This study intends to analyse diverse aspects of the global industrial diamond market. The insights offered in this report are expected to aid in market growth examination over the forecast timeline.
Market Analysis in Brief
Industrial diamonds are increasingly being used for a wide range of applications across various end-use industries. While North America has accounted for a sizeable chunk of this market over the years, the Asia Pacific is expected to be the regional frontrunner of the global industrial diamond market. China is slated to remain the largest producer of synthetic diamonds in the world. The De Beers Group, headquartered in Johannesburg, South Africa, is the largest industrial diamond company in the world.
Key Report Findings
Increasing Demand for High-performance Tools
Owing to the various favorable properties of diamonds, there has been a steady increase in the use of industrial diamonds for various applications such as cutting, drilling, and grinding in end-use industries such as mining and construction. While industrial diamonds are low in value as gems, however, they are extremely crucial in end-use industries. Booming global populations and higher investments being made toward the further development of these end-use industries are expected to increase the adoption of these diamonds. Moreover, industrial diamonds are used to manufacture cutting tools that offer durability, superior performance, and precision. The increasing demand for these high-performance cutting tools in the automotive, aerospace, and electronics industries are all expected to boost the growth trajectory of the global industrial diamond market over the forecast period.
Immense Technological Advancements
There have been several strides taken in the field of diamond synthesis and processing. Various advancements such as Chemical Vapour Deposition (CVD), High-Pressure High-Temperature (HPHT), nano-diamonds, Polycrystalline Diamond (PCD) tools, and single crystal diamond cutting tools, to name a few, are enabling the manufacturing of diamonds with improved quality and performance offering excellent crystal structure, purity, high thermal conductivity, superior wear resistance, and toughness. This is another factor that is expected to lead to a higher adoption of these tools for various applications, thus boosting growth prospects for the global industrial diamond market.
Growing Use of Synthetic Diamonds
As an apt substitute to natural diamonds, synthetic diamonds are increasingly being used for various industrial applications. Natural diamonds are scarce and expensive, making them a cost-prohibitive option. This limits the use of natural diamonds in various industries, thus lowering the market potential for these diamonds. On the other hand, synthetic diamonds are cost-effective, more readily available, and offer superior performance characteristics. This is expected to lead to a higher adoption rate of synthetic diamonds, boosting market growth prospects in the process.
Alternative Materials to Pose a Threat
Industrial diamonds are used for their many favourable characteristics. However, the presence of alternative or substitute materials tungsten carbide, ceramics, and cubic boron nitride, that are available at lower price-points and exhibit comparable properties. Moreover, the mining and processing of industrial diamonds have been found to negatively impact the environment resulting in water pollution, deforestation, and habitat destruction, which in turn has led to the implementation of stringent regulations and greater scrutiny of the diamond industry. These are major factors that could hinder the further progression of the global industrial diamond market.
Growth Opportunities Across Regions
Asia Pacific to Dominate
Owing to inexpensive labour and the availability of land, the Asia Pacific is expected to account for the majority revenue share of the global industrial diamond market. The increasing level of industrial activities in emerging economies such as India and China. This region is also slated to index the fastest CAGR over the forecast period. China is the largest producer of synthetic diamonds and is expected to retain its position over the forecast period. On the other hand, North America is expected to account for a sizeable part of the global industrial diamond market owing to the increasing use of industrial diamonds for various end-use applications. For example, it is projected that the US would need to spend over US$4.5 trillion on various infrastructure projects to scale their country, wherein industrial diamond applications are expected to play an essential part in. Factors such as this are expected to further contribute to the growth trajectory of this regional market.
Key Market Players – Industrial Diamond Landscape
A few key companies in the global industrial diamond market include Applied Diamond Inc. (US), Industrial Abrasives Limited (India), Advanced Diamond Solutions Inc. (US), Diamond Technologies Inc. (US), Hebei Plasma Diamond (China), Diamonex (US), Morgan Technical Ceramics (UK), Scio Diamond Technology Corporation (US), Novatek (Russia), Sumitomo Electric (Japan), and Worldwide Diamond Manufacturers Pvt Ltd. (India), to name a few. To gain a competitive edge, various established industry players are now more focused on new product launches, partnerships, collaborations, acquisitions, and alliances.
Recent Notable Developments
Regional Classification of the Global Industrial Diamond Market is Listed Below:
Middle East and Africa
*Regions and countries are subject to change based on data availability.
Key Elements Included In The Study: Global Industrial Diamond Market
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