Global Polycrystalline Diamond Market by Type (PCD Milling Tools, PCD Turning Tools, and Others), Application (Automotive, Machinery, Aerospace, Semiconductors, and Others), and Region (North America, Europe, Asia-Pacific, and LAMEA): Opportunity Analysis and Industry Forecast, 2023-2032

Polycrystalline Diamond Overview

Polycrystalline diamond (PCD) is composed of diamond grit that has fused together under high pressure, high temperature, and in the presence of a catalytic metal. Diamonds are used in the creation of cutting tools due to its extraordinary hardness, resistance to wear, and ability to transfer heat. PCD tools can be used for machining any non-ferrous material, including wood products, chipboards, high density fiberboard  (HDF), laminated boards, materials used to make aluminum auto parts, and all lightweight materials used to build aircraft, including metal matrix composites (MMC), stacks, and carbon fiber reinforced plastics (CFRP).

Utilizing efficient tools for material cutting and surface finishing is essential with the economic viability of many processes and industries. In certain situations, hard tools can be more cost-effective than standard ones. Diamond is one of these incredibly tough, naturally occurring materials that is more durable than silicon carbide and corundum.

Global Polycrystalline Diamond Market Analysis

The Global Polycrystalline Diamond Market Size was $900.6 million in 2022 and is predicted to grow with a CAGR of 6.1%, by generating a revenue of $1,604.0 million by 2032.

 Source: Research Dive Analysis

COVID-19 Impact on Global Polycrystalline Diamond Market

The global polycrystalline diamond industry was negatively impacted by the COVID-19 impact on polycrystalline diamond market, which resulted in reduced exploration activities and lower demand for drilling equipment. Government considered oil & gas exploration as a critical activity and exempted it from lockdown restrictions. However, the pandemic caused either a halt or a reduction in production. Throughout the pandemic, operations were difficult due to a labor shortage, and difficulties arose owing to social isolation and other precautionary measures. Furthermore, a lack of raw materials and equipment during the pandemic also hampered the growth of drilling, repairing, maintaining, and replacing components in the automotive and aerospace industries. The COVID-19 pandemic led to reduced demand for polycrystalline diamond products in some industries, particularly in automotive and aerospace . This impacted the demand for polycrystalline diamond products used in these industries, such as cutting tools for the aerospace industry. The pandemic had a significant impact on the aerospace industry, with decreased demand for flights leading to a decrease in orders for airplanes and associated products. This has influenced the market for polycrystalline diamond products used in the production of cutting tools and other aerospace components.

Growing Applications of Polycrystalline Diamond in the Industrial Sector to Drive the Market Growth

One of the most important improvements in drilling equipment in recent years has been the development of polycrystalline diamond compact (PDC) drill bits. These bits have completely transformed the oil & gas drilling sector’s high rate of penetration (ROP) potential. Typically, steel or matrix bodies with synthetic diamond cutters are used to create these drill bits. Diamond tables that are a component of the cutter are created using a polycrystalline diamond. PDC diamond tables are tough and have a wide range of bit cutter-friendly characteristics. In addition, the growth of the global polycrystalline diamond compact is anticipated to be driven by rising shale gas performance and production. The industrial use of polycrystalline diamond (PCD) is predicted to increase, which is further expected to support the market growth. Polycrystalline diamond is appropriate for a variety of industrial applications due to its superior hardness, wear resistance, and thermal conductivity. PCD is often used in cutting tools and machining for industrial processes like turning, milling, and drilling. It can be machined at high speeds and has longer tool lives because of its hardness and wear resistance, which boosts production and reduces costs. Polycrystalline diamond finds applications in the metalworking industry to cut and shape hardened metals, alloys, and composite materials. In difficult metalworking procedures, PCD tools can produce excellent precision and surface polish.

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High Cost of Polycrystalline Diamond to Restrain the Market Growth

Polycrystalline diamond is a relatively expensive material compared to other cutting and drilling tools, which is expected to limit its adoption in some industries. High initial investment costs is also projected to be a barrier for small and medium-sized businesses or developing countries with limited financial resources. These factors can impact the availability of raw materials and the ability of companies to do business in certain countries, which is anticipated to limit the polycrystalline diamond market growth opportunities in the upcoming years.

Use of Polycrystalline Diamond in the Manufacturing and Construction Sector to Drive Excellent Opportunities

Matrix body drill bits provide several advantages, including longer life, higher fluid capacity, and several runs. This tool has high structural strength as well as resistance to erosion, wear, and tear. Rising demand for matrix body PDC drill bits is expected to increase the need of advanced and efficient drilling technologies in the future. Polycrystalline diamond is widely utilized in the manufacturing, building, mining, and other sectors due to its greater hardness and endurance. As these sectors continue to seek high-performance cutting and drilling equipment, the demand for polycrystalline diamond is likely to increase. Polycrystalline diamond is utilized in various sectors to cut and shape materials such as carbon fiber composites and high-strength metals. In the construction sector, polycrystalline diamond (PCD) is frequently used for various of application, including cutting and polishing hard materials like concrete and asphalt. PCD tools are especially useful for tasks that require high precision and durability, and they offer greater abrasive wear resistance than other diamond tools. In addition, PCD polishing tools are used to polish marble and other fine stone surfaces, while PCD tool inserts are utilized in machines to engrave ceramics and high-speed metal. All these factors are projected to drive the polycrystalline diamond market growth during the forecast period.

Global Polycrystalline Diamond Market Size, by Type, 2022 

Source: Research Dive Analysis

The PCD milling tools sub-segment accounted for the highest market share in 2022. PCD milling tools have numerous advantages compared to traditional carbide milling tools. This results in reduced processing time, superior surface finish, better process control, and reduced downtime. In addition, as the main component of PCD tools is diamond, the cutting and grinding forces are greater than other tools, allowing for higher cutting and grinding rates. Another advantage of PCD milling tools is that they can produce stronger tolerances than conventional tools, leading to greater accuracy. PCD milling tools are ideal for high volume production, as the tools require less frequent sharpening and maintenance, ultimately reducing costs. These factors are anticipated to boost the growth of the PCD milling tools sub-segment during the forecast time.

Global Polycrystalline Diamond Market Share, by Application, 2022

Source: Research Dive Analysis

The automotive sub-segment accounted for the highest market share in 2022. Polycrystalline diamond tools are widely utilized in the automobile sector due to their greater efficiency and accuracy. They are ideal for high-speed machining and can reach surface speeds of up to 9,000 feet per minute. In addition, polycrystalline diamond tools produce less heat during the cutting process, making them suitable for use on materials like aluminum that are susceptible to warping or distortion due to high temperatures. They are therefore perfect for cutting gearbox and engine parts, including pistons and cylinder heads. Tools made of polycrystalline diamond are also resistant to severe wear and tear, making them a more durable option for automakers and possibly reducing production costs. Overall, the use of polycrystalline diamond tools can significantly increase productivity and precision in the automotive sector. These factors are anticipated to boost the growth of the automotive sub-segment in the upcoming years.

Global Polycrystalline Diamond Market Size & Forecast, by Region, 2022-2032 ($Million)

Source: Research Dive Analysis

The Asia-Pacific polycrystalline diamond market generated the highest revenue in 2022 and is anticipated to show the fastest growth during the forecast period. This growth is due to the significant demand for diamond tools in the construction, automotive, aerospace, oil & gas, and other industries. The market for polycrystalline diamonds is anticipated to be driven by the increasing oil & gas exploration and production in Asia-Pacific. The high hardness of polycrystalline diamond (PCD) tools, which makes them extremely wear-resistant and robust, is one of their benefits driving the regional market growth. PCD tool producers in Asia-Pacific use cutting-edge technologies and sophisticated manufacturing processes to create PCD tools that are incredibly effective, long-lasting, and efficient. PCD tool makers in Asia-Pacific are dedicated to continuously enhancing their products to satisfy the changing needs of the market. All these factors are projected to drive the polycrystalline diamond market share  in Asia-Pacific during the forecast period.

Competitive Scenario in the Global Polycrystalline Diamond Market

Investment and agreement are common strategies followed by major market players. For instance, in February 2021, NOC Inc., a global provider of equipment and components that are used in oil & gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil & gas industry, introduced ION+ polycrystalline diamond compact cutter technology. ION+ cutters feature a wide range of application-specific cutter grades, incorporating refined diamond feeds, higher man.

Source: Research Dive Analysis

Some of the leading polycrystalline diamond market analysis players are Sandvik Group, Mapal Kennametal, Preziss Tool, Wirutex, Ceratizat, Sumitomo Electric, Kyocera, Mitsubishi Materials, and Union Tool.