The market for diamond coating is expected to register a CAGR of over 6% during the forecast period. The major factor driving the market is the increasing demand from the consumer electronics industry. On the flipside, high capital investment is expected to hinder the growth of the diamond coatings market.
- Due to its properties, such as high thermal conductivity, strength, electrical resistivity, and low coefficient of friction, diamond coatings find extensive use in consumer electronics.
- The Asia-Pacific region is expected to dominate the market, owing to the increasing consumption from countries, such as China, India, and Japan.
Key Market Trends
Growing Demand from the Electrical and Electronics Industry
- Diamond is the hardest material and it possesses unique qualities, such as high thermal conductivity, high resistivity, and low coefficient of friction. These properties make diamonds suitable for diverse applications. However, the extensive use of diamond for these applications would be costly, so technologies like CVD & PVD were developed to make the process feasible.
- Diamond-like carbon or diamond coating is a kind of amorphous carbon which hold the properties of diamond such as high electrical resistivity making it favorable for new generation high-performance consumer electronics gadgets.
- With the advent of new technologies, the global electronics industry has been under pressure to deliver better every time. New technologies like 5G, Internet of Things, and augmented virtual reality rely on materials that are strong and difficult to machine.
- The consumer electronics segment accrued about USD 420 billion by the end of 2019 and is forecasted to reach USD 565 billion by 2024 at a CAGR of 7%. This growth is expected to boost the diamond coatings market during the forecast period.
- Hence, the rising demand for diamond coating from electrical & electronics industry globally is expected to drive market growth during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region is expected to be the largest and the fastest-growing market, owing to the huge demand from various end-user industries in the area.
- In the electronics segment, China generated the highest revenue globally which was around USD 173 billion, and the total revenue of the region amounted to USD 227 billion by 2019 and is expected to reach more the USD 260 billion by 2024.
- The growing medical industry in the region has increased the demand for diamond coated medical devices and equipment and this is expected to propel the market studied in the region.
- In Japan, total sales of electronic devices in 2019 were about 253.6 million units generating revenue of USD 43.38 billion.
- The consumer electronics segment of the Indian market is anticipated to register a CAGR of 3.3% and is forecast to accrue a revenue of USD 55.45 billion by the end of 2023.
- All the aforementioned factors are predicted to drive the growth of the diamond coating market in the region, during the forecast period.
The diamond coating market is concentrated. Some of the key players accounting for the major shares in the market are Oerlikon Balzers, NeoCoat SA, Element Six UK Ltd, SP3 Diamond Tech, and United Protective Technologies LLC.
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