The Industrial Diamond Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Industrial Diamond Global Market Report 2024, 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.
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.
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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
Technological advancement is a key trend in the industrial diamond market. Major players in the industrial diamond market are concentrating on developing new technologies to maintain their market share. For instance, in May 2022, De Beers Group, a UK-based international corporation specializing in industrial diamond manufacturing sectors, introduced Tracr, the world’s first blockchain-backed diamond source platform at scale. The TracrTM platform ensures that users have complete control over data usage accessed by integrating distributed ledger technology with cutting-edge data security and privacy. Each user of TracrTM has their own distributed version of the platform, which means that only they can decide who may access their data and who can share it with others. Data security on the platform is strengthened by the cutting-edge privacy technologies utilised by TracrTM. As the diamond moves up the value chain, the immutable nature of each transaction on the platform assures that the data cannot be altered.
The industrial diamond market report table of contents includes:
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Top 5 Major Key Players Are:
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