The global diamond like carbon market is expected to grow from US$ 1,521.70 million in 2021 to US$ 2,248.80 billion by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.

DLC coating is most widely used in the automotive industry for various parts such as bearings, valves, gears, cams, and shafts. Further, the rising demand for two-wheelers, primarily in Asia Pacific, is expected to substantially impact the growth of the automotive industry. The demand for surgical instruments has grown rapidly in the healthcare industry, mainly due to the growth of the medical industry. Some of the common medical devices that use diamond like carbon are prosthetic devices, cardiovascular implants, surgical tools, and dental implants, among others. Thus, the growing demand for DLC-coated automotive parts and medical devices is expected to drive the market during the forecast period.

Based on type insight, the diamond like carbon market is segmented into pure DLC and mixed DLC. The pure DLC segment accounted for a larger market share in 2020. The pure DLC coating is preferably used in automotive and medical industries, owing to its high hardness, high insulation, high wear resistance, low friction coefficient, high chemical stability, high anti-burning properties, and high biocompatibility properties. Based on application, the diamond like carbon market is segmented into drill bits and milling cutters, dies and molds, saws and blades, inserts, and others. The drilling bits and milling cutters segment is expected to grow, owing to an extremely hard coating that helps enhance the tool life and ensures a more controlled wear process.

The diamond like carbon market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. Countries in Asia Pacific such as China, India, Australia, and Japan have many manufacturing industries, augmenting the demand for DLC coating, thereby propelling the market growth. The DLC coating is used in the automotive industry to reduce automobile engines' fuel consumption by reducing friction and pump components to prevent seizure. The increasing government initiatives in the automotive industry are fueling the market growth. For instance, India's Automotive Mission Plan FAME-II focuses on providing government support to its growing automotive sector and component manufacturing industry. Thus, the booming growth prospects in countries such as China, Japan, and India is one of the key factors fueling the growth of the diamond like carbon market.

The key players operating in the global diamond-like carbon market include IBC Coatings Technologies, LTD.; Oerlikon Groups, Inc.; Richter Precision Inc.; Norseld Pty Ltd; Bunty LLC; Wallwork Heat Treatment Ltd; Micromatter Technologies Inc.; HEF Group; IHI Ionbond Ag; and Dynasil Corporation.

The size of the overall global diamond-like carbon market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the diamond-like carbon market.