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Global Super-Hard Materials Market to Grow at a CAGR of 5.7% During 2022-2027, Aided by the Growing Demand from Major End Use Sectors

According to a new report by EMR titled, ‘Global Super-Hard Materials Market Report and Forecast 2022-2027’, the market attained a value of around USD 5.62 billion in 2021. The market is further expected to grow at a CAGR of 5.7% between 2022 and 2027 to reach USD 7.83 billion by 2027.

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.

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 (2017-2021) and (2022-2027). 
  • The report also offers historical (2017-2021) and forecast (2022-2027) 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.

About Us

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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