Rockville, March 14, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global diamond coatings market is forecasted to reach a valuation of US$ 4 billion by the end of 2033, expanding at a CAGR of 6.7% between 2023 and 2033. The cost advantages of diamond coatings as compared to industrial coatings is expected drive market growth over the next 10 years.
Diamond coatings involve depositing uniform layers of diamond onto various materials such as plastic, metals, glass, composites, ceramics, and more. Methane, diluted with hydrogen, is typically used to achieve this. Advanced technologies, such as physical vapor deposition (PVD) and chemical vapor deposition (CVD), are used to complete the coating process, often with the assistance of lasers.
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Diamond coatings are applied to increase the hardness, corrosion resistance, and wear resistance of various materials. The evaluation of surface morphology and diamond film content is done using a variety of experimental techniques. The increasing use of diamond coatings in diverse industries such as medical, electronics, automotive, and others is likely to boost their demand.
The low cost of diamond coatings compared to industrial diamonds is serving as one of the noteworthy factors to drive market opportunities. Diamond coatings and industrial diamonds exhibit comparable chemical and physical characteristics, and they offer similar levels of durability and other physical properties.
Diamond granules break off from cutting and grinding tools, which are based on diamond grain. Conversely, tools that are coated with diamond coatings have uniformly dispersed particles and do not encounter problems related to diamond chipping. As a result, diamond-coated tools have a longer lifespan than conventional tools that are grain-based and utilize diamonds.
The Asia Pacific region is expected to have a significant presence in the global diamond coatings market as a result of the fast-growing demand for cutting tools and medical equipment.
Key Takeaways from Market Study
- Worldwide demand for diamond coatings is currently valued at US$ 2.1 billion.
- The chemical vapor deposition segment held a market share of 35.3% in 2022.
- The global diamond coatings market is forecasted to reach a value of US$ 4 billion by the end of 2033.
- Sales of diamond coatings are expected to advance at a CAGR of 6.7% through 2033.
- Asia Pacific accounted for 42.5% share of the global market in 2022.
- Demand for diamond coatings is projected to increase at a CAGR of 6% in Canada.
- Sales of diamond coatings are estimated to expand at a CAGR of 4.3% in Germany.
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Competitive Landscape
Diamond coating suppliers are investing in their supply chain management systems to deliver high-quality products and maintain product standards. To achieve market growth, they are adopting pivotal strategies such as agreements, new product development, and acquisitions.
For instance
- In April 2022, UES (United Engineering Services LLC), a multinational tech business in Oman, signed an MoU with AZD Technologies LLC, which is building its first manufacturing line of nano-diamond coatings in Muscat.
- In January 2021, Oerlikon Balzers launched its new Baldia line of diamond coatings for drilling and machining highly abrasive materials.
- In January 2020, Oerlikon acquired D-coat, a provider of diamond coating technology, to expand its product portfolio in surface treatment technologies, particularly in cutting tools for the automotive and aerospace industries.
Key Companies Profiled
- Advanced Diamond Technologies, Inc.
- SP3 Diamond Technologies
- Oerlikon Balzers Coating AG
- Neocoat SA
- JCS Technologies Pte Ltd.
- Element Six SA
- Diamond Product Solutions
- Crystallume
Winning Strategy
Key providers of diamond coatings are entering into collaborations with other companies, educational institutions, and others to develop new advanced manufacturing technologies.
For instance:
- The University of Munich (TUM), in Feb 2022, entered into a collaboration with Oerlikon, which is an engineering and technology company operating in Switzerland. The motive of this collaboration is to make advancements in additive manufacturing technologies. To tackle technological obstacles in industrialization, the TUM-Oerlikon Advanced Manufacturing Institute was established.
Diamond Coatings Industry Segmentation
- By Technology:
- Chemical Vapor Deposition (CVD)
- Physical Vapor Deposition (PVD)
- By Substrate:
- Metal
- Ceramics
- Composites
- Others
- By End Use:
- Electronics
- Mechanical
- Industrial
- Medical
- Automotive
- Others
- By Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global diamond coatings market for the period of 2023 to 2033.
The study divulges essential insights into the market based on technology (chemical vapor deposition, physical vapor deposition), type (metal, ceramic, composite, others), and end use (automotive, mechanical, industrial, medical, electronics, others), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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