agreement with Nyobolt Limited (“Nyobolt”) worth of £45m (~USD 52 million) for the development of tungsten intensive battery. Nyobolt Limited (“Nyobolt”), a fast-charging Li-ion battery solutions company that leverages HCS’s advanced tungsten materials in its anode.

·       August 2022: John Crane, a global leader in rotating equipment solutions, supplying engineered technologies and services to process industries, launched John Crane Diamond® 8190, a new material application on tungsten carbide substrate for select Type 8AB Seals using clamped-in mating rings.

Trend: Growing Number of Merger and Acquisition (M&A)

One of the major trends arising in the tungsten carbide powder market is the growing number of mergers and acquisitions to strengthen supply chain, innovation and broader market opportunity. This trend is gradually set to escalate because large players within the market will continue to acquire other companies to cement their market standing, while mid-tier participants will keep on partnering to offer competitive services. The likely outcome for consumer markets will be moving towards more concentration, but it will also be more efficient and technically superior.

·       May 2024: Masan High-Tech Materials, the parent company of H.C. Starck Tungsten, signed a framework agreement with Tokyo-based Mitsubishi Materials Corporation Group for the sale of all shares in H.C. Starck Holding. Mitsubishi Materials Corporation Group

·       July 2024: Hyperion Materials & Technologies, one of the leading global materials science companies that develops advanced hard and super-hard materials for a variety of industries and applications has entered into a definitive agreement to acquire the operations of Damen Carbide Tool Co., Inc, (“Damen Carbide”). Damen Carbide is a Wood Dale, Illinois-based company that specializes in grinding and EDM finishing of carbide and ceramic components.

·       December 2023: Sandvik AB, one of the leading global players in the tungsten carbide powder sector acquired Buffalo Tungsten, Inc. for an undisclosed amount. The acquisition strengthens its presence in the North America region by acquiring the assets and customer base. Buffalo Tungsten, Inc. (BTI), a leading US based manufacturer of tungsten metal powder and tungsten carbide powder, primarily operating in North America. which operates its own site for the recovery and processing of tungsten in Japan and also manufactures tungsten-based tools, is a long-standing customer of the Goslar-based company. It acquired a ten per cent stake in MHT in 2020, shortly after the latter took over HCS from the former H.C. Starck Group.

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Conclusion:

The market for tungsten carbide powder is evolving continually due to technological developments in material design, green chemistry, and planning and development. As the market matures, it will be the companies that are putting money into technology advances and sustainability that will drive the new manufacturing landscape forward. Cutting-edge tungsten carbide solutions and sustainability in production make this market ready for further development in the future.

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