Industrial Diamond Market Worth $2.19 Billion By 2025 | CAGR: 2.9%

The global industrial diamond market size is expected to reach USD 2.19 billion by 2025 registering a CAGR of 2.9%, according to a new report by Grand View Research, Inc. Advancement in smart mining technologies coupled with increasing production of synthetic diamonds are projected to drive the market. Industrial diamond has substantial applications in the automotive industry. It has been reported that around 1.5 carats of industrial diamond is used in the manufacturing of every automobile in U.S. Automotive components require precise and stable manufacturing processes. The operations, such as grooving, boring, grinding, turning, milling, and honing, can be performed with the help of industrial diamond tools. According to the International Organization of Motor Vehicle Manufacturers, global sales including passenger cars and commercial vehicles accounted for 93.6 million in 2017, an increase of 2.3% from the previous year.

The advancement in the production and management system is helping the growth of the automotive industry. Increasing competition along with digitization and globalization is changing the face of the industry. Key companies are developing innovative and advanced techniques to trace the diamonds. Recently, De Beers announced successful tracking of 100 high-quality diamonds through an emerging technology known as blockchain. Also, in April 2018, Helzberg Diamonds, Asahi Refining, and LeachGarner collaborated for a project to track and authenticate diamonds. Moreover, smart mining technology is expected to trigger new growth opportunities for the industry. Data analytics software along with the use of precise GPS systems and Internet of Things (IoT) can also help to boost the productivity of mining operators.

Know More @ https://www.grandviewresearch.com/industry-analysis/industrial-diamond-market/request/rs1

Further key findings from the study suggest:

• Natural type segment is anticipated to reach USD 341.1 million by 2025 owing to increasing product demand from cutting, drilling, and polishing applications
• In terms of revenue, electronics application is projected to be the fastest-growing segment at a CAGR of 3.5% from 2019 to 2025
• Construction application led the global industrial diamond market in 2018 and will maintain its leading position throughout the forecast years due to increasing construction activities and infrastructure development in APAC and MEA
• In terms of revenue, North America is projected to be the second fastest-growing regional market over the forecast period

Some of the key companies in the market are ALROSA; De Beers Group; Industrial Diamond Laboratories, Inc.; Scio Diamond Technology Corp.; and Morgan Advanced Materials