Global Industrial Diamond Market: Overview
Industrial diamonds possess several characteristics such as high wear resistance, corrosion resistance, strength, and thermal conductivity. Owing to these factors, their demand is high for various industrial purposes. Various studies indicate that about 80% of the global diamond produced is used for industrial applications. Synthetic industrial diamonds are preferred to natural diamonds as their physical properties can be modified according to requirements. Moreover, the issues related to human rights exploitation during the mining of natural diamonds is triggering the demand for synthetic diamonds.
The report provides a 360-degree view of the global industrial diamonds market. It does so by offering valuable insights into several critical parameters of the market including its dynamics, geographical landscape, technological developments, and competitive landscape. Information from a number of press releases, presentations, white papers, paid databases, and journals has been collected for compilation of this report.
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Global Industrial Diamond Market: Drivers and Restraints
The burgeoning demand for abrasives for various purposes such as grinding, cutting, and polishing is among the primary factors driving the global industrial diamond market. Some of the major end-user industries are construction, transportation, automotive, and electronics. The flourishing growth of these industries is, therefore, working in favor of the growth of the market. Moreover, factors such as the development of new infrastructure along with repair of old highways and the growing production of automobiles are augmenting the market.
The global industrial diamond market is highly influenced by the global economic conditions. Therefore, volatile prices can adversely affect the overall revenue generation of the market. Furthermore, the growth of the market is threatened by the presence of cheaper substitutes. Nevertheless, continuous research and development activities for lowering production costs and increasing application scope of industrial diamonds is creating ample growth opportunities for the market. The rising adoption of nanodiamonds in medical applications is likely to bode well for the growth of the market in the forthcoming years.
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Global Industrial Diamond Market: Geographical Segmentation
On the basis of geography, the global industrial diamond market can be fragmented into Asia Pacific, North America, Europe, and Rest of the World. Asia Pacific will be a lucrative market throughout the forecast period, with China being a site of high growth rate. The growth of the region can be attributed to the improving economic conditions and increasing investments industrial and manufacturing activities in emerging countries such as China and India. Moreover, China is among the leading producers of synthetic industrial diamonds globally.
North America will be command a significant share in the market throughout the same period. The U.S. is expected to be a major contributor to the growth of the region. The growing demand for nanodiamonds is propelling the growth of the region. The growth of the Rest of the World region is driven by the rapid industrialization in Latin America. Brazil is one of the leading sources of natural industrial diamonds.
Global Industrial Diamond Market: Competitive Landscape
Players in the global industrial diamond market are implementing nanoscience in their manufacturing processes in order to gain a competitive edge over their contemporaries. Some of the key players in the market are 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, and Worldwide Diamond Manufacturers Pvt. Ltd.
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