The industrial diamond market is a niche market with a wide range of applications, from cutting and grinding to polishing and drilling.
The major drivers of the market are the increasing demand for industrial diamonds in the construction and infrastructure industries, and the growing use of industrial diamonds in the automotive and electronics industries. Industrial diamonds are used in a wide range of applications, including as abrasives for cutting and grinding, as polishing agents for various surfaces, and as drilling tools for drilling into hard materials such as rocks and concrete.
The major restraint of the market is the high cost of production and the limited availability of natural diamonds. Synthetic industrial diamonds are less expensive than natural diamonds, but still, the cost of production is relatively high. Additionally, the limited availability of natural diamonds can also limit the growth of the market.
The global industrial diamond market is segmented on the basis of product, application, and region. On the basis of product, the market is segmented into natural diamond and synthetic diamond. On the basis of application, the market is segmented into construction and infrastructure, automotive, electronics, and others.
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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.
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
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Industrial Diamond Market Segmentation
Global industrial diamond market is broadly segmented on the basis of types as:
- Natural industrial diamond
- Synthetic industrial diamond
- Diamond stone
- Diamond bort (fragmented)
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
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