Tungsten Titanium Carbide: Introduction
- Tungsten titanium carbide is primarily designed to handle huge amount of pressure in high pressure steam, air & water joints, hydraulic and pneumatic fittings, etc. Tungsten titanium carbide helps provide a permanent seal and sustain the joint efficiency under high vibration, pressure, and volatility in temperature.
- Based on form, the global tungsten titanium carbide market can be bifurcated into liquid and cement. The liquid form is primarily utilized to seal threads and machined connections, thereby attaining close tolerance level in the machine. The cement form is used on rough or scored surfaces.
Growing demand from Industrial Sector to Drive Tungsten Titanium Carbide Market
- Tungsten titanium carbide offers excellent sealing ability; hence it is primarily employed in energy generation, chemical processing, steel, and other (heavy equipment, pulp & paper, etc.) end-use industries. In these industries, tungsten titanium carbide aids in galling and thread wear, thereby enhancing the lifespan of the equipment used in the industrial sector.
- Improvement in socio-economic conditions coupled with rising GDP and increase in investments in the industrial sector is projected to drive the demand for tungsten titanium carbide in the near future. These factors are expected to boost the consumption of tungsten titanium carbide due to its excellent ability of permanent sealing and joint efficiency.
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Impact of COVID-19 on Global Tungsten Titanium Carbide Market
- COVID-19 have already shaken the economy in the first quarter of 2020, thereby affecting the activities primarily in the manufacturing sector including oil & gas, chemical, steel, aerospace, and automotive & transportation. Furthermore, numerous industrial product companies are facing challenging times due to stoppage in production activities, supply chain disruption, cost escalation, and the dislocation of workforce. This, in turn, has led to decreased production and consumption of tungsten titanium carbide. However, the industrial sector is improving and gaining pace, globally. Furthermore, according to recent data from the IMF, global growth is projected to increase to 3.3% in 2020 and is expected to increase by 3.4% in the year 2021. This, in turn, is expected to drive the demand for tungsten titanium carbide to seal high pressure carrying machinery and parts, in the near future.
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Asia Pacific to Hold Prominent Share of Global Tungsten Titanium Carbide Market
- In terms of region, the global tungsten titanium carbide market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific held a major share of the global tungsten titanium carbide market in 2019. Europe and North America are key regions, wherein majority of producers of tungsten titanium carbide are concentrated.
- In Asia Pacific, China has significant presence of major chemical and polymer manufacturing companies. Additionally, the country is also home to major manufacturing companies for chemical and petrochemical products; hence, the demand for heavy equipment and machinery is high across the country. Thus, demand for tungsten titanium carbide in China is expected to increase due to its excellent sealing and joining ability.
- Governmental initiatives such as “Make in India” across India have led a pathway for becoming the manufacturing hub for global giants including GE, Siemens, HTC, Toshiba, and Boeing, etc. These companies are in the process of establishing production plants in India. Furthermore, the cumulative Foreign Direct Investment (FDI) in the production sector in India during April 2000-March 2020, reached US$ 88.45 billion. All these factors are expected to offer opportunities for the tungsten titanium carbide market in India and subsequently, boost its demand between 2020 and 2030.
- The market in Latin America and Middle East & Africa is expected to expand at a sluggish pace, as these regions rely on import of tungsten titanium carbide from developing nations. Furthermore, the cost of manufacturing tungsten titanium carbide in these regions is high due to a lack of availability of raw materials in the manufacture of tungsten titanium carbide.
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Key Players Operating in Global Market
- The global tungsten titanium carbide market is highly consolidate in nature. Manufacturers across the globe are primarily engaged in marketing their product line to enhance product reach to end-consumers globally. Some of the key players operating in the global tungsten titanium carbide market include:
- H.C. Starck GmbH
- Nano Research Inc.
Global Tungsten Titanium Carbide Market: Research Scope
Global Tungsten Titanium Carbide Market, by Grade
- C S Grade [(W,Ti) ratio is 50/50]
- C HV Grade [(W,Ti) ratio is 50/50 and 70/30]
Global Tungsten Titanium Carbide Market, by End-use Industry
- Oil & Gas
- Industrial
- Steel Industry
- Energy Generation
- Chemical
- Others (heavy equipment, pulp & paper, etc)
- Aerospace & Marine
- Automotive & Transportation
- Others (waste water treatment, etc.)
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.
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