Industrial Diamond Market Aims to Expand at Double-Digit Growth Rate

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Industrial Diamond
 Industrial Diamond

Diamond is widely employed as a gemstone and for industrial uses, due to its physical and chemical qualities. When compared to any other substance, diamond has the maximum thermal conductivity at room temperature and is the hardest material on the planet. Wire drawing, computing, heat sinks, corrosion-resistant coatings, polishing, and cutting are just a few of the industrial uses for diamond.

Market Trends

One of the primary factors driving the worldwide Industrial Diamond Market Growth is the growing need for abrasives. Furthermore, the long service life of diamonds compared to other cutting and polishing materials, as well as the high precision supplied by diamond cutting tools, are important drivers driving demand for diamond cutting tools in the construction and oil & gas industries, resulting in market growth. Longer production runs and fewer tool changes result as a result of this.

However, due to the high cost of diamonds, both natural and synthetic, and the availability of low-cost substitutes, industrial diamonds are being used in fewer applications. These alternatives to diamonds are less expensive and can be utilized in low-cost enterprises. Cubic boron nitride, silicon carbide, and fused aluminum oxide are low-cost alternatives to the industrial diamond in cutting and polishing.

One of the primary growth factors is the increasing usage of the Industrial Diamond Market in the oil and gas industry. Diamond is a great cutting material due to its exceptional hardness and low thermal conductivity. Polycrystalline diamond bits, surface set diamond bits, and impregnated diamond bits are all drill bits that use diamond as a core material. Diamond's hardness has resulted in shorter service runs and increased drilling distance per drill bit, resulting in additional cost savings for drilling operators.

Market Outlook

In 2016, the greatest market for industrial diamonds was North America. Mining, oil and gas, electronics, and automotive were the key end-use sectors for industrial diamonds in the region. The United States' increasing shale oil and gas production is a primary driver of the Industrial Diamond Market expansion. According to the US Energy Information Administration, shale oil output from US shale plays hit 7.2 million barrels per day in June 2018.

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