WASHINGTON, Feb. 13, 2023 (GLOBE NEWSWIRE) -- The Global Industrial Diamond Market is valued at USD 2.2 Billion in 2021 and is projected to reach a value of USD 2.5 Billion by 2028 at a CAGR (Compound Annual Growth Rate) of 2.7% over the forecast period 2022-2028.
Market Overview
As per the latest report by Vantage Market Research, the key factors are anticipated to accelerate the industrial diamond market growth over the forecast period, as stated below. The significant need for abrasives for cutting, polishing, and grinding propels the worldwide industrial diamond market. Improvements in the infrastructure and rising auto production further fuel the sector’s growth. The existence of less expensive alternatives could impede industry growth, but research aimed at lowering manufacturing costs and expanding the market for industrial diamonds is creating new growth prospects.
We forecast that the synthetic category in industrial diamond market sales will account for more than 55% of total sales by 2028 because a polycrystalline diamond has greater abrasive wear resistance, low coefficient of friction, and chemical inertness (PCD).
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Market Dynamics
Expansion in the Automotive Industry Will Drive the Market
The automobile industry has a significant demand for industrial diamonds, including natural diamonds that include carbonado, ballas, and bort, and synthetic diamonds for diverse applications in engine blocks, cylinder heads, and other cutting purposes in vehicles. The middle class's high demand for passenger cars, urbanization, and the burgeoning development of fuel-efficient vehicle technologies are just a few of the reasons for the automobile industry's rapid expansion. India's EV industry is anticipated to grow at an estimated CAGR of 36% from 2017 to 2026, according to a report by the India Energy Storage Alliance. Also predicted by the National Automobile Dealers Association (NADA) is a 3.4% increase in new light-vehicle sales in 2022 over 2020.
Growing Electrical & Electronics Industry Demand to Drive Market Expansion
In the electrical and electronics industry, applications for industrial diamonds and nanodiamonds are expanding as synthetic diamonds find use in radio frequency (RF), semiconductors, and other devices. Due to the rising demand for consumer electronics and electrical equipment in the work-from-home environment, such as cellphones, TVs, computers, and others, the electronics sector is expanding quickly. By 2025, it is anticipated that India's electronics manufacturing sector will be worth US$520 billion, according to the India Brand Equity Foundation (IBEF). The market is being driven by the expanding electrical and electronics sector, which also provides significant growth prospects for the industrial diamond sector.
Top Players in the Global Industrial Diamond Market
- 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)
- Worldwide Diamond Manufacturers Pvt. Ltd. (India)
For Additional Information on Industrial Diamond Market Players and Detail List, Download a Report PDF Brochure
Top Trends in 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 a surge in demand for industrial diamonds. The market is anticipated to grow faster than average due to the expanding product usage in the production of computer chips.
- Another trend that VMR predicts will continue in the industrial diamond industry is rising in the oil and gas sector. Diamond is the perfect cutting material due to its high hardness and low thermal conductivity. Polycrystalline diamond bits, surface set diamond bits, and impregnated diamond bits are drill bits that use diamond as their core material.
Top Report Findings
- Based on Types, most of the industrial diamond market's revenue is controlled by the automatic category. The advantages of synthetic diamonds over natural diamonds are superior, including their great resistance to overheating, superior abrasiveness, corrosion resistance, wear resistance, and abundance. The increasing demand and popularity of synthetic diamonds are also influenced by the scarcity of natural diamonds, which is another reason.
- Based on Applications, most of the industrial diamond market's revenue is controlled by the construction category. All types of abrasive surfaces, are used in cutting blade solutions. Other uses for industrial diamonds in the building sector include sawing, cutting, grinding, cutting diaphragm walls, tunneling, etc. Industrial diamonds are incredibly hard, which makes them ideal for cutting dimension stones like 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 across various industries.
Construction Category in Industrial Diamond Market to Generate Over 35% Revenue
Industrial diamonds are an expensive investment. Vantage Market Research has analyzed the market for the industrial diamond to understand its current state and potential future growth factors. Based on the application, the industrial diamond market is divided into construction, transportation, electronics, and others.
During the forecast period, the industrial diamond market is anticipated to experience the highest CAGR for the construction category. The increased use of sintered carbide for cutting, abrasive 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 carbonado and others. Due to rising investment, urbanization, and the creation of architectural sites and residential housing designs, the building and construction industry is thriving.
On the other hand, the transportation category is anticipated to grow significantly. Growing segments of the transportation industry include the automotive, aerospace, and maritime transport industries. Over the projection period, the category is anticipated to grow in demand due to these industries.
Asia Pacific Region in Industrial Diamond Market to Generate More 37.5% Revenue
The Asia Pacific dominates the market throughout the projection period because the available land and labor is inexpensive. China was the world's greatest producer of synthetic diamonds, and it is expected to continue to hold this position over the coming years. The main driver of the regional market is the expansion of the building industry in nations like China, India, Japan, and South Korea.
Browse market data Tables and Figures spread through 149 Pages and in-depth TOC on Industrial Diamond Market Forecast Report (2022-2028).
Global Industrial Diamond Market Segmentation
By Types
- Natural
- Synthetic
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
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 2.2 Billion |
| Revenue Forecast by 2028 | USD 2.5 Billion |
| 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 | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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