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Global Industrial Diamond Market to Grow at 2.91% During 2022-2027, Propelled by Escalating Demand for Abrasives in Manufacturing Sector

Published on Oct 28, 2022

According to the latest report by IMARC Group, titled “Industrial Diamond Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global industrial diamond market is anticipated to exhibit a CAGR of 2.91% during 2022-2027. Industrial diamonds are diamonds that do not meet gem-quality standards of clarity, color, shape and size, but are rather used for a variety of industrial purposes. Diamonds for industrial use are characterized by their high strength, superior wear resistance, thermal conductivity, and corrosion resistance. Industrial diamonds provide a lot of advantages, such as fast material removal rates, clean operation, and minimal damage to subsurfaces. Additionally, they make slurry cleaning easier and reduce disposal problems. Being one of the strongest and hardest abrasive substances, they are in high demand for giving a high-quality finish after cutting. They are used as heat sinks for electronic thermal management and as catalysts for chemical industries, as well as abrasives for construction, automotive, aerospace, and defense industries.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Industrial Diamond Market Trends:

The global market is majorly driven by a considerable rise in the usage of abrasives for grinding, polishing, and cutting. This can be attributed to the escalating product demand for machining hard materials, abrasive alloys and cast iron in the manufacturing sector. In line with this, growing construction activities due to rapid developments in infrastructure are also propelling the market. Also, the augmenting demand for solvents for various applications, such as cutting, polishing, and grinding in automobile manufacturing units, is resulting in a higher product uptake. Moreover, the increasing utilization of nanodiamonds in medical applications is providing an impetus to the market growth. The market is further fueled by extensive research and development (R&D) activities with an enhanced focus on broadening the application spectrum of industrial diamonds and lowering production costs. Some of the other factors contributing to the market include rapid product utilization in the production of electrical circuits and computer chips, the rising demand for wear and corrosion-resistant coatings, a significant rise in oil and gas exploration projects, and rapid industrialization.

Market Summary:

  • Based on the type, the market has been segmented into natural industrial diamond and synthetic industrial diamond.
  • On the basis of the application, the market has been divided into construction, transportation, electronics, and others.
  • On the geographical front, the market has been segregated into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include ALROSA, Applied Diamond Inc., De Beers Group (Anglo American Plc), Hebei Plasma Diamond Technology Co. Ltd., Heyaru Engineering Pvt. Ltd., Iljin Diamond Co. Ltd., Industrial Abrasives Ltd., Industrial Diamond Laboratories Inc., Morgan Advanced Materials, Schlumberger N.V., and Worldwide Diamond Manufacturers Pvt. Ltd.
     

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