September 07, 2022 10:00 ET | Source: Persistence Market Research Persistence Market Research
New York, New York, UNITED STATES
New York, Sept. 07, 2022 (GLOBE NEWSWIRE) -- The global diamond tools market is estimated to increase at a value CAGR of 7.4% during the forecast period of 2022-2032 to reach a size of US$ 26.78 Bn by the end of 2032.
Through the forecast period, the diamond tools market is expected to benefit from strong growth of the automotive and construction sectors. According to Persistence Market Research, the need for diamond tools will increase due to the robust expansion of the automotive industry for the production of automobile parts. A growing number of OEMs have agreements with diamond tool manufacturers to supply high-precision diamond tools. The U.S., Japan, China, South Korea, Germany, and India are countries that are expected to majorly contribute to the expansion of the automobile sector.
Manufacturers are focused on launching new cutting-edge diamond tools and supplying these products to a wide category of end users in the market with the ambition of capturing a significant share in global as well as domestic markets.
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“Diamond tools growing in popularity due to the need for high precision and durable products in advanced production lines across industries,” says a Persistence Market Research analyst.
Diamond tools manufacturers are aiming to build their brand value in the market by providing high-caliber diamond tools for precision material processing in several end-use industries. Market players are also engaged in numerous exhibitions for product advertisement as well as for seeking opportunities to open new sales facilities in targeted regions.
Some of the key diamond tool manufacturers profiled in the report are Saint-Gobain Abrasives Inc., Husqvarna AB, Tyrolit, Sumitomo Electric Industries Ltd., and EHWA Diamond.
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An increasing trend toward cost-effective manufacturing and rapid production is leading to favorable growth of additive manufacturing technology. There has been an increase in its popularity with the development of heterogeneous material manufacturing capabilities.
The market is growing rapidly in China, Hong Kong, and the U.S., which are manufacturing hubs for electronic components, whereas, other Asian countries such as India, Vietnam, and South Korea are also anticipated to exhibit growing demand for diamond tools owing to their expanding electronics market.
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Persistence Market Research, a research and consulting firm, has published a revised market research report on the diamond tools market that contains global industry analysis of 2017–2021 and opportunity assessment for 2022–2032.
The report provides in-depth analysis of the market through different segments, namely, tool type, manufacturing method, end use, and region.
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