Overview and Scope
Industrial diamonds are a crystalline form of carbon intended for use as a cutting tool or abrasive in the industrial sector. They are irregularly shaped, poorly coloured, or too small to be valuable as gems, but they are significant in the industrial metalworking and mining industries.
Sizing and Forecast
The industrial diamond market size has grown steadily in recent years. It will grow from $2.08 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The growth in the historic period can be attributed to industrial applications development, emergence of synthetic diamonds, expanding consumer electronics industry, rise in automotive and aerospace sectors, industrialization and urbanization..
The industrial diamond market size is expected to see steady growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%. The growth in the forecast period can be attributed to increased demand in electronics, advancements in additive manufacturing, expansion of renewable energy sector, rise in medical and healthcare applications, emerging economies and infrastructure development.. Major trends in the forecast period include lab-grown diamond technology, high-performance applications, emerging markets and industrialization, focus on efficiency and precision, technological innovations in diamond processing..
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Segmentation & Regional Insights
The industrial diamond market covered in this report is segmented –
1) By Type: Natural, Synthetic
2) By Application: Semiconductor, Aerospace, Aviation Industry, Other Applications
3) By End-user: Construction, Mining Services, Stone Cutting Or Polishing, Machinery Manufacturing, Transportation Systems, Other End Users
Asia-Pacific was the largest region in the industrial diamond market share in 2023. The regions covered in the industrial diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rapid growth of the automotive industry is driving the growth of the industrial diamond market. The automotive industry refers to a broad spectrum of businesses engaged in producing, developing, developing, designing, marketing, and distributing motor vehicles, towing vehicles, and mopeds. Industrial diamond has proven to be more cost-effective in many industrial operations than other abrasives because it cuts quicker and lasts longer. In the automotive industry, abrasives are used for frame cutting, edge chamfering, cutting, shaping, forming, and weld removal. Thus, the rising automotive industry will propel the sales growth of industrial diamonds. For instance, in March 2022, according to an Economic and Market Report shared by The European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry in the European Union, the total number of cars produced climbed by 2.7% to 63.2 million. Sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units last year. Chinese automakers produced 20.7 million vehicles in 2017, an increase of 7.1%. In the EU, 1.8 million commercial cars were registered in 2021, an increase of 9.6% over the previous year. EU van sales grew by 8.5% to over 1.6 million units in the previous year. Therefore, the rapid growth of the automotive industry is driving the growth of the industrial diamond market.
Key Industry Players
Major companies operating in the industrial diamond market report are ALROSA PJSC, Industrial Diamond Laboratories Inc., Applied DiamondX Inc., De Beers Inc., Industrial Abrasives Ltd., 3M COMPANY, Toolgal Industrial Diamonds Ltd., INVEDIA Ltd., Scio Diamond Technology Corporation, Toolgal Diamond Tools Ltd., Hebei Plasma Diamond Technology Co. Ltd., Schlumberger Limited, Nixon Industrial Diamonds Ltd., Advanced Diamond Technologies Inc., Iljin Diamond Co. Ltd., Element Six UK Ltd., Sumitomo Electric Industries Ltd., Henan Huanghe Whirlwind Co. Ltd., Zhongnan Diamond Co. Ltd., Zhengzhou Sino-Crystal Diamond Co. Ltd., Synthetic Diamond Company List Adamas One Corp., New Diamond Technology, Pure Grown Diamonds, Swarovski AG, Sandvik AB, Saint-Gobain S.A, Asahi Diamond Industrial Co. Ltd., E. I. du Pont de Nemours and Company, Henkel AG & Co. KGaA, Morgan Technical Ceramics
The industrial diamond market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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