Superhard Materials Market Size

Superhard Materials Market Size

Superhard Materials Market size was estimated at around USD 4.5 billion in 2017 and is predicted to grow at 5.5% CAGR during the forecast period./p>

Materials with Vickers hardness exceeding 40 gigapascals (GPa) are known as superhard materials. Due to their superior mechanical performance, wear resistance, toughness and incompressibility, they can shape or scratch any material or object. These characteristics make the product suitable for industrial operations including cutting, drilling, grinding, turning, and protective coating. The product finds its application in myriad end-user domains including automotive, building & construction, chemical and petrochemical industries. Rising manufacturing sector will provide momentous traction to the superhard materials industry. According to World bank, China’s manufacturing sector GDP increased from 28.81% in 2016 to 29.34% in 2017. Similarly, United Kingdom manufacturing sector GDP rose from 9.01% in 2016 to 9.2% in 2017. In addition, government initiatives in developing economies such as India including Make in India program, Digital India, Foreign Direct Investment will make the country the fifth largest manufacturing entity in the world by the end of 2020. These factors will drive the superhard material market in near future./p>

Automotive & transportation industry provide immense breakthrough to the super-hard materials market owing the use of product for protective coating, metal sheets cutting, etc. The global automotive industry is likely to grow by 3% to 5% annually with China, the U.S., and Japan being the front-runners. These countries witnessed a shift toward high performance and relatively expensive sports utility vehicles over the past years and will continue to do so as the disposable income of the population increases. This will increase the car production which will further drive the superhard material market in near future./p>

Building & construction deemed to be a positive indicator for the product industry in North America region. U.S. construction industry is likely to grow with the annual growth rate of 5% in 2018 with South U.S. and West U.S. being the heads. In addition, Canada construction industry will grow at annual rate of around 4% in 2018, driving the product demand in near future./p>

Superhard materials are produced at high temperature and pressure conditions which entails expensive equipment and high production cost. This will hinder the superhard materials market in near future. Moreover, strong affinity of diamond towards ferrous materials and low resistance to oxidation will hamper the diamond use for machining ferrous materials.