Diamond Powder Market size is anticipated to reach USD 556 Million by the end of 2036, growing at a CAGR of 5% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of diamond powder was over USD 302 Million. The electronic, automotive, and aerospace industries are just a few of the fields where diamond powder has made a splash. Diamond powder is used as an exfoliant in skin care products to help reduce wrinkles and remove cellulite. For instance, the global skin care industry is expected to bring in USD 186.60 billion in sales by 2024. Furthermore, when diamond particles are present in trace levels, they exhibit spectral identities. Due to this characteristic, the pharmaceutical industry started an R&D process to incorporate diamond powder into medicine formulations at lower percentages.
In addition, diamond powder finds use in the optical sector. Because of its high refractive index and transparency, it's a great material to use for optical windows, prisms, and lenses. These elements are necessary in many disciplines, including microscopy, astronomy, and telecommunications. Superior light transmission is ensured by the use of diamond powder in optics, enabling crisper and more accurate images.
Growth Drivers
Challenges
|
Base Year |
2023 |
|
Forecast Year |
2024-2036 |
|
CAGR |
~ 5% |
|
Base Year Market Size (2023) |
~ USD 302 Million |
|
Forecast Year Market Size (2036) |
~ USD 556 Million |
|
Regional Scope |
|
Synthesis (Synthetic, Natural)
Synthetic segment in the diamond powder market is anticipated to grow largest share of 54% during the forecast period. The uniform quality and purity of synthetic diamond powder guarantee reliable performance in a range of applications. This dependability is especially desirable in fields where accuracy and consistency are critical. Furthermore, the creation of synthetic diamonds offers a more affordable option to natural diamonds, which are expensive and have limited supply. This is especially true for sectors that need significant amounts of diamond powder. Furthermore, the need for synthetic diamond products is being driven by expanding industries like electronics, aerospace, and automotive, which are using diamond powder more and more for a variety of purposes. Therefore, the expansion of these industries is also accelerating the growth of the segment. As per a report, in 2019, the electronics industry was estimated to be worth 953.4 billion dollars, or around 20% of the total market value, which was 4.9 trillion dollars. In addition, the environmental effect of producing synthetic diamond powder is generally smaller than that of mining natural diamonds. Growing environmental consciousness may lead sectors to favor more sustainable synthetic alternatives.
Applications (Lapping & Polishing, Sawing, Cutting & Grinding, Electroplating, Drilling)
Drilling segment in the diamond powder market is expected to hold a share of 35% during the forecast period. With increasing exploration activities in sectors like oil and gas, mining, and geothermal energy there’s a rising demand for diamond powder for drilling purposes. Also, growing infrastructural projects such as the construction of roads, bridges, tunnels, and underground utilities, require extensive drilling operations. Additionally, as industries seek to access resources located in remote or challenging environments, there’s a need for more advanced drilling technologies. Furthermore, expansion in renewable energy projects such as wind and solar farms often involves drilling for foundation installation and exploration of suitable sites. For instance, Repsol, a Spanish renewable energy firm, started building the Delta II wind energy project in a few Spanish provinces in May 2021. With a total capacity of 860 MW when fully operating, Delta II will be able to supply about 800,000 houses throughout Spain. Therefore, all these factors are propelling the growth of the segment.
Our in-depth analysis of the global diamond powder market includes the following segments:
|
Product Size |
|
|
Synthesis |
|
|
Applications |
|
North American Market Forecast
North American diamond powder market is expected to hold the largest share of 36% by the end of 2036. The existence of key companies is one of the main reasons propelling the market expansion in the region. Additionally, the aerospace, automotive, electronics, and medical device industries are among the sophisticated manufacturing sectors with a significant presence in the region. In addition, there is an increasing need for diamond powder in drilling and construction applications due to the region's continuous infrastructure development projects. Forecasts indicate that the amount spent on new road construction will reach about 153 billion U.S. dollars by 2027. The spending on new transportation infrastructure is likely to continue rising. Also, in 2022, the United States spent considerably over $100 billion on power construction projects.
APAC Market Statistics
Diamond powder market in Asia Pacific is anticipated to hold a share of 28% by the end of 2036. Because of the technical developments in research and development, Asia Pacific is seen as a promising region. The widespread implementation of the product in various industrial applications, such as space exploration, mining, medical treatments, and stone cutting, is another factor that stimulates growth in the region. Furthermore, it is anticipated that the diamond powder market will grow due to factors such as increasing consumer disposable income, the widespread usage of the product in UV (ultraviolet) light or high-energy particle detectors, and the popularity of synthetic diamond powder as an environmentally benign alternative to genuine diamonds.
Author Credits: Smruti Ranjan, Rajrani Baghel
FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.
Have questions before ordering this report?