The global Industrial Diamond market is forecast to reach USD 2.30 Billion by 2027, according to a new report by Reports and Data. Industrial diamonds are those intended for industrial use, mainly as a cutting or abrasive tool. In general, industrial diamonds are irregularly shaped, of the wrong color, and are of vital importance in the modern metallurgy and mining industries. Their usefulness comes from the fact that diamond is the hardest natural substance known. Globally, the increased demand for high-strength abrasives for several industrial purposes and the increase in disposable income and overall economic growth of a region are the main drivers of industrial diamond growth.
The growing demand for grinding, cutting, and polishing is driving the demand for the market. The increase in demand for construction, automotive, and electronics is propelling the growth of industrial diamonds. The development of new infrastructure coupled with the repair in the old highways and growing production of automobiles, is fostering the market demand. The global demand is influenced by economic conditions. The volatile prices have an adverse effect on the overall revenue of the market. The availability of cheaper substitutes is threatening the market growth. Continuous research and development activities to reduce the cost of production and increasing application scope for the market is providing ample opportunities for growth.
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Key participants include ALROSA, De Beers, Applied Diamond Inc., Morgan Advanced Materials, Industrial Diamond Laboratories, Inc., Scio Diamond Technology Corporation, Industrial Abrasives Ltd., ILJIN Diamond Co., Ltd., Invedia, and IDC (Holdings) Ltd. among others.
The COVID-19 impact:
The initial Covid-19 epidemic caused demand in the Chinese market to fall, which is estimated to account for most of the global demand. The spread of the virus in China and the quarantine measures that followed led to the closure of industries for approximately two months. There have been additional challenges for sales since the virus has spread to other parts of the world.
With more limited production due to mines taking care and maintenance or operating at reduced capacity, initial expectations are that production will drop to 133 million carats, a decrease of 9%.
Further key findings from the report suggest
- The prices of natural diamonds are volatile due to the uncertainty of supply and demand. However, there are no production constraints associated with products grown in the laboratory. As a result, major manufacturers are focusing their attention on the introduction of laboratory-grown counterparts for industrial applications.
- Synthetic diamonds are also widely used in super-abrasive tools, such as grinding wheels, cutting tools, and drilling and dressing tools, among others, for the manufacture of products in the automotive, medical, aerospace, and electronics industries. Therefore, the increased demand for super-abrasives should also stimulate the demand for synthetic diamonds.
- The main growth opportunities for the industrial diamond market are the increase in infrastructure and the growth of the construction industry and research and development activities to reduce production costs and increase the scope of industrial diamonds.
- North America is expected to grow at a rapid speed, with the U.S. leading occupying the larger share. The country is among the largest consumers and producers 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 market share in the North American region.
For the purpose of this report, Reports and Data have segmented the global Industrial Diamond market on the basis of type, end-use, distribution channel, and region:
Type Outlook (Revenue, USD Billion; 2017-2027)
- Natural Industrial Diamond
- Synthetic Industrial Diamond
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Transportation System
- Machinery Manufacturing
- Mining Services (drilling)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- Asia Pacific
- Latin America
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