The Global Superhard Materials Market is Projected to Reach US$30.5 Billion by 2024

Stable Economic Outlook and Growing Industrial Activity to Drive Demand for Superhard Materials, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Superhard Materials market. The global Superhard Materials market is projected to reach US$30.5 billion by 2024, driven by stable macroeconomic outlook and increased industrial and manufacturing activity.

Superhard materials refer to extremely hard materials with over 40 GPa on the Vickers hardness scale. Owing to their incomparable hardness, superhard materials can scratch, indent or shape any object and hence find use in a wide range of industrial operations related to turning, cutting, drilling, boring and grinding. Cement carbide is generally used in industrial applications for machining tough materials such as carbon steel or stainless steel, while advanced ceramics are used in the production of ceramic products for a number of specific applications, requiring toughness and electrically conductive similar to metals. Tool steels are a combination of carbon and alloy steels that are used for producing tools. Diamond is the strongest natural material, and is hence used in various industrial applications. Even though diamond possesses superior properties, the material has several technological limitations in form of restricted working temperature of up to 600°C and conversion to graphite at temperatures above 900°C. As a result, cubic boron nitride (CBN) is being used as a substitute for diamond in several high temperature applications.

The incomparable hardness of superhard materials make them useful to scratch any object for shaping, and hence used in a broad range of industrial operations such as cutting, turning, grinding, drilling, and boring. The industries that use superhard materials are automotive, alternative energy, aerospace, construction & infrastructure, chemical processing, electronic, die & mold, mining, general machining, oil & gas, power generation, paper & pulp, shipbuilding, and railroads. In these industries, superhard materials find use in applications such as coating, abrasive, cutting tool, precision part, general medical, sensors, refractory parts, subsystem components, wear parts polishing, and semiconductor fabrication. Superhard materials find application in diverse applications including Construction/Building, Chemical/Environmental, Automotive, Equipment/Machinery, Electronic, Aerospace/Military, Metal Working, and Medical industries. Given the widespread use of superhard materials in industries that are subject to economic conditions, demand for superhard materials is dependent on economic health.

The manufacturing industry represents a critical growth driver and the shifting role of manufacturing and its level of contribution to economic development tends to impact growth patterns in the superhard materials market. Development patterns of manufacturing industries across both developing and developed countries are of key significance in the market. The last decade witnessed significant changes in the global manufacturing sector with developing countries stepping into the spotlight as tier 1 manufacturing powerhouses, while recession, poor demand and financial constraints contributed to the decline in manufacturing in the developed countries. Although the economic contribution of manufacturing varies in mature and emerging countries, the industry nevertheless plays a role of critical importance in both developed and developing economies alike.

As stated by the new market research report on Superhard Materials, Asia-Pacific region, driven by China represents the largest market worldwide, followed by the United States. Increasing economic and manufacturing activity in China and India is expected to drive demand for Superhard Materials throughout the forecast period. As such, Asia-Pacific region is also forecast to register the fastest growth among all regions, with a CAGR of 7.4% over the analysis period. Other emerging markets, such as Russia, and Latin America are also expected witness above average growth. CBN/PCBN are forecast to witness the fastest growth, despite the leading share for Cemented Carbides. Tool Steels, and Ceramics are also expected to register growth higher than the global average.

Key players in the market include 3M Company, Ceradyne, Inc., 3M Technical Ceramics GmbH, Abrasive Technology, Inc., COI Ceramics, Inc., CoorsTek, Inc., Deutsche Edelstahlwerke GmbH, Diamant Boart S.A., Element Six, H.C. Starck GmbH, Kennametal, Inc., Kyocera Industrial Ceramics Corporation, Morgan Technical Ceramics, Mudanjiang Jingangzuan Boron Carbide, Novatek, Inc.,  Saint-Gobain S.A., Sandvik AB, Sumitomo Electric Hardmetal Corporation, U.S. Electrofused Minerals, Inc, US Synthetic Corp., and ZYP Coatings, Inc.

The research report titled “Superhard Materials: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for all major geographic markets such as the United States, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, and Rest of Asia-Pacific), Latin America (Brazil, and Rest of Latin America), and Rest of World. Product Segments analyzed include Cemented Carbides, Tool Steels, Ceramics, Diamond, and CBN/PCBN.

For enquiries e-mail us at rsd@strategyr.com or info411@strategyr.com.

To connect with us, visit our LinkedIn page.

Global Industry Analysts, Inc. 6150 Hellyer Ave., San Jose CA 95138, USA, All Rights Reserved.