Seattle, WA -- (SBWIRE) -- 11/15/2019 -- Diamond, the hardest known material, is extensively used for various applications, from jewelry to industrial purposes. It possess significant physical and chemical properties and has the highest thermal conductivity at room temperature conditions when compared to any other material. Industrial applications of diamond include wire drawing, computing, heat sink, corrosion-resistant coating, polishing, and cutting.
Industrial diamonds find application as a heat sink in electronic thermal management operations and are used as catalysts in the chemical industry, abrasive in the construction, automotive, aerospace, and defense industries.
There are two types of industrial diamonds namely natural and synthetic. Natural diamonds, which are utilized in industrial applications. Synthetic diamond is the most commonly used diamond in industrial applications, as it can be produced in large quantities and can be designed based on its end-use applications.
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Growing global demand for abrasive is expected to drive growth of the global industrial diamonds market during the forecast period. Diamonds exhibit longer service life as compared to other cutting and polishing materials, and have high precision, which is expected to increase its demand from oil & gas industry in the near future. This further leads to longer production runs and lower tool changes.
However, high cost of diamond, both natural and synthetic, and availability of low cost are expected to reduce its adoption, which in turn, is expected to restrain the market growth in the near future. These alternatives are cheaper than diamond and may be used in low cost operations. Low cost alternatives for industrial diamond in cutting and polishing include cubic boron nitride, silicon carbide, and fused aluminum oxide.
Moreover, increasing use of industrial diamonds in the oil & gas industry is driving the global industrial diamond market growth. The extreme hardness and low thermal conductivity of diamond makes it an ideal cutting material. Drill bits that use diamond as a core material include polycrystalline diamond bits, surface set diamond bits, and impregnated diamond bits. The use of diamond due to its hardness has led to shorter service runs and increased drilling distance per drill bit, which further results in increased cost savings for drilling operators.
Synthetic diamonds are manufactured through high-pressure high-temperature (HPHT) method and chemical vapor deposition (CVD). These technologies have witnessed several advances such as improved process efficiency and cost of manufacturing. According to the Gemological Institute of America, synthetic industrial diamond manufacturers are switching to CVD technology due to low cost of the process. These factors have bolstered the industrial diamond market growth.
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Among regions, North America accounted for the largest share in the market in 2016. The major end-use industries of industrial diamonds in the region were mining, oil & gas, electronics, and automotive. This is owing to booming shale oil and gas production in the U.S. According to the U.S. Energy Information Administration, the shale oil output from the U.S. shale plays reached around 7.2 million bpd in June, 2018.
According to the U.S. Geological Survey, the production of industrial diamonds in the U.S. was pegged at 125 million carats in 2015. Although much of the demand in the country was met by imports from China. China's production of industrial diamonds in 2016 was pegged at 4 billion carats according to the same source.
Key companies in the market are involved in various growth strategies such mergers and acquisition, in order to gain competitive edge in the market. For instance, in 2015, Schlumberger Limited, an oil and gas service provider, acquired Novatek Inc., a U.S.-based company that is specialized in synthetic diamond cutting technologies. This acquisition helped in boosting the drill bits product portfolio of Schlumberger Limited. Schlumberger also acquired Novatek's R&D center as part of the acquisition, which will boost the company's technology capabilities through innovations and product developments.
Key players operating in the global industrial diamond market are Scio Diamond Technology Corporation, Industrial Abrasives Ltd, Alrosa, The 3M Company, Toolgal Diamond Tools, Invedia, Advanced Diamond Technologies, Inc., Applied Diamond Inc., Hebei Plasma Diamond Technology Co., Ltd., and Schlumberger Limited.
On the basis of product type, the global industrial diamond market is segmented into:
On the basis of end-use industry, the global industrial diamond market is segmented into:
- Oil & Gas
- Others (Aerospace, Defense, Automotive, etc.)
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