Industrial Diamond Market Report 2025

The industrial diamond market size has grown steadily in recent years. It will grow from $2.12 billion in 2024 to $2.18 billion in 2025 at a compound annual growth rate (CAGR) of 2.8%. The growth in the historic period can be attributed to industrial applications development, emergence of synthetic diamonds, expanding consumer electronics industry, rise in automotive and aerospace sectors, industrialization and urbanization.

The industrial diamond market size is expected to see steady growth in the next few years. It will grow to $2.64 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to increased demand in electronics, advancements in additive manufacturing, expansion of renewable energy sector, rise in medical and healthcare applications, emerging economies and infrastructure development. Major trends in the forecast period include lab-grown diamond technology, high-performance applications, emerging markets and industrialization, focus on efficiency and precision, technological innovations in diamond processing.

The rapid expansion of the automotive industry is significantly boosting the growth of the industrial diamond market. The automotive sector encompasses a wide range of businesses involved in the production, development, design, marketing, and distribution of motor vehicles, towing vehicles, and mopeds. Industrial diamonds have proven to be more cost-effective than other abrasives in various industrial applications due to their faster cutting capabilities and longer lifespan. In the automotive industry, abrasives are utilized for frame cutting, edge chamfering, shaping, forming, and weld removal. As the automotive industry continues to grow, so too will the demand for industrial diamonds. For example, in 2023, the Organisation Internationale des Constructeurs Automobiles (OICA), a France-based international association of automobile manufacturers, reported that global vehicle production reached 93,546,599 units, a notable increase from the 85,016,728 units produced in 2022. Thus, the rapid growth of the automotive industry is driving the expansion of the industrial diamond market.

The rapid industrialization and expansion of manufacturing industries are expected to drive the growth of the industrial diamond market. Industrialization refers to the transformation of an economy from an agriculture-based focus to one centered on manufacturing. This shift has led to a significant increase in demand for industrial diamonds, which are vital for various industrial applications due to their cost-effectiveness and superior cutting and durability properties. For example, in July 2024, the US Census Bureau, a government agency, reported that the value of construction operations increased from $2.01 trillion in May 2023 to $2.14 trillion in May 2024. Consequently, the rapid industrialization and growth of manufacturing industries are poised to propel the industrial diamond market forward.

Technological advancements mark a significant trend reshaping the industrial diamond market. Leading players in this industry are keen on innovating new technologies to retain their market dominance. For instance, in May 2022, De Beers Group introduced Tracr, the first blockchain-backed diamond source platform globally. Tracr integrates distributed ledger technology with robust data security and privacy features, empowering users with control over data accessibility. The platform provides each user with an exclusive distributed version, ensuring personalized data management and strengthened security through immutable transaction records.

Major players in the industrial diamond market are leveraging strategic partnerships to expand their diamond platform and accelerate the development of innovative applications. An instance is the collaboration between Element Six and II-VI Inc. in February 2022. This partnership involves Element Six licensing its single-crystal diamond technology to II-VI Inc., enabling the latter to enhance its core competence in diamond technology and develop disruptive applications by leveraging Element Six's intellectual property and equipment for high-quality single-crystal diamond production.

In August 2023, Hyperion Materials and Technologies Inc., a US-based leader in the development and manufacturing of hard and superhard materials, acquired Premium Diamond Solutions SA for an undisclosed sum. This acquisition is intended to broaden Hyperion's product portfolio, strengthen its market presence, and enhance customer service in the synthetic diamond and cubic boron nitride sectors. Premium Diamond Solutions SA is a Switzerland-based manufacturer specializing in high-quality industrial diamonds.

Major companies operating in the industrial diamond market are ALROSA PJSC, Applied DiamondX Inc., De Beers Inc., Industrial Abrasives Ltd., 3M COMPANY, Toolgal Industrial Diamonds Ltd., Scio Diamond Technology Corporation, Hebei Plasma Diamond Technology Co. Ltd., Advanced Diamond Technologies Inc., Iljin Diamond Co. Ltd., Element Six UK Ltd., Sumitomo Electric Industries Ltd., Henan Huanghe Whirlwind Co. Ltd., Zhongnan Diamond Co. Ltd., Zhengzhou Sino-Crystal Diamond Co. Ltd., Synthetic Diamond Company List Adamas One Corp., New Diamond Technology, Pure Grown Diamonds,Swarovski AG, Sandvik AB, Saint-Gobain S.A, Asahi Diamond Industrial Co. Ltd., Morgan Technical Ceramics.

Asia-Pacific was the largest region in the industrial diamond market share in 2024. The regions covered in the industrial diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the industrial diamond market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Industrial diamonds, crystalline formations of carbon, serve as essential cutting tools or abrasives in industrial applications. While they may lack the characteristics that make gemstones valuable, their significance lies in their utility within the industrial metalworking and mining sectors.

There exist two primary types of industrial diamonds such as natural and synthetic. Natural industrial diamonds are mined stones characterized by flaws, irregular shapes, poor coloration, or small sizes, rendering them unsuitable as precious gems. However, they play a vital role in industrial metalworking and mining applications. Their usage spans various fields such as semiconductors, aerospace, aviation, and other industrial domains. These industrial diamonds find application across diverse end-user industries, including construction, mining services, stone cutting or polishing, machinery manufacturing, transportation systems, and various other sectors, contributing significantly to the efficiency and precision of industrial processes.

The industrial diamond market research report is one of a series of new reports that provides industrial diamond market statistics, including industrial diamond industry global market size, regional shares, competitors with a industrial diamond market share, detailed industrial diamond market segments, market trends and opportunities, and any further data you may need to thrive in the industrial diamond industry. This industrial diamond market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The industrial diamond market consists of sales of cubic zirconia and silicon carbide. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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