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Global Synthetic Industrial Diamonds Market to Witness Growth in the Forecast Period of 2022-2027, Driven by Growing Global Industrial Diamond Market

According to a new report by EMR titled, ‘Global Synthetic Industrial Diamonds Market Report and Forecast 2022-2027’, the global synthetic industrial diamond market is supported by the growth of the global industrial diamond market, which reached a value of about USD 1.85 billion in 2020. The industrial diamond industry is further expected to grow at a CAGR of about 3% in the forecast period of 2022-2027.

The Asia Pacific region had the largest global share due to the supply of cheaper land and low labour costs. China is the world's largest manufacturer of synthetic diamonds, and it is expected to keep its lead in the industry. The industrial diamond industry is expected to be driven by the resurgence of the construction sector in industrialised economies such as North America as well as in developing Asia Pacific economies. Industrial diamonds can be used as heat sinks in electronic thermal management operations and find use as catalysts in the chemical industry, abrasive in the construction, automotive, aerospace, and defence industries.  Synthetic or laboratory-grown materials have a much higher presence in industrial applications. It is primarily used as an abrasive and has demand in industries such as metal machining, mining, and exploratory drilling. It is mostly used in building applications such as hand sawing, wire sawing, and coring. The expansion of construction activities in developed countries should help the segment expand.

Hyperion Materials & Technologies is a company headquartered in the United States of America, which is known for advanced materials for mainly industrial applications. It announced the acquisition of NanoDiamond Products, a company known for providing solutions in synthetic diamonds, in January 2021, strengthening the company's synthetic diamond portfolio.

Market Analysis by Manufacturing Process, Form, Product Type, Application, and Major Regions:

  • The market, on the basis of the manufacturing process, can be divided into High Pressure, High Temperature (HPHT), and Chemical Vapour Deposition (CVD).
  • The forms of the product can be divided into bort, grit, powder, and stone, among others.
  • Based on product type, the industry can be divided into saw grit, wheel grit, micron powders, and cubic boron nitrile (CBN) powders, among others.
  • The applications include construction tools, mining, water treatment, automotive and aerospace, electronics, and glass and ceramics, amongst others.
  • The regional markets for synthetic industrial diamonds include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The fast growth of electronics production is likely to aid the growth of the synthetic diamond industry worldwide.
  • The market is expected to expand due to the rising demand for super abrasives for grinding, cutting, dressing, and drilling equipment.
  • Synthetic diamonds have become a vital heat-enabling technology that prevents silicon and other semiconductor materials from overheating, so increased demand from the electronics industry has a positive impact on the market.

Key Offerings of the Report:

  • The EMR report gives an overview of the global synthetic industrial diamond market for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the manufacturing process, form, product type, application, and major regions of synthetic industrial diamonds.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global synthetic industrial diamonds market are Henan Huanghe Whirlwind Co., Ltd, Zhengzhou Zhongnan Jete Superabrasives Co., Ltd, Element Six (UK) Ltd, Sumitomo Electric Industries, Ltd., and Iljin Diamond Co. 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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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.

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*We at Expert Market Research always strive 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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