Industrial Diamond Market: Demand Analysis and Growth Forecast
Industrial diamond is a raw form of diamond which is used for industrial purposes such as cutting, drilling, grinding, and polishing. These diamonds are completely different from the conventional lustrous diamond as they are irregularly shaped, poorly colored, and badly flawed. Industrial diamonds are not that expensive but since diamonds are the hardest substances available, they come with numerous applications in the mining, model metalworking, construction, and transportation industries.
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The abundance of conventional (synthetic) diamond is fairly higher than that of the industrial (natural) diamond. A recent market research report from IndustryARC has foreseen the affluence of automobile and construction companies to induce a hype in the industrial diamond market during the forecast period of 2018 to 2023.
Industrial Diamond Market: Key Drivers and Disruptive Trends
The increased usage of industrial diamond in the manufacturing of electronic screens, medical equipment, and abrasives are key drivers of the global industrial diamonds market. The industrial diamond has seen growing demands from the construction and transportation companies in recent years. The construction companies are using it for the repair work of huge infrastructures like highways, skyscrapers, and so on, while the transportation companies are using it for cutting purposes.
However, the diamond market is dependent on the global economy, and volatile prices might affect the market in a negative direction. This industry involves massive amounts of money and political conflicts among countries affect this market globally, which leads to a bad impact on the producers.
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Industrial Diamond Market: Leading Segments
Based on the type, the industrial diamond market is classified into two branches: natural and synthetic. Application-wise, the market can be segmented into construction and mining, stone cutting or polishing, machinery manufacturing, and transportation. According to geographical demography, this market is currently in good stead in the regions of Europe, Asia-Pacific, and North America.
Industrial Diamond Market: Competitive Landscape
A few key players in the market are Industrial Diamond Laboratories, Inc., Sumitomo Electric Scio Diamond Technology Corporation, and Advanced Diamond Solutions Inc. Another company from Massachusetts, called Advanced Diamond Inc., recently invested a great amount of capital in their research and development department and has made a significant impact globally. The global demands for synthetic diamonds have reduced but the companies who are doing business in the industrial diamonds are seeing profits.
Diamond is the hardest naturally occurring substance on the earth. The industrial diamond market is expected to flourish in near future because of its applications in multiple domains such as manufacturing, construction, electronics, and automobile industry. However, the requirement of substantial investment is hindering smaller players from making a foray into the field and driving innovation.
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