Diamond coatings are attracting numerous end-use industries owing to abrasive, shaping, cutting, and finishing tools. Also, the properties such as highest temperature and electric resistivity and low thermal expansion are favoring to boost adoption by widening usage of diamond coating in numerous end-use industries which is likely to propel the growth of the market. Additionally, growing research and development (R&D) is further making the coating suitable to be used in other application. For instance, recently in 2018, a study published which was conducted by the RMIT University that concluded the diamond coated titanium implants improves its compatibility with the body. This growing exploration is expected to offer lucrative opportunities for growth in the upcoming years.
Additionally, the properties such as high thermal conductivity of diamond coatings make them ideal for conducting heat from high-power, compact, high-speed electronic packages. Besides, the low-pressure process makes them suitable to produce diamonds and coatings by using the technique of chemical vapor deposition (CVD). These films are useful in numerous applications for cutting purposes. Growing need for advanced cutting tools is boosting growth of the global diamond coatings market.
Which are the major application of a diamond coating that is influencing on revenue of overall market?
Diamond coatings are extensively used in the end use industries such as electronic, mechanical, industrial, and medical among others for improvement of life of the medical devices and equipment and cutting tools. Growing investment in R&D activities, especially in medical industries, are boosting the growth of the global diamond coatings market. Additionally, high corrosion resistance and biocompatibility of the market is offering lucrative opportunities for growth of the market.
Furthermore, the diamond coating has applications in the manufacture of the electrical component, wear parts, heat sinks, and prosthetics owing to its durability, adaptability, and strength. Additionally, growing uptake of light weight and high strength component is driving growth of the diamond coating tools which is fuelling growth of the diamond coating market.
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Which is region is leading to register the highest consumption of diamond coating?
Among North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa. Of these, based on consumption, Asia Pacific accounted for leading share of the global diamond coatings market in 2017. The trend of using diamond coating is expected to remain over the forecast period in the region and is expected to expand with lucrative CAGR in the coming years. Presence of established key players coupled with growing R&D activities in the region is supporting the growth of the market.
Which are the key players operating in the diamond coating market and what strategies they have adopted to remain dominant?
Some of the key players operating in the diamond coating market are D-Coat GmbH, United Protective Technologies, SP3 Diamond Technologies, Blue Wave Technologies, and JCS Technologies. The market is highly competitive owing to the presence of numerous key players in the global market. Also, the presence of numerous local players is expected to further intensify the competition in the upcoming years.