Global Super-Hard Materials Market to Grow at a CAGR of 5.7% During 2024-2032, Aided by the Growing Demand from Major End Use Sectors

The market for super-hard materials is driven by the growing product utilisation in the automotive and transportation sector. Super-hard materials bolster the strength and durability of end use products which are used in automobiles. In addition to this, the increasing inclination of major automotive manufacturers towards developing tough and wear-resistant components due to rising traffic congestions and increasing risk of vehicular accidents is likely to be a major driving factor for the market. The rising demand for passenger and commercial vehicles is aiding the market growth. Moreover, the rising application of super-hard materials in the building and construction sector owing to the rising population and increasing demand for tough and strong building materials in order to protect the structure from natural calamities is anticipated to boost the market growth in the forecast period.

The growing technological advancements are expected to further aid the market growth. In August 2020, II-VI Inc. (NASDAQ: IIVI) unveiled its L45 Laser lapping system, which will be capable of processing super-hard materials, including polycrystalline diamond (PCD), polycrystalline diamond compact (PDC), synthetic diamond, and reaction-bonded ceramics.

In terms of region, North America is likely to witness a healthy growth in the forecast period. The regional market is anticipated to be driven by the growing R&D activities in the electrical and electronics sector, which is likely to propel the demand for super-hard materials. Moreover, the rapid technological advancements, such as the development of laser technologies for materials processing, are expected to enhance the processing of super-hard materials, which is anticipated to augment the market in the forecast period.

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Market Breakup by Type, Product, Form, End Use, and Region:

• The market is segmented based on type into intrinsic and extrinsic.

• The different products of super-hard materials include micron diamond, polycrystalline diamond (PCD), cubic boron nitride (CBN), and polycrystalline cubic boron Nitride (PCBN).

• On the basis of form, the market is divided into monocrystalline, polycrystalline, and composite, among others.

• The significant end uses of the product include automotive and transportation, building and constructions, chemicals and petrochemicals, drilling, mining and quarry, and electrical and electronics, among others.

• Region-wise, the global market for super-hard materials can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for super-hard materials is being driven by the rising industrial applications of the product.

• The growing expansion of industries including automotive and transportation, building and construction, and others is anticipated to aid the market in the forecast period. 

• The technological advancements in the electrical and electronics industry is expected to provide impetus to the market in the forecast period. 

• The market is expected to be aided by the rapid urbanisation and growing infrastructure development especially in emerging economies.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for super-hard materials for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the types, products, forms, end uses, and major regions of super-hard materials.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global super-hard materials market are ILJIN Diamond Co., Ltd., SF Diamond Co. Ltd., Henan Yalong Super-hard Materials Co., Ltd., and Element Six (UK) Ltd., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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