Polycrystalline Diamond Tool Market Size, Share, Growth, and Industry Growth by Type (PCD Milling Tools, PCD Turning Tools, PCD Hole making Tools, PCD Inserts, and Others) By Application (Automotive Industry, Machinery Industry, Aerospace Industry, Electronics and Semiconductors, and Others) Regional Forecast From 2024 To 2031

Updated On: 20 November 2023

POLYCRYSTALLINE DIAMOND TOOL MARKET REPORT OVERVIEW

• 
• Request Free Sample PDF to learn more about this report

The global polycrystalline diamond tool market size was USD 929 million in 2022 and is projected to touch USD 1648.41 million by 2031 at CAGR 6.6% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with polycrystalline diamond tools experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

Diamond grains are brazed onto the tool's functional components using an adhesive substance or some similar technique to create cutting tools with polycrystalline diamond grains. Tools made of diamond have numerous distinct benefits over other tools made of more common materials, such as cemented carbide or tungsten carbide, because diamond is an exceedingly strong and resilient substance. Depending on manufacturing volumes, solid carbide tools can only last a few days or weeks. On the other side, polycrystalline diamond tooling has less downtime because it is made to last for months. This makes polycrystalline diamond tools an excellent choice for high-yield production facilities as well as smaller shops, since the return on investment will be swift owing to more efficient workflows, fewer tool changes, and shorter cycle durations.

At its most effective and efficient, polycrystalline diamond tools may operate up to ten times quicker than solid carbide tools. As a result, tasks are done more quickly, cutting down on lead times and increasing the quantity of work that can be finished. The polycrystalline diamond tool market is expanding due to increasing demand across various end-use industries including aerospace, automotive, machinery & equipment, semiconductor & electronics, and others. robust demand from key end-use verticals will work in favor of the market development in the forthcoming years.

COVID-19 Impact: Shortage of Labors led to Decline in the Market

Covid badly affected the polycrystalline diamond tool market due to supply chain disruptions and shortage in raw materials was also observed. Shortage of labor and strict protocols such as lockdowns and restrictions on movement created roadblocks, and disruptions in end-use sectors of the product led to lower demand. The slowdown in activity across major end-use industries including aerospace, automotive, machinery & equipment, semiconductor & electronics, and others dampened the demand for the product. Thus, the aforementioned factors impacted the market outlook during the COVID-19 pandemic.

LATEST TRENDS

"Adoption of New Technology to Drive the Market Trends"

Ongoing technological advancements are expected to drive the polycrystalline diamond tool market growth over the projected timeframe. A new technology called nonmetallic has recently been created, and it is used in the polycrystalline diamond cutting tool market. The major goal of this technique is to provide a method for producing high-quality polycrystalline diamond tools with a shorter cycle time, lower cost, and less time spent machining. The substance that is most often used among nonmetallic materials is tungsten carbide, which is produced by the use of powder metallurgy. Growing application of emerging technologies will thus bolster the market outlook significantly.

POLYCRYSTALLINE DIAMOND TOOL MARKET SEGMENTATION

• 
• Request Free Sample PDF to learn more about this report

• By Type Analysis

By type, market is segmented into PCD milling tools, PCD turning tools, PCD hole making tools, PCD inserts, and others. The PCD milling tools segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into automotive industry, machinery industry, aerospace industry, electronics and semiconductors, and others. The automotive industry segment will lead the global share through 2028.

DRIVING FACTORS

"Higher Demand Across Automotive and Aerospace Sectors to Push the Market Growth"

Due to its better performance versus other materials, polycrystalline diamond cutting tools are in higher demand from the automotive and aerospace sectors. The ability of polycrystalline diamond cutting tools to rapidly and efficiently cut through tough materials has led to an increase in demand in the construction and mining industries. The aerospace and automotive sectors are experiencing rapid growth across various key markets, including North America, Europe, and Asia Pacific. Rising disposable incomes of consumers have led to increasing air travel and growing vehicle adoption. These factors will positively influence the polycrystalline diamond tool market share.

"Durability and Technological Developments Led to Market Growth"

As they are inexpensive and simple to use, polycrystalline diamond cutting tools are becoming more and more popular among DIYers and other amateurs. Polycrystalline diamond cutting tools have improved in terms of durability and effectiveness because to technological developments. Consumers are becoming more aware of the advantages of using polycrystalline diamond cutting tools, which is likely to increase demand in the near future. Continuous improvements in the design of these tools will augment the market forecast over the next few years.

RESTRAINING FACTORS

"High Cost Could Affect the Demand for Polycrystalline Diamond Tools"

Polycrystalline diamond tools find extensive use across varied industries and are widely preferred for a variety of cutting operations. However, their excessive cost compared to other tools and technologies such as solid carbide tools could limit their adoption. Typically, the price difference is extensive, with these tools costing more (nearly twice as much) than solid carbide and other tools. Due to these factors, the polycrystalline diamond tool market could experience limited growth in the future.

POLYCRYSTALLINE DIAMOND TOOL MARKET REGIONAL INSIGHTS

• 
• Request Free Sample PDF to learn more about this report

"Asia Pacific to Hold the Highest Market Share during 2022-2028"

With a significant market share, the Asia Pacific region leads the global market for polycrystalline diamond tools. A large increase in demand from end-use sectors including aerospace and military, automotive, construction equipment, electronics manufacturing, and others is predicted to spur significant growth in the region. Due to the country's fast industrialization and rising foreign investment, China is thought to be the largest user of cutting tools in the Asia Pacific region.

North America contributed significantly to global revenue because of robust end-use industry demand and supportive government policies encouraging innovation via research and development operations in cutting-edge materials processing technologies. Additionally, during the next years, product adoption in this region will rise as the number of materials used in car manufacture is reduced to encourage energy saving.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

List of Market Players Profiled

• Kennametal (U.S.)
• Sandvik Group (U.S.)
• Mapal (Germany)
• Preziss Tool (Spain)
• Wirutex (Italy)
• Ceratizit (Luxembourg)
• Sumitomo Electric (Japan)
• Kyocera (Japan)
• Mitsubishi Materials (Japan)
• Union Tool (Japan)
• Asahi Diamond Industrial (Japan)
• Shinhan Diamond (South Korea)
• EHWA (China)
• Halcyon Technology (Thailand)
• TOP TECH Diamond Tools (Thailand)
• Telcon Diamond (Israel)
• Beijing Worldia Diamond Tools (China)
• Shanghai Nagoya Precision Tools (Japan)
• Zhengzhou Diamond Precision Manufacturing (China)
• Shenzhen Junt (Hong Kong)
• Weihai Weiying (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.