Industrial Diamond Market Global Competitive Landscape, Top Market Segments, And Fastest Growing Regions
18 May, 2023
The global industrial diamond market is expected to grow from $2.00 billion in 2022 to $2.06 billion in 2023 at a compound annual growth rate (CAGR) of 2.70%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The industrial diamond market is expected to reach $2.32 billion in 2027 at a CAGR of 3.02%.
Global Industrial Diamond Market Key Driver
The rapid growth of the automotive industry is propelling the industrial diamond market forward. The automotive industry encompasses a wide range of businesses that manufacture, develop, design, market, and distribute motor vehicles, towing vehicles, and mopeds. Because it cuts faster and lasts longer, industrial diamond has proven to be more cost-effective than other abrasives in many industrial operations. Abrasives are used in the automotive industry for frame cutting, edge chamfering, cutting, shaping, forming, and weld removal. As a result, the growing automotive industry will drive industrial diamond sales.
Get a sample of the global industrial diamond market reportGlobal Industrial Diamond Market Segments
The global industrial diamond market is segmented:
1) By Type: Natural, Synthetic
2) By Application: Semiconductor, Aerospace, Aviation Industry, Other Applications
3) By End-user: Construction, Mining Services, Stone Cutting Or Polishing, Machinery Manufacturing, Transportation Systems, Other End Users
4) By Geography: The regions covered in the industrial diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Asia-Pacific accounts for the largest share in the global industrial diamond market.
Major Industrial Diamond Industry Players
ALROSA PJSC, Industrial Diamond Laboratories Inc., Applied DiamondX Inc., De Beers Inc., Industrial Abrasives Ltd., 3M CO., Toolgal Industrial Diamonds Ltd., INVEDIA Ltd., Scio Diamond Technology Corporation, Toolgal Diamond Tools Ltd., Hebei Plasma Diamond Technology Co. Ltd., Schlumberger Limited, Nixon Industrial Diamonds Ltd., Advanced Diamond Technologies, Inc., and Iljin Diamond Co. Ltd.
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Industrial Diamond Market Overview
Industrial diamonds are a crystalline form of carbon designed for use as a cutting tool or abrasive in the industrial sector. They are irregularly shaped, poorly colored, or too small to be valuable as gems, but they are important in the industrial metalworking and mining industries.
Industrial Diamond Global Market Report 2023 provides data on the global industrial diamond market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The industrial diamond market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.