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Industrial Diamond Market 2024 Analysis By Size, Share, Growth, Trends Up To 2033
Industrial Diamond Global Market Report 2024
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According to The Business Research Company's, 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 growth in the historic period can be attributed to industrial applications development, emergence of synthetic diamonds, expanding consumer electronics industry, rise in automotive and aerospace sectors, industrialization and urbanization.
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%. The growth in the forecast period can be attributed to increased demand in electronics, advancements in additive manufacturing, expansion of renewable energy sector, rise in medical and healthcare applications, emerging economies and infrastructure development. Major trends in the forecast period include lab-grown diamond technology, high-performance applications, emerging markets and industrialization, focus on efficiency and precision, technological innovations in diamond processing.
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Market Drivers and Trends:
The rapid industrialization and growth in manufacturing industries will support the growth of the industrial diamond market. Industrialization is the process of transforming the economy of a nation or region from a focus on agriculture to a reliance on manufacturing. The rapid industrialization and growth in manufacturing have created a significant demand for industrial diamonds, which are essential for various industrial operations due to their cost-effectiveness and superior cutting and lasting capabilities. For example, in March 2022, according to the United Nations Industrial Development Organization (UNIDO), an Austria-based agency of the United Nations that assists countries in economic and industrial development, global manufacturing production increased by 9.4% in 2021. Further, in April 2022, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector had a growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21, as well as a substantial increase in new investment and ordering activity. Therefore, the rapid industrialization and growth in manufacturing industries will drive 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 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.
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Major Key Players of the Market:
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
Industrial Diamond Market 2024 Key Insights:
• 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%.
• Automotive Industry Growth Accelerates Industrial Diamond Market
• Industrial Diamond Market Embraces Technological Advancements With Blockchain-Backed Diamond Source Platform
• Asia-Pacific was the largest region in the industrial diamond market share in 2023
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