Industrial Diamond Market
                     Industrial Diamond Market Is Likely to Experience a Tremendous Growth during 2018-2023
Diamond is largely utilized as a gemstone and is also used for industrial purposes due to its 
physical and chemical properties. Diamond has the highest thermal conductivity at room 
temperature conditions when compared to any other material and is the hardest material on 
earth. Industrial applications of diamond include wire drawing, computing, heat sink, corrosion-
resistant coating, polishing, and cutting.
Industrial diamonds find application as a heat sink in electronic thermal management operations 
and are used as catalysts in the chemical industry, abrasive in the construction, automotive, 
aerospace, and defense industries.
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Market Dynamics
Increasing demand for abrasives globally is one of the major factors driving growth of the global
industrial diamond market. Moreover, long service life of diamonds when compared to other
cutting and polishing materials, and the high precision offered by diamond cutting tools are
major  factors  that  have  led  to  increasing  demand for  these  in  construction  and  oil  & gas
industries, thereby driving growth of the market. This further leads to longer production runs and
lower tool changes.
However,  high  cost  of  diamond,  both  natural  and  synthetic,  and  availability  of  low  cost
alternatives have led to decrease in adoption of industrial diamonds for various applications.
These alternatives are cheaper than diamond and may be used in low cost operations. Low cost
alternatives for industrial diamond in cutting and polishing include cubic boron nitride, silicon
carbide, and fused aluminum oxide.
Increasing use of industrial diamonds in the oil  & gas industry is one of the major growth
drivers. The extreme hardness and low thermal conductivity of diamond makes it an ideal cutting
material. Drill bits that utilize diamond as a core material include polycrystalline diamond bits,
surface set diamond bits, and impregnated diamond bits. The use of diamond due to its hardness
has led to shorter service runs and increased drilling distance per drill bit, which further results
in increased cost savings for drilling operators.
Market Outlook
North America  was  the largest  market  for  industrial  diamonds  in  2016.  The major  end-use
industries  of  industrial  diamonds  in  the  region  were  mining,  oil  &  gas,  electronics,  and
automotive. The booming shale oil and gas production in the U.S. is a major factor driving
growth  of  the  industrial  diamond  market.  According  to  the  U.S.  Energy  Information
Administration, the shale oil output from the U.S. shale plays reached around 7.2 million bpd in
June, 2018.
According to the U.S. Geological Survey, the production of industrial diamonds in the U.S. was
pegged at 125 million carats in 2015. Although much of the demand in the country was met by
imports from China. China’s production of industrial diamonds in 2016 was pegged at 4 billion
carats according to the same source.
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1946
Key Market Players
In 2015, Schlumberger Limited, leading oil and gas service provider, acquired Novatek Inc., a
U.S.-based company that is specialized in synthetic diamond cutting technologies. This acquisition
helped in boosting the drill bits product portfolio of Schlumberger Limited. Schlumberger also
acquired  Novatek’s  R&D center  as  part  of  the  acquisition,  which  will  boost  the  company’s
technology capabilities through innovations and product developments.
Major  players  operating  in  the  global  industrial  diamond  market  include  Scio  Diamond
Technology Corporation, Industrial Abrasives Ltd, Alrosa, The 3M Company, Toolgal Diamond
Tools,  Invedia,  Advanced  Diamond  Technologies,  Inc.,  Applied  Diamond  Inc,  Hebei  Plasma
Diamond Technology Co., Ltd., and Schlumberger Limited.
Market Taxonomy
On the basis of product type, the global industrial diamond market is segmented into:
•Natural
•Synthetic
On the basis of end-use industry, the global industrial diamond market is segmented into:
•Mining
•Oil & Gas
•Construction
•Chemical
•Electronics
•Others (Aerospace, Defense, Automotive etc)
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