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Polycrystalline Diamond Market is Expected to Develop at a CAGR of 6.1% from 2023 to 2032
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Prime Determinants of Growth
Over the years, there has been an increase in the need for high-precision machining and surface finishing in industries, such as aerospace and automotive manufacturing. As a result, there is an increase in demand for polycrystalline diamonds which is predicted to be one of the important factors driving the growth of the global polycrystalline diamond market in the forecast timeframe. However, the decline in the growth rate of the oil & gas sector may hamper the polycrystalline diamond market growth in the coming period. On the contrary, the long tool life of polycrystalline diamonds has increased their demand which is expected to offer growth opportunities for expansion of the polycrystalline diamond market in the 2023-2032 forecast period.
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Application: Automotive Sub-segment Projected to be Highly Dominant During the Forecast Period
The automotive sub-segment accounted for the highest polycrystalline diamond market share in 2022 and is expected to grow at a CAGR of 7.6% during the forecast period. In the last few years, there has been an overall increase in the demand for polycrystalline diamonds for cutting composites, carbon fiber, and other high-strength materials utilized in contemporary car designs. This growth in demand and usage of polycrystalline diamonds is predicted to boost the sub-segment's growth by 2032.
Type: PCD Milling Tools Sub-segment to be Flourish Immensely by 2032
The PCD milling tools sub-segment generated the highest market share of 44.5% in 2022 and is predicted to continue to dominate in terms of market share by 2032. Polycrystalline diamond (PCD) milling tools have better attributes and advantages over other types of tools such as high wear resistance and strength. These advantages have increased the demand for milling tools which is predicted to boost the sub-segment's growth by 2032.
Region: Asia-Pacific Market to be One of the Fastest Growing by 2032
The Asia-Pacific region accounted for the highest share in the global polycrystalline diamond market in 2022 and is expected to rise at the highest CAGR of 7.3% during the forecast period. The rapid industrialization and development of manufacturing businesses in various countries of this region are expected to be the two main growth drivers of the market in Asia-Pacific region by 2032.
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Leading Players in the Polycrystalline Diamond Market:
Sandvik Group
Wirutex
Kyocera
Mapal
Kennametal
Ceratizat
Mitsubishi Materials
Preziss Tool
Sumitomo Electric
Union Tool
Know More- https://www.globenewswire.com/news-release/2023/09/07/2739609/0/en/Polycrystalline-Diamond-Market-to-Reach-1-6-Billion-Globally-by-2032-at-6-1-CAGR-Allied-Market-Research.html
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