Industrial diamond is used for various industrial purposes such as cutting tools, drilling and abrasive. Diamond is the hardest natural substance composed of carbon in a cubic crystal structure, with Mohs hardness 10. Industrial diamond has irregular shape, badly flaw and poor color. Industrial diamonds are very small in size though plays a vital role in metalworking and mining industries.
An increasing adoption of industrial diamond from end-use industries such as construction, transportation, and automotive is a major factor, anticipated to fuel the growth of the industrial diamond market. In addition, the rising demand for industrial diamond from other industries such as medical, machinery manufacturing, and electronics, is another factor expected to bolster the growth of the global market. However, a high cost of industrial diamond is a major factor may hamper the demand and restrain the growth of the global market over the forecast period.
The global industrial diamond market is segmented on the basis of product type, end-use industries, and region. On the basis of product type, the global market is segmented into natural industrial diamond, and synthetic industrial diamond. The synthetic industrial diamond segment is expected to witness a highest growth in terms of revenue over the forecast period. On the basis of end-use industries, the global market is segmented into construction, mining services, polishing, and machinery manufacturing.
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On the basis of region, the global industrial diamond market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America accounted for a higher share in terms of revenue over the forecast period. The Europe market is also projected to witness a significant growth in the global market over the forecast period. The Asia Pacific market is expected to register a high growth rate during the forecast period.
Key players in the global industrial diamond market are Advanced Diamond Solutions Inc., Applied Diamond Inc., Diamond Technologies Inc., Industrial Abrasives Limited, Morgan Technical Ceramics Diamonex, Sumitomo Electric, Novatek, Scio Diamond Technology Corporation, Worldwide Diamond Manufacturers Pvt. Ltd., and Hebei Plasma Diamond.