The global industrial diamond market size is expected to reach USD 2.19 billion by 2025
registering a CAGR of 2.9%, according to a new report by Grand View Research,
Inc. Advancement in smart mining technologies coupled with increasing
production of synthetic diamonds are projected to drive the market. Industrial
diamond has substantial applications in the automotive industry. It has been
reported that around 1.5 carats of industrial diamond is used in the
manufacturing of every automobile in U.S. Automotive components require precise
and stable manufacturing processes. The operations, such as grooving, boring,
grinding, turning, milling, and honing, can be performed with the help of
industrial diamond tools. According to the International Organization of Motor
Vehicle Manufacturers, global sales including passenger cars and commercial
vehicles accounted for 93.6 million in 2017, an increase of 2.3% from the
previous year.
The advancement in the production and
management system is helping the growth of the automotive industry. Increasing
competition along with digitization and globalization is changing the face of
the industry. Key companies are developing innovative and advanced techniques
to trace the diamonds. Recently, De Beers announced successful tracking of 100
high-quality diamonds through an emerging technology known as blockchain. Also,
in April 2018, Helzberg Diamonds, Asahi Refining, and LeachGarner collaborated
for a project to track and authenticate diamonds. Moreover, smart mining
technology is expected to trigger new growth opportunities for the industry.
Data analytics software along with the use of precise GPS systems and Internet
of Things (IoT) can also help to boost the productivity of mining operators.
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https://www.grandviewresearch.com/industry-analysis/industrial-diamond-market
Further key findings from the study suggest:
· Natural type segment is anticipated to
reach USD 341.1 million by 2025 owing to increasing product demand from
cutting, drilling, and polishing applications
· In terms of revenue, electronics
application is projected to be the fastest-growing segment at a CAGR of 3.5%
from 2019 to 2025
· Construction application led the global
industrial diamond market in 2018 and will maintain its leading position
throughout the forecast years due to increasing construction activities and
infrastructure development in APAC and MEA
· In terms of revenue, North America is
projected to be the second fastest-growing regional market over the forecast
period
· Some of the key companies in the market are
ALROSA; De Beers Group; Industrial Diamond Laboratories, Inc.; Scio Diamond
Technology Corp.; and Morgan Advanced Materials
Grand View Research has segmented the
global industrial diamond market on the basis of type, application, and region:
Industrial Diamond Type Outlook (Volume,
Million Carats; Revenue, USD Million, 2014 - 2025)
·
Natural
·
Synthetic
Industrial Diamond Application Outlook
(Volume, Million Carats; Revenue, USD Million, 2014 - 2025)
·
Construction
·
Transportation
·
Electronics
·
Others
Industrial Diamond Regional Outlook
(Volume, Million Carats; Revenue, USD Million, 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central and South America
·
Middle East and Africa
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
