Diamond is the hardest material on earth and has the highest thermal conductivity as compared to other materials in room temperature. Most of the diamond that is mined is used for industrial purposes. Diamond is mostly used in drilling, cutting and polishing in many industrial purposes. Industrial diamonds exhibits properties such as fast material removal rates, clean operation and minimizes the sub-surface damage. It also reduces the slurry clean up and disposable problems. Industrial diamonds also have the ability to withstand extreme pressure. They give perfect finishing after cutting. Industrial diamonds are of two types viz. natural industrial diamond and synthetic industrial diamond. There is a significant variation in the prices of natural industrial diamond and synthetic industrial diamond. The synthetic industrial diamond has a much higher price than the natural industrial diamond. However, the synthetic industrial diamonds account for major share in the global industrial diamond market. However, global industrial diamond market is expected to witness a high growth rate in the forecast period.
Drivers and restraints:
One of the major factor driving the demand for industrial diamond is the growing construction industry. Increasing infrastructures and growing construction along with repair of highways is expected to fuel the growth of industrial diamond market in the near future. Moreover, the growing transportation sector is anticipated to boost the demand for industrial diamonds, thus helping the global industrial diamond to grow in the upcoming years. The increasing number of automobiles is projected to augment the industrial diamond market in the forecast period. However, threat from the competitive materials in respect to cost effectiveness is expected to restrain the global industrial diamond market in the forecast period. Also competition from the growing manufacturers is expected to be a major reason for the price fluctuations, which would impact the global industrial diamond market in the upcoming years. Research and development on more practical use of industrial diamonds can create more opportunities for the industrial diamond market players.
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Global industrial diamond market is broadly segmented on the basis of types as:
- Natural industrial diamond
- Synthetic industrial diamond
Natural industrial diamonds are of two types:
- Diamond stone
- Diamond bort (fragmented)
The synthetic diamonds account for maximum share in the global industrial diamond market in terms of production as well as consumption.
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On the basis of end use industries, the global industrial diamond market is also segmented as:
- Mining services (drilling)
- Stone cutting/ Polishing
- Machinery manufacturing
- Transportation systems
Among these segments, transportation systems and stone cutting together accounts for the major demand in the global industrial diamond market. Construction sector is followed by mining services on the basis of consumption in the global industrial diamond market.
Region – wise Outlook:
Global industrial diamond market is broadly segmented into seven segments based on region as North America, Latin America, Western Europe, Eastern Europe, Japan, Middle East and Africa and Asia Pacific. Global industrial diamond market is prominent in North America. North America accounts for the maximum share in the global industrial diamond market. United States is the largest market for industrial diamonds and is expected to continue growth in the forecast period. China is one of the major producer of synthetic industrial diamonds. Asia pacific and Europe is expected to witness high growth rates in the global industrial diamond market in the forecast period.
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Major key players:
Some of the major key players identified in the global industrial diamond market are:
- 3M company
- OJSC ALROSA
- Industrial Diamond Laboratories, Inc.
- Nixon Industrial Diamonds Ltd
- Toolgal Industrial Diamonds Ltd
- Pitt Industrial Diamond Products, Inc