The global [FURL=https://www.reportsanddata.com/report-detail/industrial-diamond-market]Industrial Diamond market[/FURL] is forecast to reach USD 2.30 Billion by 2027, according to a new report by Reports and Data. Industrial diamonds are those intended for industrial use, mainly as a cutting or abrasive tool. In general, industrial diamonds are irregularly shaped, of the wrong color, and are of vital importance in the modern metallurgy and mining industries. Their usefulness comes from the fact that diamond is the hardest natural substance known. Globally, the increased demand for high-strength abrasives for several industrial purposes and the increase in disposable income and overall economic growth of a region are the main drivers of industrial diamond growth.The COVID-19 impact:
The initial Covid-19 epidemic caused demand in the Chinese market to fall, which is estimated to account for most of the global demand. The spread of the virus in China and the quarantine measures that followed led to the closure of industries for approximately two months.
With more limited production due to mines taking care and maintenance or operating at reduced capacity, initial expectations are that production will drop to 133 million carats, a decrease of 9%.
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Key participants include ALROSA, De Beers, Applied Diamond Inc., Morgan Advanced Materials, Industrial Diamond Laboratories, Inc., Scio Diamond Technology Corporation, Industrial Abrasives Ltd., ILJIN Diamond Co., Ltd., Invedia, and IDC (Holdings) Ltd. among others.
Further key findings from the report suggest
The prices of natural diamonds are volatile due to the uncertainty of supply and demand. However, there are no production constraints associated with products grown in the laboratory. As a result, major manufacturers are focusing their attention on the introduction of laboratory-grown counterparts for industrial applications.
The main growth opportunities for the industrial diamond market are the increase in infrastructure and the growth of the construction industry and research and development activities to reduce production costs and increase the scope of industrial diamonds.
Type Outlook (Revenue, USD Billion; 2017-2027)
Natural Industrial Diamond
Synthetic Industrial Diamond
To identify the key trends in the industry, click on the link below: [FURL]https://www.reportsanddata.com/report-detail/industrial-diamond-market[/FURL]
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Construction
Transportation System
Machinery Manufacturing
Mining Services (drilling)
Electronics
Others
Distribution Channel Outlook (Revenue, USD Billion; 2017-2027)
Online
Offline
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America
US
Europe
UK
France
Asia Pacific
China
India
Japan
MEA
Latin America
Brazil
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