Diamond Powder Market Segmentation:
Synthesis Segment Analysis
Synthetic segment in the diamond powder market is anticipated to grow largest share of 54% during the forecast period. The uniform quality and purity of synthetic diamond powder guarantee reliable performance in a range of applications. This dependability is especially desirable in fields where accuracy and consistency are critical. Furthermore, the creation of synthetic diamonds offers a more affordable option to natural diamonds, which are expensive and have limited supply. This is especially true for sectors that need significant amounts of diamond powder. Furthermore, the need for synthetic diamond products is being driven by expanding industries like electronics, aerospace, and automotive, which are using diamond powder more and more for a variety of purposes. Therefore, the expansion of these industries is also accelerating the growth of the segment. As per a report, in 2019, the electronics industry was estimated to be worth 953.4 billion dollars, or around 20% of the total market value, which was 4.9 trillion dollars. In addition, the environmental effect of producing synthetic diamond powder is generally smaller than that of mining natural diamonds. Growing environmental consciousness may lead sectors to favor more sustainable synthetic alternatives.
Applications Segment Analysis
Drilling segment in the diamond powder market is expected to hold a share of 35% during the forecast period. With increasing exploration activities in sectors like oil and gas, mining, and geothermal energy there’s a rising demand for diamond powder for drilling purposes. Also, growing infrastructural projects such as the construction of roads, bridges, tunnels, and underground utilities, require extensive drilling operations. Additionally, as industries seek to access resources located in remote or challenging environments, there’s a need for more advanced drilling technologies. Furthermore, expansion in renewable energy projects such as wind and solar farms often involves drilling for foundation installation and exploration of suitable sites. For instance, Repsol, a Spanish renewable energy firm, started building the Delta II wind energy project in a few Spanish provinces in May 2021. With a total capacity of 860 MW when fully operating, Delta II will be able to supply about 800,000 houses throughout Spain. Therefore, all these factors are propelling the growth of the segment.
Our in-depth analysis of the global diamond powder market includes the following segments:
|
Product Size |
|
|
Synthesis |
|
|
Applications |
|
