REPORT HIGHLIGHT
Superhard Materials Market size was valued at USD 5,560.9 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
Superhard materials are a type of materials characterized by their extraordinary hardness, which exceeds that of many normal materials. Because of their resistance to deformation, scratching, and wear, they perform vital roles in a variety of industrial applications. A wide range of scientific, medicinal, and industrial applications require hard and Superhard materials. The link between the crystal structure, chemical content, and microstructure determines their resistance to indentation. For example, Diamond: Naturally occurring and also synthetically produced, diamond is the hardest known material, with a score of 10 on the Mohs scale of hardness. Its unique combination of hardness, thermal conductivity, and transparency make it invaluable in various applications.
Superhard Materials Market - Market Dynamics:
- An increase in the usage of Superhard materials in different end-user industries owing to their hardness, incompressibility, elasticity, and resistance to change shape is expected to propel market demand
- Superhard materials, due to their exceptional properties, find applications in various industries. Advancements in the synthesis and processing of these materials can unlock new applications and further their industrial importance. Superhard materials are essential in the automotive industry for machining parts, finishing surfaces, and producing wear-resistant components. The auto industry accounts for 3% of America's GDP. Also, the total value of the US car and automobile manufacturing market is USD104.1 billion in 2023. With technological breakthroughs, the creation of synthetic Superhard materials such as diamonds has become more viable, opening the way to more controlled and sustainable production. However, the synthesis of certain Superhard materials can be costly, making large-scale production or competitive pricing difficult, which hampers the market growth.
Superhard Materials Market - Key Insights:
- As per the analysis shared by our research analyst, the global Superhard Materials market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030)
- Based on product type segmentation, the diamond was predicted to show maximum market share in the year 2022
- Based on Form segmentation, the composite was the leading type in 2022
- Based on End-User segmentation, Building, and Construction was the leading type in 2022
- On the basis of region, North America was the leading revenue generator in 2022
Superhard Materials Market- Segmentation Analysis:
- The Global Superhard Materials Market is segmented on the basis of Product Type, Form, End-User, and Region.
- The market is divided into four categories based on Product Type: Micron Diamond, Polycrystalline Diamond (PCD), Cubic Boron Nitride (CBN), and Polycrystalline Cubic Boron Nitride (PCBN). The diamond segment dominates the market and is likely to maintain its dominance during the forecast period. Diamond is the ultimate Superhard substance. It is the hardest natural substance known to man and has an unrivaled combination of hardness, thermal conductivity, and chemical stability.
- The market is divided into three categories based on Form: Monocrystalline, Polycrystalline, Composite, and Others. The composite segment dominates the market growth. When superhard materials are joined with other materials to form composites, they can result in products with improved performance, customized qualities, and extended applications when compared to pure superhard materials alone
- The market is divided into five categories based on End-User: Automotive and Transportation, Building and Construction, Chemicals and Petrochemicals, Drilling, Mining and Quarry, Electrical and Electronics, and Others. Building and Construction is expected to dominate the market. Diamonds are utilized in the cutting edges of equipment used in construction tasks that involve drilling or cutting through extremely hard materials such as reinforced concrete, granite, and other difficult building materials.
Superhard Materials Market - Geographical Insights:
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. Asia Pacific is expected to dominate the growth of the Superhard Materials Market, due to rising chemical and petrochemical industries. The Asia Pacific region has experienced growth in the chemical and petrochemical industries, which require tools and equipment manufactured of Superhard materials to ensure durability and good performance. The enormous base that China's chemical industry now constitutes around USD1.5 trillion in sales in 2017, amounting to nearly 40 percent of global chemical-industry revenue means that, even at lower overall growth rates, the growth of absolute volume is still very large. The growing demand for machine tools used for industrial applications is expected to drive the growth of the market in Europe during the forecast period.
Superhard Materials Market- Competitive Landscape:
The market's competitive environment is characterized by technological developments, strategic alliances, and an emphasis on R&D. Superhard materials, particularly high-quality synthetic diamonds, can be costly to produce. As a result, businesses are constantly attempting to optimize manufacturing processes in order to decrease costs and offer competitive rates. Key players frequently have a global distribution network to serve a wide range of sectors around the world. Superhard materials are important markets in regions with considerable manufacturing activities, such as Asia-Pacific. \With industries constantly on the lookout for materials that provide higher performance and endurance, the demand for Superhard materials is projected to rise, tightening competition and stimulating innovation. For Instance, Sandvik Additive Manufacturing has created the first-ever 3D printed diamond composite. While this diamond does not sparkle, it is perfect for a wide range of industrial uses. This super-hard material can be 3D printed in highly complex shapes and can revolutionize the way industry uses the hardest natural material on the planet.
Recent Developments:
In recent years, the demand for machining, noticeably in the automotive industry, has been increasing in India and fueling significant market growth. To improve services for local customers, the company has been established and will begin operations in March 2023. Sumitomo Electric Hardmetal India will enhance its presence in the Indian market by providing cutting-edge products, such as indexable carbide inserts, cubic boron nitride (CBN) inserts, and solid carbide drills, as well as technical services tailored to customer needs.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL SUPERHARD MATERIALS MARKET KEY PLAYERS
- Element Six
- Sandvik AB
- Iljin Diamond
- Henan Huanghe Whirlwind Co Ltd
- Sumitomo Electric Industries Ltd
- Funik Ultrahard Material Co. Ltd
- SF Diamond Co Ltd
- WorldWide Superabrasives LLC
- Henan Yalong Superhard Materials Co. Ltd
- CR GEMS Superabrasives Co. Lt
- Anhui Hongjing New Materials Co. Ltd
GLOBAL SUPERHARD MATERIALS MARKET, BY PRODUCT TYPE
- Micron Diamond
- Polycrystalline Diamond (PCD)
- Cubic Boron Nitride (CBN)
- Polycrystalline Cubic Boron Nitride (PCBN)
GLOBAL SUPERHARD MATERIALS MARKET, BY FORM
- Monocrystalline
- Polycrystalline
- Composite
- Others
GLOBAL SUPERHARD MATERIALS MARKET, BY END-USER
- Automotive and Transportation
- Building and Construction
- Chemicals and Petrochemicals
- Drilling, Mining and Quarry
- Electrical and Electronics
- Others
GLOBAL SUPERHARD MATERIALS MARKET, BY REGION
- North America
- The U.S.
- Canada
- Europe
- Germany
- France
- Italy
- Spain
- United Kingdom
- Russia
- Netherlands
- Sweden
- Poland
- Rest of Europe
- Asia Pacific
- India
- China
- South Korea
- Japan
- Australia
- Thailand
- Indonesia
- Philippines
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of LATAM
- The Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- Israel
- Turkey
- Algeria
- Egypt
- Rest of MEA