The market growth is driven by the increasing demand of tungsten carbide-based machine tools, cutting tools, abrasive products in automotive, construction, mining, transportation, and oil and gas industries. 

the tungsten carbide powder market is categorized into <1 μm, 1–10 μm, and >10 μm. Globally, the powder with grain size 1–10 μm constituted the largest share in the market, accounting for more than 55.0% share in terms of volume in 2017. The market for this category is driven by the fact that the powder of this size is ideal for making variety of cutting tools, machine tools, and abrasive products.

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Based on application, the tungsten carbide powder market is categorized into machine tools and components, cutting tools, dies and punches, abrasive products, and others. Among these, cutting tools category was the largest application area in the market, in 2017, in terms of both value and volume, owing to the fact that tungsten carbide is widely used in manufacturing of cutting tools used in automotive and construction industries for metal cutting and stone working purpose.

On the basis of end-use industry, the tungsten carbide powder market is categorized into mining and construction (drill bits, inserts, and burr blanks), industrial engineering (chemical and fertilizers, fluid power manufacturing, and power generation and transmission), transportation (railways and automotive), oil and gas (exploration and drilling), aerospace and defense (aircraft and ammunition), and others (jewelry, medical, and sports).

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APAC accounted for the largest revenue share in terms of value in the global tungsten carbide powder market, accounting for more than 55.0% share in 2017. The high demand for the product is driven by growing consumption of the powder in manufacturing different tools and components to support the industrial sector of countries such as China, Japan, South Korea, and India.

The tungsten carbide powder market is dominated by Chinese producers, such as Chongyi Zhangyuan Tungsten Co. Ltd., Jiangxi Yaosheng Tungsten Co. Ltd., Xiamen Tungsten Co. Ltd., Nanchang Cemented Carbide Limited Liability Company, China Minmetals Corporation, and GuangDong XiangLu Tungsten Co. Ltd. Majority of the Chinese companies in the market have their mining as well as production base in China, owing to the presence of large deposits of tungsten ores in the country.