WASHINGTON, Feb. 13, 2023 (GLOBE NEWSWIRE) — The global industrial diamond market is valued at $2.2 billion in 2021 and is expected to reach a value of $2.5 billion by 2028 with a CAGR (annual growth rate of composite) of 2.7% over the 2022-2028 forecast period.
Market overview
According to the latest report by Vantage Market Research, the key factors are expected to accelerate the growth of the industrial diamond market during the forecast period as mentioned below. The significant need for abrasives for cutting, polishing and grinding drives the global industrial diamond market. Improvements in infrastructure and increased production of automobiles are further driving the growth of the sector. The existence of less expensive alternatives could hinder the growth of the industry, but research aimed at reducing manufacturing costs and expanding the market for industrial diamonds is creating new prospects for growth.
We predict that the synthetic category in the industrial diamond market sales will account for more than 55% of total sales by 2028 because a polycrystalline diamond has greater resistance to abrasive wear, a low coefficient of friction and a chemical inertness (PCD).
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Market dynamics
The expansion of the automotive industry will drive the market
The automotive industry has a significant demand for industrial diamonds, including natural diamonds including carbonate, bullet and burt, and synthetic diamonds for various applications in engine blocks, cylinder heads and other cutting purposes in vehicles. The high demand for middle-class passenger cars, urbanization, and the increasing development of fuel-efficient vehicle technologies are just some of the reasons for the rapid expansion of the automobile industry. India’s EV industry is projected to grow at an estimated CAGR of 36% from 2017 to 2026, according to a report by the India Energy Storage Alliance. The National Automobile Dealers Association (NADA) also forecasts a 3.4% increase in new light vehicle sales in 2022 over 2020.
The growing demand of the electrical and electronic industry to drive the expansion of the market
In the electrical and electronics industry, industrial diamond and nanodiamond applications are expanding as synthetic diamonds are used in radio frequency (RF), semiconductors, and other devices. Due to the growing demand for consumer electronics and electrical equipment in the work-from-home environment, such as mobile phones, televisions, computers and others, the electronics sector is expanding rapidly. By 2025, India’s electronics manufacturing sector is expected to be worth $520 billion, according to the India Brand Equity Foundation (IBEF). The market is being driven by the expanding electrical and electronics sector, which also offers significant growth prospects for the industrial diamond sector.
The top players in the global industrial diamond market
- Applied Diamond Inc. (USA)
- Industrial Abrasives Limited (India)
- Advanced Diamond Solutions Inc. (USA)
- Diamond Technologies Inc. (USA)
- Hebei Plasma Diamond (China)
- Diamonex (USA)
- Morgan Technical Ceramics (UK)
- Scio Diamond Technology Corporation (USA)
- Novatek (Russia)
- Sumitomo Electric (Japan)
- Worldwide Diamond Manufacturers Pvt. Ltd. (India)
For additional information on industrial diamond market players and detailed list, download a PDF brochure of the report
Main trends in the global industrial diamond market
- One trend that Vantage Market Research (VMR) expects to see in the industrial diamond industry is developed for commercial use. Due to the similarities in attributes between diamonds and industrial diamonds, numerous end-user sectors have reported increased demand for industrial diamonds. The market is expected to grow faster than the average due to expanding product use in the production of computer chips.
- Another trend that VMR predicts will continue in the industrial diamond industry is increasing in the oil and gas sector. Diamond is the perfect cutting material due to its high hardness and low thermal conductivity. Polycrystalline diamond drill bits, surface diamond drill bits and impregnated diamond drill bits are drill bits that use diamond as the base material.
Main results of the report
- On the basis of types, most of the revenue of the industrial diamond market is controlled by the automatic category. The advantages of synthetic diamonds over natural diamonds are superior, including their high resistance to overheating, superior abrasiveness, corrosion resistance, wear resistance and abundance. The growing demand and popularity of synthetic diamonds is also influenced by the scarcity of natural diamonds, which is another reason.
- On the basis of applications, most of the revenue of the industrial diamond market is controlled by the construction category. All types of abrasive surfaces are used in cutting blade solutions. Other uses of industrial diamonds in the construction industry include sawing, cutting, grinding, cutting diaphragm walls, tunnels, etc. Industrial diamonds are incredibly hard, making them ideal for cutting dimensional stones such as marble and granite.
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Recent developments in the global industrial diamond market
- Recently, two major companies – Alrosa and De Beers – have announced new diamond production facilities that are expected to increase global diamond production by 50%. These facilities will help meet the growing demand for diamonds in various industries.
Construction category in the industrial diamond market to generate more than 35% of revenue
Industrial diamonds are an expensive investment. Vantage Market Research has analyzed the industrial diamond market to understand its current state and potential future growth factors. On the basis of application, the industrial diamond market is segmented into construction, transportation, electronics, and others.
During the forecast period, the industrial diamond market is expected to experience the highest CAGR for the construction category. The increased use of sintered carbide for cutting, abrasives for drilling, grinding, blades and other uses has an impact on the high demand for industrial diamonds in the building and construction industry, such as carbonate and others. Due to increased investment, urbanization and creation of architectural sites and residential home designs, the building and construction industry is booming.
On the other hand, significant growth is expected in the transport category. Growing segments of the transportation industry include the automotive, aerospace, and shipping industries. During the forecast period, the category is expected to grow in demand due to these industries.
The Asia Pacific region in the industrial diamond market will generate more revenue of 37.5%.
Asia Pacific dominates the market throughout the projection period because available land and labor are cheap. China was the world’s largest producer of synthetic diamonds and is expected to continue to hold that position for years to come. The main driver of the regional market is the expansion of the construction industry in countries such as China, India, Japan and South Korea.
Explore Tables and Figures market data spread across 149 pages and in-depth TOC Industrial diamond Market Forecast Report (2022-2028).
Segmentation of the global industrial diamond market
By Type
By Applications
- construction
- Transportation
- electronics
- Other Applications
By Region
- North America
- United States
- canada
- Mexico
- europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- china
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- brazil
- Argentina
- Rest of Latin America
- Middle East and Africa
- GCC countries
- South Africa
- The rest of MEA
Read the full report@ https://www.vantagemarketresearch.com/industry-report/industrial-diamond-market-2005
Scope of the report:
| Report attributes | Details |
| Market size in 2021 | 2.2 billion dollars |
| Revenue forecast for 2028 | 2.5 billion dollars |
| CAGR | 2.7% from 2022 to 2028 |
| base year | 2021 |
| Forecast year | 2022 to 2028 |
| Key players | Applied Diamond Inc., Industrial Abrasives Limited, Advanced Diamond Solutions Inc., Diamond Technologies Inc., Hebei Plasma Diamond, Diamonex, Morgan Technical Ceramics, Scio Diamond Technology Corporation, Novatek, Sumitomo Electric, Worldwide Diamond Manufacturers Pvt. Ltd. |
| Customization options | Custom purchasing options are available to meet any research need. Explore custom shopping options |
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