Sellbyville, DE -- (SBWIRE) -- 11/14/2018 -- GMI presents a most up-to-date research on "Superhard Materials Market"– Global Industry Analysis, Size, Share, By Product (Diamond, Cubic Boron Nitride), By Form (Monocrystalline, Polycrystalline, Composite), By End-user (Automotive & Transportation, Building & Constructions, Chemicals & Petrochemicals, Drilling, Mining & Quarrying, Electrical & Electronics) Growth Potential, Trends Statistics, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, China, India, Japan, Australia, Indonesia, Malaysia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE, Kuwait) and Forecast 2018 – 2025".

According to a new research report by Global Market Insights, Inc. Superhard Materials Market size will surpass USD 6.5 billion by 2025.

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Superhard materials market is diversified on the basis of form, product, end-user and region. Based on the product, the market is segmented into cubic boron nitride (CBN), diamond, and others which include titanium alloys, titanium nitride, etc. In terms of revenue, CBN will account for more than USD 2.5 billion in 2025 growing at a considerable rate throughout the forecast time period.

Growth driver are

- Extensive use in manufacturing operations
- Growing automotive & transportation industry
- Increasing building & construction activities

Polycrystalline superhard materials market will generate revenue over USD 2 billion in 2025. The product is majorly used in precision cutting materials, hard rock mining, road construction and others. This will enhance the product use during the forecast spell.

Based on end-user, superhard materials is diversified into automotive & transportation, building & construction, chemical & petrochemical, drilling, mining & quarrying, electrical & electronics, and others which include medical, waste water treatment plant, optics, etc. Automotive and transportation will account for more than 30% of the global share in 2025. These materials are used as abrasives, cutting tools, coating, wear parts polishing, etc. in automotive industry. According to OICA, world automobile sales was 94 million units in 2016 and increased to 97 million units in 2017.

India will generate revenue over USD 300 million by end of the forecast spell due to positive growth in manufacturing industry. Government programs such as Make in India will propel the manufacturing industry in next few years, which will further augment the super-hard materials market demand. In addition, rising automobile production in India will have a positive impact on the product market. In 2017, automotive production in the country was around 5 million units with increase of 5.83% from previous year.

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Superhard materials such as polycrystalline diamond are vastly used for drilling operations throughout the world, as they enable exploration of oil and natural gas near remote areas of the earth. The huge revenue potential for the superhard materials market can be surmised from the fact that the daily consumption of oil globally is expected to reach 109 million barrels by 2035, with the continuous evolution of the transportation and manufacturing industries.

OPEC has predicted that the oil industry will need to spend around USD 11 trillion by 2040 to meet the future global demand for oil, when the crude consumption could reach up to 112 million barrels per day. The estimates suggest a prolific next two decades for the superhard materials industry from ventures in oil, natural gas and mineral exploration, which in turn will be encouraged by the positive forecasts related to the expanding vehicle fleet and auto parts production worldwide.

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As nearly 94% of the U.S. Continental Shelf is not yet allowed to be drilled, the U.S. administration's January announcement, which revealed a five-year plan to expand the drilling in U.S. continental waters, will generate additional demand for the superhard materials industry. The remarkable growth of the mining sector will also contribute towards the earnings of the superhard materials market, as high-level technologies and majority of industries support the mining of minerals and metals ores.