Industrial Diamond Market to Reach Valuation of USD 2.5 Billion by 2028 – Expansion of the Construction Industry Drives the Market

In terms of revenue, the Global Industrial Diamond Market is expected to reach USD 2.5 Billion by 2028, growing at a CAGR (Compound Annual Growth Rate) of 2.50% from 2022 to 2028.

The size of the Industrial Diamond market is predicted to expand significantly throughout the forecast period. Natural stones like carbonado, bort, and others are extracted to make Industrial Diamonds. Industrial Diamonds are more in demand because of their better thermal conductivity, corrosion resistance, wear resistance, and strength. The Industrial Diamond market is driven by the booming use of Industrial Diamonds for cutting, grinding, polishing, and drilling for sectors including construction, automotive, aerospace, and others. Additionally, nanodiamonds have significant uses in bioimaging, drug delivery, and other fields, impacting the market growth.

Furthermore, the demand for Industrial Diamonds is rising due to the expanding infrastructure and construction projects, as well as the burgeoning car industry. The Industrial Diamonds sector has significant market opportunities due to these characteristics. Due to variables like the demand and supply mismatch, the shutdown of numerous industries, and other lockdown restrictions, the COVID-19 pandemic disrupted market growth. However, the Industrial Diamond Market will likely expand over the projected period due to recovery and strong demand from key industries like construction, automotive, and others in the post-pandemic period.

Key Highlights from the Report

• Based on Types, the Natural segment dominates the Industrial Diamond market with the maximum market share and will continue its dominance in the future. The high demand for natural diamonds from significant businesses like jewelry companies and auto manufacturers is likely to propel this segment's growth faster than synthetic ones.
• Among Applications, the Construction Industry segment accounted for the highest CAGR in the forecast period. One of the final major customers of Industrial Diamonds is the building sector.
• In terms of region, Asia Pacific is anticipated to hold the greatest market share for Industrial Diamonds globally because of China and India's expanding car and electronic equipment sectors.

Market Dynamics

One of the important reasons propelling the growth of the worldwide Industrial Diamond market is the rising demand for abrasives on a global scale. Additionally, diamonds' extended service lives relative to other cutting and polishing materials and the high precision provided by diamond cutting tools are significant factors that have increased demand for these in the construction and oil & gas industries, propelling market expansion. Longer production runs and fewer tool changes result from this as well.

One of the key factors driving growth is the oil and gas sector's expanding use of Industrial Diamonds. Diamond is the perfect cutting material due to its high hardness and low thermal conductivity. Polycrystalline diamond bits, surface set diamond bits, and impregnated diamond bits are drill bits that use diamonds as their core material. Diamond is used because of its hardness, resulting in shorter service runs and more drilling per drill bit, further reducing drilling operators' costs.

However, the use of Industrial Diamonds for numerous purposes has decreased due to the high cost of the diamond, both natural and synthetic, and the availability of low-cost substitutes. These substitutes can be utilized in low-cost operations since they are less expensive than diamonds. For example, cubic boron nitride, silicon carbide, and fused aluminum oxide are inexpensive substitutes for Industrial Diamonds in cutting and polishing.

Geographically, the Asia Pacific region retained the highest worldwide share due to the availability of inexpensive land and low labor costs. China is expected to continue to rule the market as the largest manufacturer of synthetic diamonds. Expanding the building industry in South Korea, China, Japan, and India is driving demand. It is anticipated that the demand in the region will be impacted by the expansion of the rising economies, particularly China and India. According to estimates from the Chinese diamond industry, the country has been manufacturing more than 10 billion carats of diamonds annually for almost a decade, most of which are used for industrial purposes like oil rigs, abrasives, or high-tech uses in electronics and aviation.

The Global Industrial Diamond Market is Segmented as follows

• Types
  • Natural
  • Synthetic
• Applications
  • Construction
  • Transportation
  • Electronics
  • Other Applications
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

List of the Key Players of the Global Industrial Diamond Market is

Applied Diamond Inc. (US), Industrial Abrasives Limited (India), Advanced Diamond Solutions Inc. (US), Diamond Technologies Inc. (US), Hebei Plasma Diamond (China), Diamonex (US), Morgan Technical Ceramics (UK), Scio Diamond Technology Corporation (US), Novatek (Russia), Sumitomo Electric (Japan), Worldwide Diamond Manufacturers Pvt. Ltd. (India)

The Global Industrial Diamond Market Scope can be Tabulated as below