Superhard Materials Market Analysis

Superhard Materials Market Analysis

Superhard materials market is segmented into diamond, cubic boron nitride and others including boron carbon nitrides, metal borides, etc. Diamond generated a substantial revenue of nearly USD 2.5 billion in 2017 and covers over half of the total market. It is majorly used for grinding, cutting, and machining materials including titanium alloys, cemented carbides, ceramics, quartz stone, asphalt, glass, etc. These are also used in wire drawing dies, dressers and drill bits.
 

Additionally, the rising demand for cubic boron nitride owing to its use for ferrous materials including wrought and cast alloys, steels, etc. will drive the product market. These materials are used in cutting tools, metal molds, machine parts including gears, bearing and shafts. Cubic boron nitride market will grow at the annual rate of nearly 5.7% during the forecast time frame.
 

Super-hard materials market is segmented into monocrystalline, polycrystalline, composite and others including micron powder, slurry, etc. Composite market valued over USD 2 billion in 2017 and will grow at a substantial rate. Increasing use of superhard composites to manufacture stealth aircrafts and automotive body parts will drive the market in near future.
 

Monocrystalline materials will grow with CAGR over 3.5%. These products are used to manufacture polycrystalline and composite tools as it is the hardest material among all.
 

Building & constructions application segment will grow at a CAGR of over 5.5% globally. Rising urbanization driven by the increasing middle and high income population in Asia Pacific will drive the regional construction industry. According to China International Contractor Association, Chinese contractors have undertaken 7,217 construction contracts locally and 13,267 contracts globally. In addition, Tokyo 2020 Olympics will boost the construction industry which will further drive the regional superhard materials market.
 

Electrical & electronics industry will grow at annual rate of around 3.5%. These materials are used for the manufacturing of high power transistors, heat conductors, optics and optoelectronics.
 

Asia Pacific product market depicted maximum growth rate and held around one -third portion of the revenue. Rising chemical and petrochemical industries in South Korea, India, and Southeast Asian countries will provide boom to the regional superhard materials market. From 2013 to 2017, South Korea’s paraxylene capacity increased by around 94% and will continue to grow in coming years.
 

Germany and United Kingdom held nearly one-fourth of the European market share in 2017 and will grow with CAGR of nearly 4%. Germany’s manufacturing and automotive industry GDP share is expected to be around 24.3% and the same for will reach 14.4% by the end of 2018. This will drive the super-hard materials market in near future.