Global Industrial Diamond Market
As stated in our extensive report; the Global Industrial Diamond Market accounted for USD 2.2 Billion in the year 2021.
The Industrial Diamond market is being driven by the booming use of Industrial Diamonds for cutting, grinding, polishing, and drilling for sectors including construction, automotive, aerospace, and others. Additionally, Nano Diamonds have significant uses in bio-imaging, drug delivery, and other fields, impacting the market growth.
Furthermore, the demand for Industrial Diamonds is rising as a result of the expanding infrastructure and construction projects, as well as the burgeoning car industry. The Industrial Diamonds sector has significant market opportunities as a result of these characteristics. Due to variables like the demand and supply mismatch, the shutdown of numerous industries, and other lockdown restrictions, the COVID-19 pandemic disrupted market growth. However, the Industrial Diamond Market will likely expand over the projected period due to recovery and strong demand from key industries like construction, automotive, and others in the post-pandemic period.
Click To Get a Free Sample On the Research Study
Key factors influencing Industrial Diamond Market Growth
The growth of the global Industrial Diamond market can be attributable to the following:
- Industrial Diamonds, including natural diamonds made of carbonado, ballas, and bort, and synthetic diamonds, are highly sought-after in the automotive industry for use in engine blocks, cylinder heads, and other cutting applications.
- Due to reasons including the middle class’s high demand for passenger cars, urbanization, and the booming development of fuel-efficient vehicle technology, the automobile industry is expanding quickly.
- The market for electric vehicles in India is anticipated to grow at an estimated CAGR of 36% until 2026, according to a report from the India Energy Storage Alliance.
- In addition, the National Automobile Dealers Association (NADA) predicts that sales of new light vehicles will rise by 3.4% in 2022 compared to 2020. The International Organization of Motor Vehicle Manufacturers (OICA) estimates that there were 57054295 passenger cars produced worldwide in 2021 compared to 55834456 in 2020.
- The demand for Industrial Diamonds is increasing because of their use in engine blocks, cutting, machinery, and other applications due to the increase in automotive vehicle production and growth possibilities. The Industrial Diamond market is expanding quickly due to the automobile sector’s booming demand.
- As synthetic diamonds are applicable in semiconductor devices, computer chips, radio frequency (RF) devices, and other devices, Industrial Diamonds and nanodiamonds have expanding applications in the electrical & electronics industry.
- Due to the rising demand for electrical equipment and consumer electronics like cell phones, TVs, computers, and others in the context of working from home, the electronics sector is expanding quickly.
- By 2025, the electronics manufacturing sector in India is expected to be worth US$520 billion, according to the India Brand Equity Foundation (IBEF). Global semiconductor sales reached US$151.7 billion in the first quarter of 2022, up 23% from the previous year’s period, according to the Semiconductor Industry Association (SIA).
- The need for Industrial Diamonds for use in computer chips, semiconductor devices, and other applications is rising as electronics output and semiconductor consumption rise.
- The market is driven by the expanding electrical and electronics sector, which also provides the Industrial Diamond industry with significant potential for expansion.
Asia Pacific Region to Lead the Market
Asia Pacific Industrial Diamond market is getting more significant with maximum market share during the forecast period. Industrial Diamond demand and growth in this region are impacted by booming demand from key industries, including construction, automotive, and other industries, as well as a sizable number of manufacturing operations throughout Asia Pacific. The region’s building and construction industry are expanding quickly as a result of significant advancements in infrastructure projects, a focus on cheap housing, and modular building technology.
The construction order for new homes increased to 32.3% in June 2021 from -13.4% in June 2020, according to the Ministry of Land, Infrastructure, Transport, and Tourism of Japan. Additionally, the Government of India’s Make in India campaign aims to invest US$965.5 million in infrastructure by the year 2040. The International Trade Administration projects that China’s construction industry will expand at an average rate of 8.6% between 2022 and 2030. The need for Industrial Diamond tools for cutting, grinding, drilling, and other construction tasks will increase with the strong growth of the building and construction sector in Asia Pacific. It is projected that demand for Industrial Diamonds will increase during the forecast period due to the rapid expansion of industrial gases in building applications.
Booming use of Industrial Diamonds for cutting, grinding, polishing, and drilling for sectors including construction, automotive, and aerospace are positively influencing the overall Industrial Diamond market.
Some of the key players 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) and others.