“Industrial Diamond Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” is a detailed examination of the factors that promote and/or inhibit the market’s overall growth rate, currently as well as for the given forecast period. The industrial diamond is an artificially produced commodity that holds multiple and highly favorable properties, including high thermal conductivity, strength, durability, and a high resistance to wear and corrosion.
The industrial diamond finds a massive scope of applications across several key end users, so much so that nearly 80% of the artificially produced diamonds across the global go into industrial uses. Synthetic diamonds are highly preferred over natural diamonds in industrial applications, owing to their lower costs, the ease with which their physical, mechanical, and chemical properties can be manipulated during manufacture, and on the grounds of humanitarian issues that concern the exploitation of human rights in mining activities.
The primary factor driving the global industrial diamond market is the upswing in activities among its leading end users, including the industries of electronics, automotive, transportation, and construction. Each industry requires a varied but still large scale usage of processes such as polishing, cutting, gridding, and drilling, each of which can be done extremely effectively using industrial diamonds. The significantly higher strength and durability of diamonds over metals and alloys is creating a higher preference for them across all regions. Products such as drills that use diamond-tipped drill bits are known to be very effective in their applications, as well as lasting much longer than conventional drill bits.
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The global industrial diamond market is also being propelled by the increasing expenditure over infrastructure expansion processes in several regions, especially in emerging economies. From a regional perspective, Asia Pacific is currently a high value region in terms of growth opportunities and growth of demand. Countries such as India and China are showing a booming rate of growth in the industries of construction and automotive, creating a very rate of usage of industrial diamonds.
However, the global industrial diamond market is currently being restrained by factors such as the volatility of prices of synthetic diamonds, due to the unpredictable acquisition rates of their raw materials by manufacturers. Industrial diamonds are also much more expensive than their substitutes such as metals, creating a considerable gap in financial conditions that end users need to cross in order to make large scale use of industrial diamonds.
Some of the key players in the global industrial diamond market include Applied Diamond Inc., Industrial Abrasives Limited, Advanced Diamond Solutions Inc., Diamond Technologies Inc., Hebei Plasma Diamond, Diamonex, Morgan Technical Ceramics, Scio Diamond Technology Corporation, Novatek, Sumitomo Electric, and Worldwide Diamond Manufacturers Pvt. Ltd.