PUBLISHER: The Business Research Company | PRODUCT CODE: 1425568
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425568
Industrial Diamond Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on industrial diamond market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for industrial diamond? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The industrial diamond market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Industrial diamonds, crystalline formations of carbon, serve as essential cutting tools or abrasives in industrial applications. While they may lack the characteristics that make gemstones valuable, their significance lies in their utility within the industrial metalworking and mining sectors.
There exist two primary types of industrial diamonds such as natural and synthetic. Natural industrial diamonds are mined stones characterized by flaws, irregular shapes, poor coloration, or small sizes, rendering them unsuitable as precious gems. However, they play a vital role in industrial metalworking and mining applications. Their usage spans various fields such as semiconductors, aerospace, aviation, and other industrial domains. These industrial diamonds find application across diverse end-user industries, including construction, mining services, stone cutting or polishing, machinery manufacturing, transportation systems, and various other sectors, contributing significantly to the efficiency and precision of industrial processes.
The industrial diamond market research report is one of a series of new reports from The Business Research Company that provides industrial diamond market statistics, including industrial diamond industry global market size, regional shares, competitors with a industrial diamond market share, detailed industrial diamond market segments, market trends and opportunities, and any further data you may need to thrive in the industrial diamond industry. This industrial diamond market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 historical growth can be ascribed to the advancement in industrial applications, the emergence and utilization of synthetic diamonds, the continual expansion of the consumer electronics industry, increased growth within the automotive and aerospace sectors, and the ongoing processes of 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 projected growth within the forecast period is fueled by heightened demand in the electronics sector, notable progress in additive manufacturing technologies, the continual expansion of the renewable energy industry, a surge in medical and healthcare applications, and the ongoing development of infrastructure in emerging economies. Key trends anticipated during this period encompass the evolution of lab-grown diamond technology, the exploration of high-performance applications, the increasing focus on emerging markets and industrialization, a dedicated emphasis on efficiency and precision, and significant technological advancements in diamond processing techniques.
The burgeoning automotive industry serves as a primary driver for the upsurge in the industrial diamond market. This industry, encompassing vehicle production, development, design, marketing, and distribution, heavily relies on industrial diamonds for numerous operations due to their efficiency and durability compared to other abrasives. In automotive applications, these diamonds are integral for frame cutting, chamfering edges, shaping, forming, and weld removal. Notably, as per The European Automobile Manufacturers Association's March 2022 Economic and Market Report, global car production soared by 2.7% to 63.2 million units. Various regions experienced substantial increases in car sales, such as a 5.5% rise in US passenger car sales to 11.9 million units and a 7.1% surge in Chinese automakers' vehicle production to 20.7 million units in 2017. The EU also observed a significant uptick, with commercial car registrations escalating by 9.6% to 1.8 million units and van sales growing by 8.5% to over 1.6 million units. Consequently, the rapid growth of the automotive industry fuels the expansion of the industrial diamond market.
The swift industrialization and burgeoning manufacturing sector significantly contribute to the growth of the industrial diamond market. Industrialization involves transitioning economies from agriculture-centric to manufacturing-focused. This shift results in heightened demand for industrial diamonds owing to their indispensability in various industrial operations. Their cost-effectiveness and superior cutting capabilities make them pivotal in manufacturing. According to the United Nations Industrial Development Organization's March 2022 report, global manufacturing production surged by 9.4% in 2021. Additionally, Goldman Sachs reported a staggering 210% growth in India's manufacturing sector in the fiscal year 2021-2022, compared to the preceding fiscal year, accompanied by substantial increases in new investments and orders. Hence, rapid industrialization and manufacturing growth are key drivers propelling the industrial diamond market.
Technological advancements mark a significant trend reshaping the industrial diamond market. Leading players in this industry are keen on innovating new technologies to retain their market dominance. For instance, in May 2022, De Beers Group introduced Tracr, the first blockchain-backed diamond source platform globally. Tracr integrates distributed ledger technology with robust data security and privacy features, empowering users with control over data accessibility. The platform provides each user with an exclusive distributed version, ensuring personalized data management and strengthened security through immutable transaction records.
Major players in the industrial diamond market are leveraging strategic partnerships to expand their diamond platform and accelerate the development of innovative applications. An instance is the collaboration between Element Six and II-VI Inc. in February 2022. This partnership involves Element Six licensing its single-crystal diamond technology to II-VI Inc., enabling the latter to enhance its core competence in diamond technology and develop disruptive applications by leveraging Element Six's intellectual property and equipment for high-quality single-crystal diamond production.
In January 2021, Hyperion Materials & Technologies, a renowned global materials science company headquartered in the United States, completed the acquisition of NanoDiamond Products, with the specific financial terms remaining undisclosed. This strategic move is poised to reinforce Hyperion's standing as a leading provider of synthetic diamond and cubic boron nitride (CBN) products on a global scale. The merger of these entities creates a unified company well-equipped to cater to clientele across diverse industries, including but not limited to stone cutting, electronics, oil and gas, and tool manufacturing. NanoDiamond Products is an Ireland-based developer of a portfolio of diamond products that spans a wide range of industries.
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.
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.
The countries covered in the industrial diamond market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The industrial diamond market consists of sales of cubic zirconia and silicon carbide. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.