Industrial diamonds have many properties including strength, great wear resistance, thermal conductivity, and corrosion resistance. Because of these qualities, they are in high demand for a variety of industrial applications. According to several surveys, around 80% of the world's diamond production is used for industrial purposes. Synthetic industrial diamonds are favored over natural diamonds because their physical qualities may be tailored to meet specific needs. Furthermore, concerns about human rights violations during natural diamond mining are fuelling demand for synthetic diamonds. Industrial diamonds are used in many industries such as machinery manufacturing, electronics, construction, mining service, transportation system, and others.
COVID-19 Impact Analysis
- The industrial diamond market was negatively affected due to the outbreak of COVID-19.
- The industries such as machinery manufacturing, electronics, construction, mining service, transportation system, and others were shut down during the COVID-19 which decreases the demand for industrial diamonds.
- The COVID-19 has caused the imposition of lockdown due to which the production of industrial diamond decreased and the global supply chain was affected, this decreased the demand for the industrial diamond market.
- The industrial diamond market faced a downfall of revenue due to the COVID-19.
Top Impacting Factors
One of the key factors driving the global industrial diamond market is the growing demand for solvents for various applications such as cutting, polishing, and grinding. Automotive, transportation, electronics, and construction are some of the primary end-user sectors. As a result, the healthy growth of these industries is acting in the benefit of market growth. Furthermore, factors such as the building of new infrastructure as well as the rehabilitation of old highways, as well as the increased production of automobiles, are driving the market. The worldwide economic conditions have a significant impact on the global industrial diamond industry. As a result, unpredictable prices might harm the market's overall revenue generation. Additionally, the emergence of cheaper substitutes threatens market expansion. Nonetheless, continued R&D activity aimed at lowering production costs and broadening the application spectrum of industrial diamonds are providing substantial growth prospects for the market. The increasing use of nanodiamonds in medical applications is expected to boost the market growth.
- Throughout the projected period, Asia-Pacific will be a profitable market, with China experiencing rapid growth. The region's expansion can be credited to improving economic conditions and increased investments in industrial and manufacturing activity in growing economies such as China and India. Furthermore, China is one of the world's major producers of synthetic industrial diamonds.
- During the same period, North America will hold a sizable market share. The U.S is predicted to be a significant contributor to the region's growth. The increased demand for nanodiamonds is boosting the region's growth.
- The growing industrialization of Latin America is driving the rise of the rest of the world. Brazil is a major source of natural industrial diamonds.
- Market players are adopting many strategies such as acquisition, mergers, contracts, new product launches, agreements, and partnerships to expand their business.
Key Benefits of the Report
- This study presents the analytical depiction of the industrial diamond industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the industrial diamond market share.
- The current market is quantitatively analyzed to highlight the industrial diamond market growth scenario.
Industrial Diamond Market Report Highlights
By End-User Industry
Key Market Players
Sumitomo Electric,, Diamond Technologies Inc., Worldwide Diamond Manufacturers Pvt. Ltd., Applied Diamond Inc, Industrial Abrasives Limited, Novatek,, Diamonex, Morgan Technical Ceramics,, Scio Diamond Technology Corporation, Advanced Diamond Solutions Inc., Hebei Plasma Diamond