Summary
Major players in the industrial diamond market are 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.
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%.
The industrial diamond market consists of sales of cubic zirconia and silicon carbide.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Industrial diamonds are a crystalline form of carbon intended for use as a cutting tool or abrasive in the industrial sector. They are irregularly shaped, poorly coloured, or too small to be valuable as gems, but they are significant in the industrial metalworking and mining industries.
Asia-Pacific was the largest region in the industrial diamond market in 2022. The regions covered in the industrial diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The two major types of industrial diamonds are natural and synthetic diamonds.Industrial natural diamonds refer to mined natural stones that are flawed, unevenly shaped, poorly coloured, or too tiny to be valuable as jewels but are essential in the industrial metalworking and mining industries.
These are used in several applications, such as semiconductors, aerospace, the aviation industry, and others. Industrial diamonds are used by various end-users, such as construction, mining services, stone cutting or polishing, machinery manufacturing, transportation systems, and other end-users.
The rapid growth of the automotive industry is driving the growth of the industrial diamond market.The automotive industry refers to a broad spectrum of businesses engaged in producing, developing, developing, designing, marketing, and distributing motor vehicles, towing vehicles, and mopeds.
Industrial diamond has proven to be more cost-effective in many industrial operations than other abrasives because it cuts quicker and lasts longer.In the automotive industry, abrasives are used for frame cutting, edge chamfering, cutting, shaping, forming, and weld removal.
Thus, the rising automotive industry will propel the sales growth of industrial diamonds. For instance, in March 2022, according to an Economic and Market Report shared by The European Automobile Manufacturers Association, a Belgium-based lobbying and standards group for the automobile industry in the European Union, the total number of cars produced climbed by 2.7% to 63.2 million. Sales of passenger cars in the US increased by 5.5% from 2020 to 11.9 million units last year. Chinese automakers produced 20.7 million vehicles in 2017, an increase of 7.1%. In the EU, 1.8 million commercial cars were registered in 2021, an increase of 9.6% over the previous year. EU van sales grew by 8.5% to over 1.6 million units in the previous year. Therefore, the rapid growth of the automotive industry is driving the growth of the industrial diamond market.
Technological advancement is a key trend in the industrial diamond market.Major players in the industrial diamond market are concentrating on developing new technologies to maintain their market share.
For instance, in May 2022, De Beers Group, a UK-based international corporation specialising in industrial diamond manufacturing sectors, introduced Tracr, the world’s first blockchain-backed diamond source platform at scale.The TracrTM platform ensures that users have complete control over data usage accessed by integrating distributed ledger technology with cutting-edge data security and privacy.
Each user of TracrTM has their own distributed version of the platform, which means that only they can decide who may access their data and who can share it with others.Data security on the platform is strengthened by the cutting-edge privacy technologies utilised by TracrTM.
As the diamond moves up the value chain, the immutable nature of each transaction on the platform assures that the data cannot be altered.
In January 2021, Hyperion Materials & Technologies, a US-based global materials science company, acquired NanoDiamond Products for an undisclosed amount.This acquisition will strengthen Hyperion’s position as a top supplier of synthetic diamond and CBN products worldwide, resulting in a merged company that is well-suited to serve clients in various markets, including stone cutting, electronics, oil and gas, and tool manufacturing.
NanoDiamond Products is an Ireland-based developer of a portfolio of diamond products that spans a wide range of industries.
The countries covered in the industrial diamond market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The industrial diamond market research report is one of a series of new reports that provides industrial diamond market statistics, including industrial diamond industry global market size, regional shares, competitors with a industrial diamond market share, detailed industrial diamond market segments, market trends and opportunities, and any further data you may need to thrive in the industrial diamond industry. This industrial diamond market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
