Surging demand for abrasives in major end-use industries is estimated to drive the market in the forecast period. Over 80% of the global diamond industry is captured by industrial diamonds.
In 2014, the worldwide industrial diamond market contributed over USD 20 billion. Africa and the U.S. are the key manufacturers of diamonds.
These regions occupy most of the shares in the global manufacturing market. Around 40% of the total materials generated are in diamond powder form.
Synthetic industrial diamonds can be customized as per requirements and are preferred over natural ones.
Enormous supply of synthetic diamonds will boost the industrial diamond market in the coming years. Over the recent past, nanodiamonds have faced accelerated demand.
They are majorly used in industries such as biosensors, polymers, and lubricants. Usage of nanodiamonds in the medical sector would benefit the market.
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This usage is even expected to generate opportunities for market players. The market relies heavily on global economy.
Unstable prices may negatively affect market pricing. In 2009, recession in developed nations led to reduction in diamond prices.
Manufacturers of synthetic industrial diamonds often observe political conflict globally.
Industrial diamonds are majorly used in polishing, cutting, lapping, and grinding tools. Ornamental diamonds are verified on account of their color and cut.
They are valued according to their conduction to thermal energy and resistance to heat & corrosion. Industrial diamonds are utilized in the production of abrasives.
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Moreover, they find applications in the production of medical equipment and flat screens. Diamonds are mostly used as nanoparticles.
With respect to geographies, Asia Pacific dominated the industrial diamond market in 2014. More than 90% of the regional revenue came from China.
Mines in Asian Pacific nations have proved favorable for global market consumption. Also, industrialization promotes the region.
Increasing manufacturing investments and GDP in India and China are projected to boost Asia Pacific. North America contributed considerable share and would grow moderately over the forecast period.
Leading participants in the industrial diamond market are Hebei Plasma Diamond, Morgan Technical Ceramics Diamonex, Applied Diamond Inc., and Worldwide Diamond Manufacturers Pvt. Ltd. Enhanced technologies and nanoscience penetration in new applications are anticipated to assist these players in gaining competitive edge over others.
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