The diamond coatings market is expected to grow from US$ 2.7 billion in 2022 to US$ 3.7 billion by 2028; it is estimated to record a CAGR of 5.4% from 2022 to 2028.
Diamond coating is a method of depositing a uniform layer of diamond on materials such as glass, plastics, metals, ceramics, and composites. The coating is achieved through a carbon feed gas, primarily methane diluted by hydrogen to about 1–2 mol percent, which is passed through the chamber and is exposed to a combination of lasers via various technologies—diamond particles bond to the surface of a material or substrate due to the extreme temperature and pressure. Substrates are coated with diamonds to improve their wear resistance, hardness, corrosion resistance, and other characteristics. Diamond coatings have become popular due to their mechanical, electrical, and optical properties. Diamond coating is an excellent solution for various surface performance issues.
MARKET DYNAMICS
The growing demand for diamond-coated medical devices, metal cutting tools, and mechanical and electronic equipment drives the diamond coatings market. Diamond is an ideal element for coating due to its high thermal conductivity, low friction coefficient, exceptional wear properties, high hardness and strength, and chemical stability. Diamond coatings are obtained using advanced surface engineering techniques such as chemical vapor deposition and physical vapor deposition and are increasingly investigated in cutting tool applications. Diamond tools have great potential in many machining applications. Diamond coatings are helpful in making complex-shaped cutting tools such as drill bits . The use of diamond coating has extended the life of tools and equipment. This has increased the use of lightweight, durable components. The diamond coating process requires a significant capital investment. The treatment technologies are capital intensive. In addition, the equipment used in coating technologies requires specific operating conditions such as high temperatures and controlled vacuums, which limits the diamond coating market growth.
MARKET SCOPE
The "Global Diamond Coatings Market Forecast to 2028" report aims to provide an overview of the diamond coatings market with detailed market segmentation. It provides key statistics based on the performance of leading market players and offers significant trends and opportunities in the market.
MARKET SEGMENTATION
The global diamond coatings market is segmented on the basis of technology, substrate, and application. Based on technology, the market is bifurcated into chemical vapor deposition and physical vapor deposition. Based on substrate, the market is segmented into metal, ceramic, composite, and others. Based on application, the market is segmented into electrical and electronics, biomedical, industrial, automotive, and others.
REGIONAL FRAMEWORK
The global diamond coatings market is segmented into five major regions—North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. The report covers an analysis and forecast of 18 countries, along with current trends and opportunities prevailing in these regions.
Europe dominated the diamond coatings market in 2021. The European market is likely to witness considerable growth during the forecast period due to the increasing use of diamond coatings in the automotive, aerospace, mechanical, and construction industries. The increasing adoption of next-generation digital technologies, innovative consumer electronics, the Internet of Things, and electromechanical components and accessories is propelling the microelectronics and telecommunication industries in the region. Thus, the use of diamond coatings in the growing microelectronics and telecommunication industries also drives the growth of the European market. Europe is one of the largest automotive producers across the world, which is likely to enhance the use of diamond coatings in the automotive sector in the coming years.
Diamond-coated components are preferred in the electronics sector due to their excellent thermal conductivity.
(image) Source: The Insight Partners Analysis
The report analyzes the factors such as drivers, restraints, opportunities, and future trends that impact the diamond coatings market. It also provides an exhaustive Porter's five forces analysis, highlighting the factors influencing the market in these regions.
IMPACT OF COVID-19 PANDEMIC
COVID-19 pandemic hindered the diamond coatings market in 2020. Due to the pandemic, several countries were forced to follow lockdown-related instructions, which resulted in the temporary shutdown of manufacturing facilities in many industries across the world.
Moreover, electronic production was halted due to COVID-19 pandemic due to a logistical slowdown and workforce unavailability. Furthermore, supply chain disruptions caused additional shipment delays for electronics manufacturers. The electronics industry is a significant diamond coating consumer. Thus, the disrupted electronics industry hindered the growth of the diamond coatings market.
Also, the manufacturing of various consumer goods and other products halted worldwide during the pandemic due to a lack of raw materials, shortage of labor, and other factors. This also restrained the diamond coatings market. However, after the government initiatives and vaccination drives the industries have started working in full capacity which in turn is expected to positively affect the diamond coatings market.
MARKET PLAYERS
The report covers key developments in organic and inorganic growth strategies in the diamond coatings market. Various companies are focusing on organic growth strategies such as product launches, product approvals, patents, and events. Acquisitions, partnerships, and collaborations are a few inorganic growth strategic activities witnessed in the market. These activities have paved the way for business expansion and the customer base of market players. Market players are anticipated to witness lucrative opportunities in the coming years due to the rising demand for diamond coatings.
The report includes key company profiles operating in the diamond coatings market, along with their SWOT analysis and market strategies. It also focuses on leading industry players’ information such as company profiles, components and services offered, financial information of the last three years, and key development in the past five years.
Key Companies Operating in Diamond Coatings Market
- Oerlikon Balzers
- NeoCoat SA
- D-Coat GMBH
- Crystallume Corporation
- SP3 Diamond Technologies
- Blue Wave Semiconductors
- Advanced Diamond Technologies, Inc.
- Diamond Product Solutions
- JCS Technologies Pte Ltd.
- United Protective Technologies, LLC
The Insight Partner's dedicated research and analysis team comprises experienced professionals with advanced statistical expertise and offers various customization options in the existing study.