Luton, Bedfordshire, United Kingdom, Feb. 13, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Diamond Coatings Market.
The global diamond coatings market is expected to grow at 7.8% CAGR from 2023 to 2029. It is expected to reach above USD 4.44 billion by 2029 from USD 2.26 billion in 2022.
Diamond coating is a process to deposit a uniform layer of diamond on material such as glass, plastics, metals, ceramics, and composites. The coating is done by using carbon feed gas, mostly methane diluted by hydrogen which is passed into the chamber and exposed to a combination of lasers though PVD and CVD technologies. Due to the extreme pressure and temperature, the diamond particles get a bond to the surface of a material or substrate. Diamond coating is done through advanced surface engineering technologies such as CVD and PVD and has been increasingly explored for cutting-tool applications.
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Deals Landscape
Mergers and Acquisitions are an integral part of the Diamond Coatings industry. Along with the companies operating in the market, other key market players have also been entering the industry.
- In January 2020, D-coat was acquired by Oerlikon. The acquisition extended the company’s portfolio of surface treatment technologies for tools applied in the automotive and aerospace industry.
Partnerships, Collaborations, and Agreements
• In April 2022, United Engineering Services LLC (UES), a well-known Oman-based multinational tech business, signed a Memorandum of Understanding (MoU) with Muscat-based Azd Technologies LLC (AZD) to build the Sultanate of Oman’s first nano-diamond coating manufacturing line.
• In Feb 2022, The Technical University of Munich (TUM) will collaborate with Oerlikon, a Swiss engineering and technology company, to advance additive manufacturing technologies. To do so, they established the TUM-Oerlikon Advanced Manufacturing Institute, which aims to master the technological hurdles of industrialization.
Technology Outlook:
- Physical Vapor Deposition (PVD) is forecasted to hold a market share of 36.6% in the year 2029. This type of coating is harder and more corrosion resistant than electroplating and is also more environmentally friendly. PVD has good impact strength, high temperature, is durable, and also has excellent abrasion resistance.
- Chemical Vapor Deposition (CVD) held a larger market share of 62.9% in the year 2022. CVD offers several advantages over other deposition processes. They include a wide range of materials that include alloys, metals, and ceramics. CVD of diamonds has received a lot of attention in the material sciences as it allows several applications that were previously considered too expensive.
APAC has emerged as the fastest-growing diamond coatings market.
There are considerable foreign investments, which are also driving market expansion in the region, due to the availability of inexpensive labor and affordable and accessible raw materials. Nonetheless, the diamond coatings markets in North America and Europe remain appealing for high-quality goods with strong brand awareness. However, because pricing is a significant consideration for end customers, producers in these countries face stiff competition from the APAC market. Similar diamond coated tools and equipment are being successfully produced by local manufacturers in APAC at reduced costs.
Electronics Sector Dominates Diamond Coatings Market
Based on end-use, the electronics sector dominated the global diamond coatings market in 2020. This can be primarily ascribed to the unique combination of the thermal conductivity with high electrical resistivity and other favorable electronic properties possessed by CVD diamond coating, which makes it the enabling material for a new generation of high-performance electronics and computer products.
To limit market expansion, high-capacity investment is required.
The diamond coating procedure necessitates a significant financial commitment. CVD and PVD coating processes are both capital demanding, and the equipment utilised in these coating technologies requires unique working conditions, such as high temperature and regulated vacuum. The cost of producing diamond-coated equipment is high, and because the market is dominated by a few top global competitors, the cost of equipment and tools for the end-use industry is also high. Coating procedures differ depending on the application. It is determined by the coating material and the thickness of the film layer. For various uses, different equipment is required. Diamond coating machinery is quite expensive. As a result, the end-user cannot set up their machines to diamond coat tools.
Diamond Coatings Market Report Scope
| Report Attribute | Details |
| Market size value in 2022 | USD 2.26 billion in 2022 |
| Revenue forecast in 2029 | USD 4.44 billion by 2029 |
| Growth rate | CAGR of 7.8% from 2023 to 2029 |
| Base year for estimation | 2022 |
| Historical data | 2018 - 2022 |
| Forecast period | 2023 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2023 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Blue Wave Semiconductors Inc., De Beers Corp, Diamond Materials GmbH, Endura Coatings, NeoCoat SA, OC Oerlikon Corp. AG, Robb-Jack Corp., Sandvik AB, Smiths Group PLC, SP3 Inc. |
| Key Market Opportunities | The increasing demand for diamond coated medical devices, metal cutting tools, mechanical, and electronic equipment in emerging markets is propelling the diamond coatings market forward. |
| Key Market Drivers | Advancement in technology and the development of the latest equipment and diamond coated tools are driving the market. |
| Pricing and purchase options | Delivery in PDF and Excel. |
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market
The diamond coatings market key players include Blue Wave Semiconductors Inc., De Beers Corp, Diamond Materials GmbH, Endura Coatings, NeoCoat SA, OC Oerlikon Corp. AG, Robb-Jack Corp., Sandvik AB, Smiths Group PLC, SP3 Inc.
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Key Market Segments: Diamond Coatings Market
Diamond Coatings Market by Technology, 2023-2029, (USD Billion), (Thousand Units)
- CVD
- PVD
Diamond Coatings Market by Substrate, 2023-2029, (USD Billion), (Thousand Units)
- Metal
- Ceramic
- Composite
Key Highlights:
- The growing demand for coatings in the medical industry and its superior properties are propelling the market demand.
- The consistent research and development in the medical industry to provide prevention, diagnosis, and disease treatment is expected to drive the market. Diamond coating mechanical properties, along with biocompatibility and corrosion resistance, are the major driving factors of the market.
- Consistent investment into R&D for the development of new technology is expected to provide a lucrative opportunity for the growth of the market. The rising application of diamond coatings in the construction industry is also expected to create an opportunity for the growth of the market.
- Rising usage of high strength and lightweight components for diamond coating tools is also positively impacting the diamond coating market.
- These versatile properties of diamond coatings will increase its demand from several end-user industries, including electronics, mechanical, industrial, medical, and automotive, which will fuel the diamond coatings market growth in the coming years.
- Factors hindering the growth of the market are a shortage of skilled workforce and high capital investment. The lack of skilled labor is increasing the labor cost, as qualified labor is expensive, which adds up to the total cost.
Key Diamond Coatings Market Driver
The cost advantages of diamond coatings are the key factor driving the global diamond coatings market growth. One of the major market-moving reasons is the cheap cost of diamond coatings in compared to industrial diamonds. Industrial diamonds and diamond coatings have essentially the same physical and chemical qualities. They provide the identical hardness and other physical qualities as well.
Diamond granules may readily separate from diamond grain-based cutting and grinding tools, which makes them more difficult to repair and shortens their useful lives. Tools with diamond coatings, on the other hand, have a uniformly distributed layer of diamond particles and are resistant to diamond chipping. As a result, compared to diamond grain-based and conventional tools, tools with diamond coating have a higher service life. Such elements encourage the use of diamond coatings in a range of applications, which is anticipated to drive demand for diamond coatings throughout the course of the forecast period.
Key Diamond Coatings Market Trend
The development of the worldwide market for diamond coatings will be fueled by R&D projects to improve the usage of diamond coatings. Future application prospects are anticipated to be made available by robust R&D efforts relating to the usage of diamond coatings now and in the future. Diamond coatings are currently widely employed in a variety of industrial applications, including semiconductors, electronics, mechanical, construction, industrial, cutting glass and precious stones, making computer chips, healthcare and medical, oil and gas exploration, and mining.
Initially, diamond coatings were only known for their strength, wear resistance, and hardness. However, diamond powder coatings are being used for a variety of purposes. Oil and gas drilling, mining, electronics, precision machining, medical and healthcare, as well as automotive paints, are some of the quickly expanding industries using diamond coatings. The demand for sophisticated diamond coating techniques and technologies is expected to increase throughout the projected period due to the expanding potential for diamond coating applications in many areas.
Diamond Coatings Market Challenge
A significant obstacle to the expansion of the worldwide market for diamond coatings is the accessibility of alternatives. There are several alternatives to diamond coatings and diamond-coated instruments. These include zirconium nitride, titanium nitride, chromium carbide, titanium carbonitride, aluminium titanium nitride, and coatings that are rich in aluminium. During the projection period, the market's expansion is anticipated to be hampered by these alternative coatings' excellent performance. During the projected period, the market is also anticipated to be impacted by the rising usage of various kinds of high-strength tools.
Choosing the right cutting tool is imperative for defect-free, efficient, and complex machining operations such as cutting, milling, grinding, turning, and drilling. Due to its higher quality than standard tools, high-speed steel (HSS) metal-cutting tools are increasingly used. Increased accuracy is guaranteed by HSS metal-cutting tools, which are widely used in many sectors. The development of items with improved dimensional precision is made possible by the efficient use of HSS metal-cutting tools, which helps these products compete in global marketplaces. During the projected period, the rising preference for alternative coatings and high-quality high-speed steel (HSS) metal-cutting equipment would probably restrain market expansion.
Key Question Answered
- What is the current size of the diamond coatings market?
- What are the key factors influencing the growth of diamond coatings?
- What are the major applications for diamond coatings?
- Who are the major key players in the diamond coatings market?
- Which region will provide more business opportunities for diamond coatings in future?
- Which segment holds the maximum share of the diamond coatings market?
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