Super Hard Materials Market Set for Strong Targeting US$ 9,017.83 Million By 2030

New York, July 13, 2023 (GLOBE NEWSWIRE) -- The global Super Hard Materials Market is expected to witness significant growth at a remarkable CAGR of 5.5% during the forecast period of 2023-2030. The factors such as the increasing development of new aerospace manufacturing facilities, growth in the production of electric products, and others are accelerating the demand for super hard materials, which, in turn, is benefiting the market growth. In addition, the rising development of a new range of super hard materials product categories will further boost the market growth during the forecast period.

According to a recent report by Consegic Business Intelligence, the super hard materials market is poised for strong expansion and is expected to reach USD 9,017.83 Million by 2030. The market, which was valued at USD 5,910.83 Million in 2022, is predicted to grow at a compound annual growth rate of 5.5% during the period 2023-2030. The report highlights the increasing adoption of super hard materials in the building and construction industry, which is proliferating global market growth. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Super Hard Materials market.

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The diamond cutting tools are primarily deployed in construction sites to make rapid work of cutting through concrete surfaces. In addition, diamond tools are utilized in the construction industry for polishing concrete floors. Thus, the increasing adoption of diamond tools in construction sites is boosting the demand for super hard materials as these are vital materials in diamond tools. For illustration, according to Statistics Canada, in 2020, the investments in institutional and government construction in Canada were USD 13,640.8 million, and in 2021, it was USD 15,284.7 million, an increase of 12.1% as compared with the year 2020. Thus, the growth of the building and construction industry is amplifying the super hard market growth.

Super hard materials are utilized in semiconductors to ensure superior thermal properties. For instance, in March 2022, as part of the "Made in Europe Chips", Intel announced its plans to build two groundbreaking semiconductor fabs in Germany's Magdeburg, the regional capital of Saxony-Anhalt. The construction is anticipated to commence in the first half of 2023, and production is scheduled to begin in 2027. Thus, the development of such new semiconductor manufacturing facilities will fuel the demand for super hard materials to ensure superior dielectric breakdown strength. This factor will accelerate the market growth in the upcoming years.

Global Super Hard Materials Market: Report Attributes

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Global Super Hard Materials Market Segmentation Details:

Based on Product Type, the diamond segment contributed the largest shares to the market growth in 2022. Diamond has various beneficial features, including unparalleled, superior toughness, superior heat dissipation, the hardest abrasive, the highest frequency filter, and others. These properties ensure the superior shelf life of the products. As a result, diamond is utilized in cutting tools and equipment in various end-use industries, including oil drilling, metallurgy, aerospace, construction and construction, electrical & electronics, and others. Thus, the growth of the above industries is driving the demand for diamonds to ensure superior strength. This prominent factor is accelerating the growth of the market.

Based on Form, the monocrystalline segment accounted for the largest market share in the year 2022. The monocrystalline form of super hard materials has an excellent thermal conductivity of  33.2 W/cm°K. This is five times higher as compared with the thermal conductivity of copper. Thus, monocrystalline forms of super hard materials are utilized in applications that have high tool wear. The monocrystalline form of super hard materials is employed in the cutting tools in oil & gas drilling applications. Hence, the increasing oil & gas drilling projects in key regions such as the Asia Pacific, the Middle East, and others will create a lucrative growth opportunity for the segment growth in the upcoming years.

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Based on End-use Industry, the building & construction segment is anticipated to offer substantial shares in the global super hard materials market growth during the forecast period. Super hard materials have superior performance characteristics, including superior deformation resistance and thermal conduction. Thus, super hard materials are an ideal choice for construction applications such as wood & aluminum cutter blades, marble grinding wheels, diamond electroplated glass cutters, and many more. Hence, the ongoing construction projects at the global level are boosting the demand for super hard materials as these materials are utilized in various construction equipment. This, in turn, is amplifying the market growth.

Based on Region, in the year 2022, Asia Pacific accounted for the largest share contribution to the market growth. This is due to the growth of the end-use industries, including building & construction, aerospace, and others. For instance, in April 2021, the Ministry of Health and Family Welfare India announced the continuation of the development of 14 new AIIMS hospitals across the country which is scheduled to be completed by the end of 2025. Hence, the growth of the above-mentioned industries in the Asia Pacific region is fostering the demand for super hard material to ensure efficient breaking of surface, which, in turn, is favoring the market growth.

Competitive Landscape

As per the research, Element Six, ILJIN Diamond, Huanghe Whirlwind, and SF Diamond are major market players that comprise the latest market circumstances. These companies are substantially leveraging their technologies for the development of a new range of super hard materials. Further, the super hard materials market is expected to grow steadily due to rising demand from the aerospace industry to ensure superior structural strength, especially in the regions such as Asia Pacific, North America, and Europe regions are estimated to boost the market statistics in the coming years. Additionally, the trend toward increasing development of new electrical and electronic product manufacturing facilities will boost the demand for super hard materials in the upcoming years, thereby anticipated to increase the competition in the market.

Recent Developments

• In June 2023, Hyperion Materials & Technologies, a leading manufacturer of super hard materials acquired Dura-Metal Products Corporation, a provider of Ultra-Hard Materials in the United States. The prime focus of this acquisition was to expand Hyperion Materials & Technology's market position in the United States.

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Key Market Takeaways

• The global super hard materials market size is estimated to exceed USD 9,017.83 million by 2030 with an astonishing CAGR of 5.5% during the forecast period (2023-2030).
• Asia Pacific accounted for the highest market share at 37.20% and was valued at USD 2,198.83 million in 2022, and is expected to reach USD 3,366.36 million in 2030. Moreover, in Asia Pacific, China accounted for the highest market share of 25.15% during the base year of 2022.
• Based on product type, the diamond segment accounted for the highest share contribution to the super hard materials market statistics in 2022.
• In the context of form, the monocrystalline segment is expected to contribute significant shares to the growth of super hard materials market statistics during the forecast period.
• By end-use industry, the building & construction segment is anticipated to contribute the largest shares to the market growth in 2022.
• Europe is expected to boost the market demand for super hard materials due to the increasing investments in the electrical and electrionics products manufacturing in countries such as Germany, France, and others.

List of Major Global Super Hard Materials Market:

• Element Six
• ILJIN Diamond
• Huanghe Whirlwind
• SF Diamond
• Besco Superabrasives
• Henan Yalong Superhard Materials
• Anhui HongJing
• Hyperion Materials & Technologies
• Zhengzhou E-Abrasive Superhard Materials Co., Ltd
• Zhengzhou Sino-Crystal Diamond Co., Ltd.

Global Super Hard Materials Market Segmentation: 

• By Product Type
  • Diamond
  • Cubic Boron Nitride
  • Others
• By Form
  • Monocrystalline
  • Polycrystalline
  • Composite
• By End-use Industry
  • Aerospace
  • Building and Construction
  • Chemicals and Petrochemicals
  • Mining
  • Electrical and Electronics
  • Others

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Frequently Asked Questions in the Super Hard Materials Market Report

• What was the market size of the super hard materials industry in 2022?

- In 2022, the market size of super hard materials was USD 5,910.83 million

• What will be the potential market valuation for the super hard materials industry by 2030?

- In 2030, the market size of super hard materials will be expected to reach USD 9,017.83 million.

• What are the key factors driving the growth of the super hard materials market?

- Booming building and construction activities at the global level are spurring the growth of the global super hard materials market.

• What is the dominating segment in the super hard materials market by form?

- In 2022, the monocrystalline segment accounted for the highest market share of 41.94% in the overall super hard materials market.

• Based on current market trends and future predictions, which geographical region is the dominating region in the super hard materials market?

- Asia Pacific accounted for the highest market share in the overall super hard materials market.

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