The global Synthetic 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.
Top Companies Operating in the Global Synthetic Industrial Diamond Market:
De Beers, ALROSA, Applied Diamond Inc., Industrial Diamond Laboratories, Inc., Morgan Advanced Materials, Scio Diamond Technology Corporation, ILJIN Diamond Co., Ltd., Industrial Abrasives Ltd., Invedia, and IDC (Holdings) Ltd.
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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 Synthetic 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.
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The Synthetic Industrial Diamond Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Synthetic Industrial Diamond Market.
The global Synthetic Industrial Diamond Market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Type Outlook (Revenue, USD Billion; 2017-2027)
- Natural Industrial Diamond
- Synthetic Industrial Diamond
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Construction
- Transportation System
- Machinery Manufacturing
- Mining Services (drilling)
- Electronics
- Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
- Online
- Offline
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