The global market for superhard materials was strong in 2020 and is predicted to have steady revenue growth over the forecast period, as there is an increase in the demand for superhard materials in manufacturing industries for cutting, drilling, boring, and grinding applications. These materials are being used in various end-use industries, such as automotive, construction, transportation, chemical, and electronics, among others. Superhard materials are characterized as incompressible solids with high electron density, high bond covalency, and a hardness value of more than 40 gigapascals (GPa) according to the Vickers hardness test. Urbanization and rapid industrial expansion across the globe are also contributing to market growth. Nevertheless, fluctuating raw material prices can restrain revenue growth.
The diamond segment is projected to grow the fastest among the type segment, as it is an extremely hard material used in various manufacturing industries due to its hardness, strength, and high electrical and chemical resistance. The monocrystalline segment accounted for the largest revenue share among the form segments in the global superhard materials market in 2020. Superhard materials are being used in the automotive & transportation industry for manufacturing automobile parts, protective coatings, and metal sheets, which accounted for the largest revenue share among the end-use segments in the global superhard materials market in 2020.
North America is expected to hold a significant revenue share during the forecast period, with market players focusing on designing, developing, and producing superhard materials. Meanwhile, the Asia-Pacific market is expected to show rapid revenue growth due to economic growth, an increasing number of manufacturing industries, and rising demand for superhard materials in construction activities, the automobile and transportation industry, and the oil & gas industry. Major companies in the global superhard materials market are expanding their business and adopting innovative strategies, including mergers, acquisitions, partnerships, and new product development, to stay ahead in the competition and generate more revenue opportunities.
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Superhard Materials Market: Drive Factors
The global superhard materials market is expected to see steady revenue growth over the forecast period, driven by rising demand for these materials in various manufacturing industries for cutting, drilling, boring, and grinding applications. The high hardness, mechanical strength, and thermal conductivity of superhard materials make them well-suited for industrial applications. The increasing adoption of superhard materials in industries such as automotive, construction, transportation, chemical, and electronics is also expected to contribute to market growth.
Diamond is the most commonly used superhard material due to its exceptional hardness, strength, and resistance to electrical and chemical damage. The diamond segment is expected to see the fastest revenue growth in the market during the forecast period.
The automotive and transportation sector is the largest end-use segment for superhard materials, due to their use in manufacturing automobile parts, protective coatings, and metal sheets. The North America market is expected to see significant revenue growth due to growing manufacturing industries, industrialization, and increasing demand for superhard materials such as synthetic diamond and cubic boron nitride. Meanwhile, the Asia-Pacific market is expected to register a rapid revenue growth rate, driven by economic growth, rising demand for superhard materials in construction activities, automobile and transportation, and the oil and gas industry.
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