Market Introduction

The global diamond tools market held a market size of USD 15,154.7 Million in 2020 and is expected to reach USD 24,286.7 Million by 2027. The global diamond tools market is anticipated to grow at a CAGR of 7.1% over the forecast period.

Diamond tool is a cutting tool, utilizing diamond grains attached to the tools using bonding and other procedures. Diamond tools offers number of advantages as compared to the other cutting tools, including higher cutting precision with superior sharpness, excessive hardness, wear resistance capability, and high thermal conductivity. The demand for diamond tools is fuelled by increased adoption of industry 4.0 across various end-use industries, and increased investments in construction industry. Whereas, high cost of diamond tools as compared to other cutting tools in the market, and fluctuations in raw material prices is expected to create hindrance in market growth.

Diamond tools market is a highly fragmented, with the presence of international and local players across various regions. This results in increased competition in the market. Market players are continuously focusing on geographical expansions in order to increase their client base.

Growth Influencers

Increasing demand for efficient cutting tools to operate in extreme cutting conditions

Continuous increase in the demand for cutting tools, which can perform efficiently under extreme cutting conditions, is expected to fuel the growth of diamond tools market in the forthcoming years. Currently, manufacturing industry is looking for improving the mechanical properties of product materials, especially the material hardness. conventional cutting tools are heavily dependant on sintering the number of materials, and the time required to complete the sintering cycle, which in turn increases the cost of the whole process. Additionally, conventional methods are not effective for usage in extreme cutting conditions including extreme temperature and friction. Diamond tools offers wear resistance capability, and high thermal conductivity which makes the fabrication and processing of products easier. Due to these advantages offered by the diamond tools the market is expected to grow in the forthcoming years.

Increased adoption of industry 4.0 is fueling the demand for diamond tools

Increased adoption of Industry 4.0 across various industries, is one of the most important factors driving the growth of diamond tools market. Industry 4.0 has brought a revolution in the manufacturing process, in turn increasing the capacity, volume, and reducing the cost of manufacturing process. Increased manufacturing activities has resulted in flourishing the demand for diamond tools across different industries.

High cost of diamond tools is restraining the market growth

High cost of diamond tools is one of the most crucial factors, restraining the market growth. Dimond tools are worth the investment only for industries operating with advanced materials. Researchers are actively looking for the substitute of diamond tools. Introduction of Cubic Boron Nitride (CBN), the second hardest material after diamond, posed a big challenge in the diamond tools market.


Segments Overview

The global diamond tools market is segmented into product type, manufacturing method, and end user industry,

By product type
Abrasive Type
o Finishing-based
o Lapping-based
Drilling Tools
Cutting Tools
Sawing Tools
Milling Tools
Diamond Dressers
Others

The abrasive type segment accounted for the largest share of product type segment, in 2020. The abrasive type segment is expected to continue this dominance during the forecast period

By Manufacturing Method
Ceramic Bonding
Metal Bonded
Plated
Resin Bonded
Others

The metal bonded segment accounted for the largest market shared, based on manufacturing methods. The plated segment is estimate to grow at a highest rate of 7.4% during the forecast period.
By Application
Turning
Fly Cutting
Multi Axis Milling
Grooving
Boring

Based on application, the turning segment accounted for the largest market share in 2020. The multi axis milling is forecasted to grow at a highest CAGR of 7.8% during the forecast period.

By End User Industry
Aerospace & Defense
Automotive
Ceramic
Construction
Fabrication & General Manufacturing
Geological
Glass
Healthcare & Pharmaceuticals
Stone Processing
Based on end user industry, the aerospace & defense segment is estimated to grow at a highest CAGR, during the forecast period. Whereas, construction segment is dominating the end-user industry segment with the largest market share in the year 2020.


Regional Overview

On the regional basis, the global diamond tools market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Asia pacific is dominating the global diamond tools market. The increased spending in the construction sector coupled with the high adoption rate of advanced technology is expected to support market growth in Asia pacific region. Whereas, South America region is expected to grow at a highest CAGR of 8.3% during the forecast period.

Competitive Landscape

Prominent players functioning in the market include Alpha Diamond Tools Co., Ltd., Bell Impex (Juhai), Compagnie de Saint-Gobain S.A., Danyang Tianyi Diamond Tools Co., Ltd., Dellas S.p.A., EHWA Diamond Industrial Co. Ltd., Foshan Boer Ceramic Technique Co., Ltd., G & G Surface Technology, HILTI Group, Hunan Qiliang Abrasive Tools Co., Ltd., Husqvarna AB, Kyocera Unimerco A/S, Monte-Bianco Diamond Applications Co., Ltd., Quanzhou JDK Diamond Tools Co., Ltd, Sanwa Diamond Tools, Shinhan Diamond, Sumitomo Electric Industries, Ltd., Swarovski KG, Syntec Diamond Tools, Inc., Texas Diamond Tools, Inc., TOOLGAL Industrial Diamonds Ltd., and others. The major 6 players in the market accounted for a cumulative market share of nearly 30% in 2020

Key market players are actively engaged in strategic collaboration, mergers and acquisition, regional expansion, new product development and innovation to increase their presence in the global diamond tools market.

The global diamond tools market report offers insights on the below pointers:

1. Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
2. Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
3. Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
4. Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading market players.

The global diamond tools market report answers questions such as:

1. What is the market size and forecast of the global diamond tools market?
2. What are the inhibiting factors and impact of COVID-19 on the global diamond tools market during the assessment period?
3. Which are the products/segments/applications to invest in over the assessment period in the global diamond tools market?
4. What are the technology trends in the global diamond tools market?
5. What strategies are considered favourable for entering the global diamond tools market?