New Castle, Delaware, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Allied Market Research has recently published a report, titled, “Polycrystalline Diamond Market by Type (PCD Milling Tools, PCD Turning Tools, Others), by Application (Automotive, Machinery, Aerospace, Semiconductors, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032”. According to the report, the global polycrystalline diamond market generated $900.6 million in 2022 and is anticipated to generate $1.6 billion by 2032, witnessing a CAGR of 6.1% from 2023 to 2032.
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Prime Determinants of Growth
Over the years, there has been an increase in the need for high-precision machining and surface finishing in industries, such as aerospace and automotive manufacturing. As a result, there is an increase in demand for polycrystalline diamonds which is predicted to be one of the important factors driving the growth of the global polycrystalline diamond market in the forecast timeframe. However, the decline in the growth rate of the oil & gas sector may hamper the polycrystalline diamond market growth in the coming period. On the contrary, the long tool life of polycrystalline diamonds has increased their demand which is expected to offer growth opportunities for expansion of the polycrystalline diamond market in the 2023-2032 forecast period.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $900.6 million |
| Market Size in 2032 | $1.6 billion |
| CAGR | 6.1% |
| No. of Pages in Report | 280 |
| Segments covered | Type, Application, and Region |
| Drivers | Increasing need for high-precision machining and surface finishing in industries like aerospace and automotive manufacturing Growing demand for polycrystalline diamonds due to improved cutting efficiency and reduced scrap rates |
| Opportunities | Growing demand for polycrystalline diamond for cutting due to their long tool life The rising trend to use polycrystalline diamonds for machining difficult-to-machine materials like composites, ceramics, and nonferrous metals |
| Restraints | Decline in the growth rate of oil and gas sector |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global polycrystalline diamond market. The construction industries across the world faced a massive slowdown during the pandemic which reduced the demand for polycrystalline diamonds.
- Also, the oil and gas sector witnessed a major slump during the pandemic which brought down the growth rate of the polycrystalline diamond market.
- The polycrystalline diamond market is, however, projected to show steady growth in the future due to increasing demand for polycrystalline diamond tools for cutting, drilling, and machining in the construction industry.
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Application: Automotive Sub-segment Projected to be Highly Dominant During the Forecast Period
The automotive sub-segment accounted for the highest polycrystalline diamond market share in 2022 and is expected to grow at a CAGR of 7.6% during the forecast period. In the last few years, there has been an overall increase in the demand for polycrystalline diamonds for cutting composites, carbon fiber, and other high-strength materials utilized in contemporary car designs. This growth in demand and usage of polycrystalline diamonds is predicted to boost the sub-segment’s growth by 2032.
Type: PCD Milling Tools Sub-segment to be Flourish Immensely by 2032
The PCD milling tools sub-segment generated the highest market share of 44.5% in 2022 and is predicted to continue to dominate in terms of market share by 2032. Polycrystalline diamond (PCD) milling tools have better attributes and advantages over other types of tools such as high wear resistance and strength. These advantages have increased the demand for milling tools which is predicted to boost the sub-segment’s growth by 2032.
Region: Asia-Pacific Market to be One of the Fastest Growing by 2032
The Asia-Pacific region accounted for the highest share in the global polycrystalline diamond market in 2022 and is expected to rise at the highest CAGR of 7.3% during the forecast period. The rapid industrialization and development of manufacturing businesses in various countries of this region are expected to be the two main growth drivers of the market in Asia-Pacific region by 2032.
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Leading Players in the Polycrystalline Diamond Market:
- Sandvik Group
- Wirutex
- Kyocera
- Mapal
- Kennametal
- Ceratizat
- Mitsubishi Materials
- Preziss Tool
- Sumitomo Electric
- Union Tool
The report provides a detailed analysis of the key players of the global polycrystalline diamond market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain their dominance in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Country Reports We Have in this Industry:
• Canada Polycrystalline Diamond Market Opportunity Analysis and Industry Forecast, 2022-2032
• Mexico Polycrystalline Diamond Market Opportunity Analysis and Industry Forecast, 2022-2032
• Europe Polycrystalline Diamond Market Opportunity Analysis and Industry Forecast, 2022-2032
• Germany Polycrystalline Diamond Market Opportunity Analysis and Industry Forecast, 2022-2032
• Diamond Market Opportunity Analysis and Industry Forecast, 2023-2032
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