The global Industrial Diamond market is forecasted to grow at a rate of 2.8% from USD 1.85 Billion in 2019 to USD 2.30 Billion in 2027. The revival of the construction sector in developed economies such that North America and the rapid increase in the industrial and construction applications in emerging Asia-Pacific economies are expected to be the main drivers of the industrial diamond market.
Top Companies Operating in the Global Industrial Diamond Market:
De Beers, ALROSA, Applied Diamond Inc., Industrial Diamond Laboratories, Inc., Morgan Advanced Materials, Scio Diamond Technology Corporation, ILJIN Diamond Co., Ltd., Industrial Abrasives Ltd., Invedia, and IDC (Holdings) Ltd.
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Synthetic diamonds price is comparatively lower than that of natural diamonds. Industrial diamond uses are several, and industrial quality diamonds are gaining traction owing to the demand for optical devices. Reduction in industrial diamond prices is also driving market demand.
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
The adoption of digital technologies by oil, gas, and chemical firms has been fueled primarily by cost savings and greater reliability. Many organizations in these areas saw excellent benefits from advanced market sensing, improved operational optimization, and expanded usage of "in silico" simulations. Companies' existing digital technologies provided an advantage with the abrupt entrance of COVID-19 and the accompanying shutdown of facilities and work sites, but they were often insufficient for the level of remote working and cybersecurity that was suddenly required.
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The Industrial Diamond market has been segmented into key regions of the world and offers an analysis of growth rate, market share, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Industrial Diamond market.
The global Industrial Diamond market is segmented into:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Type Outlook (Revenue, USD Billion; 2017-2027)
- Natural Industrial Diamond
- Synthetic Industrial Diamond
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- Transportation System
- Machinery Manufacturing
- Mining Services (drilling)
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
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