2024 Global Tungsten Carbide Powder Market Comparison

The tungsten carbide powder market is expected to grow from US$16.9 billion in 2024 to US$25.3 billion by 2031, recording a CAGR of 5.9%. This growth is primarily driven by infrastructure development in emerging economies and advancements in sustainability. Asia Pacific is forecast to account for over 24.3% of the market share in 2024, while the U.S. aerospace and defense sector remains a significant demand driver. The building and construction segment is projected to hold over 43.2% of the market share by 2024, with the cutting tools segment leading applications. Increasing focus on environmental protection and technological innovations in powder production are expected to further fuel market expansion.