Global Industrial Diamond Market is valued approximately USD 1.90 Billion in 2020 and is anticipated to grow with a healthy growth rate of more than 2.8 % over the forecast period 2021-2027.
Industrial diamond is any diamond which is designated to be used in industrial purposes viz. cutting tool or abrasive. These Diamonds are not properly formed have flaws and are irregular in shape. For industrial applications, synthetic or laboratory-grown products have significantly higher penetration.
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The application is mainly as an abrasive, and its demand in sectors such as metal machining, construction, and exploratory drilling has been increasing for the past decade. There was a slight reduction in the production of diamond amid the pandemic down to 1.5% from 145 million in the year 2019.Rio Tinto a leading global mining group forecasts for 12 to 14 million carats compared to 17 million carats in 2019. Another Russian group of diamond mining namely, Alroso also recommended a reduction in the production of diamonds for the year 2020,a reduction of more than 4 million carats. Initial Expectations are that the production will further reduce down to 133 million carats due to mines operating at reduced capacity. If the situation continues to worsen it will lead to deterioration of the industry and more drop in the growth rate can be expected.
The revival of the construction sector in developed economies such that North America, Middle East and Asia Pacific where projects such as Smart City Mission and Housing for All, are likely to drive the product demand over the forecast period. In construction, it is mainly used in applications such as hand sawing, wire sawing, and coring. The growth of construction activities in developing countries should benefit the growth of the segment. In the union budget of 2018-19, the Indian government allocated USD 92.2 billion to push the infrastructure sector, which in turn will help boost the overall market development. Moreover, the growing demand for super abrasives for grinding, cutting, dressing, and drilling tools is expected to drive the markets growth. Synthetic diamonds price is comparatively lower than that of natural diamonds. Industrial diamond uses are several, and industrial quality diamonds are gaining traction owing to the demand for optical devices.
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Reduction in industrial diamond prices is also driving market demand. Growing Demand for Polished Diamonds from the Electronics Industry The usage of synthetic diamonds in the electronics industry has been increasing due to their ability to act as a heat sink. Synthetic diamond prevents silicon and other semiconductor materials from overheating, and thus, it has become a critical heat-enabling technology. The demand is expected to increase during the forecast period, as semiconductors have become more embedded in the ever-increasing product number, from cars to coffee makers, and nascent technologies, such as artificial intelligence, virtual reality, and the Internet of Things (IoT).Synthetic diamond is unmatched in its ability to diffuse heat. When used as a semiconductor, synthetic diamond is used to manufacture smaller and more powerful electronics, thereby increasing its usage in radio frequency (RFs) and power device types. Moreover, due to the high refractive index of the diamond, it is used in telecommunication information transmissions, as it minimizes the information loss during high-level-security signal transmission. It also increases the transmission capacity. Total global production by the electronics and IT industries was valued at about USD 2,930 billion in 2019, which is anticipated to grow further and, in turn, stimulates the market demand for synthetic diamonds. This increasing usage of semiconductors by various end-users is expected to boost the demand for synthetic diamonds from the electronics industry during the forecast period The high cost is a major factor hampering the demand of industrial diamond and restrain the growth of the target market over the forecast period. In addition, availability of substitutes may also hamper the demand and restrain the growth of the target market during the forecast period.
The introduction of laboratory-grown counterparts for jewelry applications. The industry offers numerous growth opportunities .Experts also believe that increase in the adoption of science for research in emerging nations would be a key development area for the industry.
North America is expected to grow at a rapid speed, with the U.S. leading and occupying the larger global share. The country is among the largest producers as well as consumers of synthetic diamonds. It is estimated that the nations require to spend USD 4.5 trillion to enhance their state of roads, dams, bridges, airports, and schools. This will likely boost the industry share in the North American region. The Asia Pacific region held the largest global share owing to the availability of cheaper land and low cost of labor. China is the largest producer of synthetic diamonds and is anticipated to maintain dominance in the sector. The growth of the construction sector is driving the demand in India, China, Japan, and South Korea. The growth in the emerging economies, particularly China, and India is expected to influence the demand in the region. By Chinese industry estimates, the nation has been producing more than 10 billion carats of diamond every year for almost a decade, most of them which have gone to industrial use, such as in oil rigs, abrasives, or high-tech applications in aeronautics and electronics.
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Major market player included in this report 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 Worldwide Diamond Manufacturers Pvt. Ltd. The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, the report shall also incorporate available opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
On the basis of product type Natural Synthetic On the basis of end-use industry Mining Oil & Gas Construction Chemical Electronics Others (Aerospace, Defense, Automotive etc.)
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By Region: North America U.S. Canada Europe UK Germany France Spain Italy ROE
Asia Pacific China India Japan Australia South Korea RoAPAC Latin America Brazil Mexico Rest of the World
Furthermore, years considered for the study are as follows:
Historical year 2018, 2019 Base year 2020 Forecast period 2021 to 2027
Target Audience of the Global Industrial Diamond Market in Market Study:
Key Consulting Companies & Advisors Large, medium-sized, and small enterprises Venture capitalists Value-Added Resellers (VARs) Third-party knowledge providers Investment bankers Investors
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