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Industrial Diamond Market Rising Trends, Key Leading Players, Trends Analysis, Industry Share And Forecast To 2033
Industrial Diamond Market
As per the report, the industrial diamond market size has grown steadily in recent years. It will grow from $2.08 billion in 2023 to $2.15 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The industrial diamond market size is expected to see steady growth in the next few years. It will grow to $2.51 billion in 2028 at a compound annual growth rate (CAGR) of 3.9%.
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Automotive Industry Growth Accelerates Industrial Diamond Market
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.
Industrial Diamond Market Embraces Technological Advancements With Blockchain-Backed Diamond Source Platform
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 specializing 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.
The industrial diamond market covered in this report 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
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Major companies operating in the industrial diamond market report are ALROSA PJSC, Industrial Diamond Laboratories Inc., Applied DiamondX Inc., De Beers Inc., Industrial Abrasives Ltd., 3M COMPANY, 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., Iljin Diamond Co. Ltd., Element Six UK Ltd., Sumitomo Electric Industries Ltd., Henan Huanghe Whirlwind Co. Ltd., Zhongnan Diamond Co. Ltd., Zhengzhou Sino-Crystal Diamond Co. Ltd., Synthetic Diamond Company List Adamas One Corp., New Diamond Technology, Pure Grown Diamonds, Swarovski AG, Sandvik AB, Saint-Gobain S.A, Asahi Diamond Industrial Co. Ltd., E. I. du Pont de Nemours and Company, Henkel AG & Co. KGaA, Morgan Technical Ceramics
Contents of the report:
1. Executive Summary
2. Industrial Diamond Market Report Structure
3. Industrial Diamond Market Trends And Strategies
4. Industrial Diamond Market - Macro Economic Scenario
5. Industrial Diamond Market Size And Growth
…..
27. Industrial Diamond Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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