Global Polycrystalline Diamond Market to Experience Noteworthy Growth with the Increasing Use of Polycrystalline Diamond in the Industrial Sector

In today's fast changing world, where technological developments drive innovation across multiple industries, the need for high-performance materials has never been greater. One such substance that has received a great deal of attention is Polycrystalline diamond (PCD).

The polycrystalline diamond market has grown significantly in recent years because of its unique characteristics and many applications. Polycrystalline diamond (PCD) is made up of diamond grit that has melted together under high temperature, high pressure, and the presence of a catalytic metal. Diamonds are employed in the production of cutting tools due to their exceptional hardness, ability to transfer heat, and wear resistance. PCD tools may be used to manufacture any nonferrous material, such as wood, high density fiberboard (HDF), chipboards, laminated boards, materials used to create aluminum auto parts, and all lightweight materials.

Recent Trends in the Polycrystalline Diamond Market

The polycrystalline diamond market is continuously evolving, with new technologies and applications emerging. PCD manufacturers have been focusing on providing customized solutions to fulfil unique customer requirements. Tailored PCD solutions with unique binder materials, grain sizes, and diamond content are being developed to optimize performance in various applications. Additionally, there is a rising need for eco-friendly products as sustainability is being emphasized more and more. PCD, as a synthetic diamond substance, provides a more sustainable alternative to natural diamonds, reducing the environmental impact of diamond mining.

Newest Insights in the Polycrystalline Diamond Market

As per a report by Research Dive, the global polycrystalline diamond market is expected to grow at a CAGR of 6.1% and generate revenue of $1,604.0 million by 2032. The primary factors driving the growth of the market are the growing shale gas performance and production, the expanding use of polycrystalline diamond in the manufacturing and construction industries, and the rising demand for matrix body PDC drill bits, which increase the demand for cutting-edge and effective drilling technology. However, the high initial investment costs of polycrystalline diamond are expected to hinder the market growth.

The polycrystalline diamond market in Asia-Pacific is expected to remain dominant in the coming years. The region's high revenue in 2022 was driven by rising oil and gas exploration and production as well as the growing demand for diamond tools in the oil and gas, construction, automotive, and other industries. This has led to a rising demand for high-quality cutting and drilling tools developed from polycrystalline diamond (PCD).

How are Market Players Responding to the Rising Demand for Polycrystalline Diamond?

Market players are responding to the rising demand for polycrystalline diamond by investing in research and development to create more advanced and efficient polycrystalline diamond (PCD) products. They are also boosting their production capacity to satisfy the increasing market demand.

In addition, market players are increasingly focusing on strategic partnerships and collaborations with other players in the industry to leverage their strengths and expand their reach. Some of the foremost players in the polycrystalline diamond market are Mapal Kennametal, Sandvik Group, Preziss Tool, Ceratizat, Wirutex, Sumitomo Electric, Mitsubishi Materials, Union Tool, Kyocera, and others. These players are focused on implementing strategies such as mergers and acquisitions, novel developments, collaborations, and partnerships to reach a leading position in the global market. 

For instance:

• In Octobor 2020, Hyperion Materials & Technologies, a global leader in engineering and producing innovative materials with a U.S. base, announced Compax2.0^TM SE (Superior Edge) is the company's newest grade of high-performance polycrystalline diamond (PCD), suited for machining nonferrous materials such as titanium alloys, aluminium, and graphite.

• In February 2021, Kennametal, an American manufacturer and distributor of industrial supplies, launched a new series of PCD (Polycrystalline Diamond) round tools for cutting aluminium that offer up to ten times the productivity of carbide tooling. The new series of drills, reamers and end mills provides remarkable tool life and wear resistance even in highly abrasive aluminium alloys and is easily accessible with very short lead times.

• In June 2022, Horn, a business that produces high-quality tools, launched new step drills with PCD-tipped cutting edges for drilling, boring, and countersinking nonferrous metals.

COVID-19 Impact on the Global Polycrystalline Diamond Market

The COVID-19 pandemic had an adverse impact on the global polycrystalline diamond market. During the pandemic, the government considered oil and gas drilling to be essential and exempted it from lockdown restrictions. However, the outbreak either stopped or decreased manufacturing. Moreover, throughout the outbreak, operations were difficult due to a labour scarcity, and challenges emerged because of social isolation and other cautious measures. Furthermore, during the pandemic, a lack of raw materials and equipment restricted the growth of repairing, drilling, maintaining, and replacing components in the aerospace and automotive industries. Thus, the pandemic affected demand for polycrystalline diamond products in various industries, most notably automotive and aerospace. This influenced the demand for products made of polycrystalline diamond that were employed in various sectors, like cutting tools for the aerospace sector. These factors significantly hindered the polycrystalline diamond market growth amidst the pandemic.