New York, Sept. 23, 2019 (GLOBE NEWSWIRE) -- The growing demand for diamond coated medical equipment and devices, and enhancement in cutting tools are driving the market for diamond coatings.
The global diamond coatings market is forecast to reach USD 3.43 Billion by 2026, according to a new report by Reports and Data. Diamond coatings have garnered a tremendous amount of attention owing to their electrical, mechanical, and optical properties.
Benefits such as a low coefficient of friction, high thermal conductivity, exceptional wear properties, and maximum surface hardness are increasing the demand for these coatings. Diamond coatings provide an excellent solution for a wide range of surface performance issues. The application of diamond coatings is rising significantly in several industry verticals, owing to their versatile nature. Diamond-coated components offer many performance and economic benefits.
Diamond-coated tools are best known for their low friction coefficient and exceptional hardness. These tools are being adopted for precision dressing, high-precision cutting, cutting tools, and grinding. These versatile properties of diamond coatings will increase its demand from several end-user industries, including electronics, mechanical, industrial, medical, and automotive, which will fuel the diamond coatings market growth in the coming years.
The Asia Pacific region is forecasted to grow with the highest CAGR of 8.3% during the forecast period. Availability of cheap labor and accessible and economical raw materials are encouraging foreign investment which is propelling market growth. Countries such as Taiwan, China, and India are attracting foreign investment due to their strengthening economy.
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Further key findings from the report suggest
- The new discoveries in oil and gas industry will be one of the primary diamond coatings market trends that will have a significant impact on the growth of the market. The rise in crude oil prices along with an increase in investments in the upstream sector, the oil and gas industry is growing at a significant rate which in turns propels the market for diamond coating.
- Chemical Vapor Deposition (CVD) held the larger market share of 62.9% in the year 2018. CVD offers several advantages over other deposition processes. They include a wide range of materials that include alloys, metals, and ceramics. CVD of diamonds has received a lot of attention in the material sciences as it allows several applications that were previously considered too expensive.
- Metal is forecasted to grow with a CAGR of 7.9% during the forecast period. The coating on steel is forecasted to generate a solution for those machinery parts that have a very low friction and wear. Steel is the among the most commonly used metal, and diamond coating on it hardens the surface, acts as a protective film, reduces the friction coefficient, and increases thermal conductivity.
- The medical end-use industry is forecasted to hold a market share of 21.9% in the year 2026. Diamond coatings have emerged as a promising technology for biomedical applications. Applications such as electrical components, heat sinks, wear parts, optical windows, and prosthetics require strength and growing adaptability of super adhesives which will in turn will be also increasing the demand for diamond-coated tools and equipment.
- Europe is the largest market for diamond coatings. It held a market share of 34.7% in the year 2018. The diamond coating market in Europe is established and quite developed, which is boosting the market in the region.
- Key participants include D-Coat GmbH, Element Six, Blue Wave Semiconductors, JCS Technologies PTE Ltd., SP3 Diamond Technologies, Oerlikon Balzers, Crystallume Corporation, Diamond Product Solutions, Advanced Diamond Technologies, and United Protective Technologies, among others.
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Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Diamond Coatings market on the basis of technology, substrate, end-use industry, and region:
Technology Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Chemical Vapor Deposition (CVD)
- Physical Vapor Deposition
Substrate Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Metal
- Ceramic
- Composite
- Others
End-Use Industry Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- Electronics
- Mechanical
- Industrial
- Automotive
- Medical
- Others
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Regional Outlook (Volume: Kilo Tons; Revenue: USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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