The global diamond tools market was valued at US$ 7,921.0 Mn in 2013, and this value is expected to go above US$ 10,000 Mn at the end of 2018. The diamond tools market is expected to grow at a CAGR of around 8.0% between 2018 and 2028 and is estimated to reach a global value of more than US$ 22,000 Mn by 2028 end.
By tool type, the global diamond tools market is segmented as abrasive type (finishing-based & lapping-based), drilling tools, cutting tools, sawing tools, milling tools, diamond dressers, diamond gauging fingers, and files. Among these segments, the abrasive type and milling tools segments are projected to grow at sizable value shares in the global market, owing to the rising demand for these tools from end-use industries. Moreover, abrasive type tools are prominently used in the construction industry; finishing diamond tools are used for floor finishing. As such, the increasing number of multi-storey buildings being built across the world is promising to lead to lucrative growth of the global diamond tools market.
By manufacturing method, the global diamond tools market is segmented into metal-bonded, resin-bonded, and electroplated. The metal-bonded segment is expected to grow at a prominent rate in the global diamond tools market over the slated time period, owing to its increasing application in floor finishing. However, the electroplated segment is also expected to represent significant opportunity for the diamond tools market, owing to the rising application of electroplated diamond tools for machining material that cannot be economically ground with metal- or resin-bonded diamond tools.
By region, the global diamond tools study has been completed in six regions, namely, North America, Latin America, Europe, South Asia, East Asia, and the Middle East & Africa. The diamond tools market is directly dependent on the performance of the construction, stone processing, automotive, aerospace, and healthcare industries in respective regions. According to PMR’s deep dive study, the markets in Europe, Latin America, South Asia, and North America are projected to grow at significant growth rates in the global diamond tools market, as well as also account for healthy shares in the global diamond tools market.
Market Growth Overview
All the manufacturers are constantly trying to make the tools more efficient and better wear resistance with the aim of decreasing production costs. The stone processing industry holds the largest market share that is almost 30.87%. Region-wise the biggest markets of the DCT industry are South America, Africa, and Asia Pacific (APAC). The increasing requirements in the electronics and the ever-growing construction sector have increased the demand for DCTs. As far as India is concerned the agents influencing it are stable middle-class income, changed the lifestyle of the working class, urbanization, risen housing needs.
The abrasive tool types are the most dominant product in the market and the popular manufacturing process is electroplate segments and into powder infused segments as it is very economical and efficient. The end-user prefer lab-manufactured synthetic tools as compared to the natural tools, because of its chemical inertness, anti-adhesion properties, low co-efficient friction, more wear resistance.
The DCT industry is experiencing convergence and wide expansion scope in the Indian market; especially, with the metal producing industry. The metal inserted DCTs are proved to be more controlled and efficient condensing the production costs and promoting the demands.
Another trend that has paved its way is the conjunction of digitized systems with the DCTs. The use of iron and alloy powders to produce DCTs is also a popular trend that the consumers have accepted with open arms, as it is a pocket-friendly option. Introduction of remarkable technology to produce DCTs making it safer, widely available, lowered production costs, enhanced blade performance. The DCTs can be customized according to the customers’ needs.
Diamond cutting tool industry is totally depends on environmental, government policies, raw materials availability factors to run the business smoothly. Hence the growth of diamond cutting tools will be decided by these factors to move towards upward or downward direction. For growing phase, it is very important to get the support by these factors to fulfil the market demand and continue the cycle. In India, domestic production against import products are having big gap and still there is huge import of different segments where need of government strong policies to support Indian manufacturer is must. It will help to increase the revenue for government, employment for various sectors which is rely on diamond cutting tool industries.
It is also very important for growing industry must have stable supplier to get incoming materials in consistency with each batch they get, Hence based in India and one the largest manufacturer of iron and alloy powders, Industrial Metal Powders (I) Pvt Ltd, is always take the lead to bring the stability in the diamond cutting tool industry to get the stable quality of iron and alloy powders.
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