The global Diamond Tools Market is estimated to surpass $4.37 billion marks by 2026 growing at an estimated CAGR of more than 6.7% during the forecast period 2021 to 2026.
The global Diamond Tools Market is estimated to surpass $4.37 billion marks by 2026 growing at an estimated CAGR of more than 6.7% during the forecast period 2021 to 2026. The use of efficient tools for the purpose of surface finishing and cutting of materials is an important factor in light of the economic efficiency of many processes and industries. For some applications, tools with super hard nature provide a cost-effective alternative to conventional tools. Diamonds are one such natural hard materials on the earth, which are harder than corundum and silicon carbide. When used on tools, diamonds grinds the materials to the micro (nano) level. Trade policy barriers with the effect of Brexit and strong financial support from governments in emerging nations may challenge the European exporters in their domestic markets. Meanwhile, the machine tool industry (including diamond tools) is a technical and technology-intensive sector, the recent technological developments from other nations may have impact on the growth of diamond tools market in Europe.
Diamond Tools Market Report Coverage
The report: “Diamond Tools Market– Forecast (2021-2026)”, by IndustryARC covers an in-depth analysis of the following segments of the Diamond Tools Market.
By Type: Abrasive, Sawing Tool, Drilling Tool, Cutting Tool and Others
By Manufacturing Methods: Metal Bonded, Resin Bonded, Plated, Ceramic Bonding, PCD, PDC and Others
By Applications: Turning, Fly Cutting, Multi-Axis Milling, Grooving, Boring and Others
By End User Industry: Stone Processing, Transportation, Geological Prospecting, Machining, Construction, Woodworking, Auto spare Parts, IT and Home Appliances and Others
By Geography - North America (U.S, Canada, Mexico), South America(Brazil, Argentina and others), Europe (Germany, UK, France, Italy, Spain, Russia and Others), APAC(China, Japan India, SK, Aus and Others), and RoW (Middle east and Africa).
Key Takeaways
Increased urbanisation, investment, government spending, and consumer spending will trigger an increase in infrastructure development for the building and construction industry in this region which in turn raises the demand for diamond tools in stone processing industry
The market for diamond tools is in growth stage owing to the increasing trend of auto motives, machinery industries around the world. The imports and exports of the diamond tools have also shown significant growth over the years.
The high strength and wear resistance of diamond is boosting the utilization of these tools for processing of several hard and soft metals
The environmental issues concerned with the disposal of waste generated in these processes is hindering the growth of diamond tools market in stone processing industry.
Diamond Tools Market Segment Analysis - By Type
Diamond sawing tools dominated the Diamond Tools Market as compared to the other types. Diamond sawing tool is a saw blade which contains diamonds fixed on its edge for cutting hard materials. In general, many various kinds of diamond saw tools are available and are having wide variety of uses including cutting stone, concrete, asphalt, bricks, coal balls, glass, and ceramics in the construction industry; cutting semiconductor materials in the IT industry; and cutting gemstones, including diamonds, in the geological prospecting industry. Despite the high price of these tools, the advantages provided by diamond sawing tools will drive the market growth.
Diamond Tools Market Segment Analysis - By End-Use Industry
Diamond tools are the essential components of stone processing industry as these tools are used is designing and structuring of natural stones into precise construction material with desired standards and dimensions. The relatively high wear resistance, high strength and low friction coefficient of diamond tools is escalating the utilization of diamond tools such as saw blades, wire saws and diamond polishing pads in various stone machining applications. Diamond tools are increasingly used in most of these processes that are involved in the manufacturing of standard stone products such as tiles, kerbs, slabs and other decorative arts. Besides, the environmental issues concerned with the disposal of waste generated in these processes is hindering the growth of diamond tools market in stone processing industry. However, the usage of these waste marble and granite particles in concrete industry to replace a proportion of sand and clay is ousting this constraint.
Diamond Tools Market Segment Analysis - By Geography
North America leads the way per region in the global demand for Diamond Tools. Diamond tools are being used across the regions for various applications. The major industry sectors, which consume industrial diamonds are machinery manufacturing, mining services (drilling for mineral, natural gas, and oil exploration), stone cutting and polishing, and transportation systems (infrastructure and vehicles). The market for diamond tools is in a growth stage, particularly in APAC owing to the increased demand for automobiles and machinery industries across the region. The imports and exports of the diamond tools have also shown significant growth over the years. The growing prevalence of automation, manufacturing, construction among many others are forcing the need for the hardest machinery tools, primarily diamond tools
Diamond Tools Market Drivers
Rapidly growing construction
The construction activities of both residential and commercial buildings is constantly growing across the world owing to the growing population and large infrastructure developments. The utilization of typical marble and granite stones that are used in construction industry is likely to be the major driving factor for the growth of diamond tools market. The precise size and thickness requirements of granite stones that are used in foundations of high-rise buildings is motivating the adoption of diamond tools into construction industry
The fuel efficiency and noise reduction requirements in Automotive and Aerospace industries
In addition to the environmental issues, the customer interest in reducing fuel consumption to improve fuel cost efficiency is in turn increasing the adoption of precise diamond tools into automotive industry for fine processing of engine components. Moreover, the increasing demand for high precision processing for lowering the frictional noise coupled with noise reduction needs in both luxury and lower-end cars is boosting the utilization of high-quality diamond tools. The utilization Carbon Fiber Reinforced Plastic (CFRP) in production of aircraft winds motivated by the strong and lightweight features of CFRP is likely to provide an opportunity for diamond tools market in aerospace industry.
Diamond Tools Market Challenges
High Cost and Presence of Alternatives
The high cost of diamond grits and low service life of graphite moulds is posing economic and operational constraints on the utilization of diamond tools in metal processing applications, have triggered the research activities for development of substitute materials. Cubic Boron Nitride (CBN), the second hardest naturally occurring material, next to diamond is used as a substitute for relatively costly diamond tools in precise cutting applications. The superior conductivity of CBN tools is projecting the adoption of CBN tools for micro and nanometric cutting of silicon in various engineering applications. Moreover, the tradeoff between the price spikes of cobalt and the precise processing capabilities of diamond tools is also bounding the extent of cobalt substitution
Diamond Tools Market Landscape
Product launches, acquisitions, and R&D activities are key strategies adopted by players in the Diamond Tools Market. Asahi diamond industrial Co Ltd, Saint-Gobain (Saint-Gobain Abrasives S.A), Hilti Group (Hilti India Private Limited), BOSUN Tools Co., Ltd. and Blount International (ICS, Blount) and others are considered to be the key players of the Diamond Tools Market.
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