Diamond Tools Market - By Type (Abrasive, Cutting Tools, Drilling Tools, Sawing Tools), By Manufacturing Method (Metal Bonded, Resin Bonded, Electroplated), By Application (Stone Processing, Transportation, Machining, Geological Prospecting), Forecast, 2023 – 2032

Diamond Tools Industry Analysis

Diamond Tools Market size was valued at over USD 10 billion in 2022 and is anticipated to grow at a CAGR of over 6% between 2023 and 2032 attributed to the growing adoption of diamond tools in various applications.
 

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Diamond tools are cutting tools equipped with diamond grains on the functional parts of the tool with the help of bonding material or any other method. They offer many advantages and benefits compared to other tools, which are generally made of common abrasives including corundum and silicon carbide.
 

Diamond tools have various properties including high heat resistance, excessive hardness, thermal conductivity, and superior heat resistance. They are majorly used in the construction industry for drilling & cutting of concrete and other materials. Similarly, diamond tools are used in processing natural stones. These tools are used in block extraction in quarries, polishing operations for finished products, and all the production steps involved in the processing of natural stones. The growing applications of diamond tools in various industries are expected to drive market growth during the forecast period. However, the unavailability or lack of skilled labor especially in developing countries is expected to hamper growth.

The lack of skilled workforce to handle diamond tools is a major challenge faced by the diamond tools market, especially in developing countries including India, South Africa, Brazil, and South Korea. Many countries across the globe have started platforms that train individuals on handling diamond tools. Also, manufacturers of diamond tools are offering training to their workers. These initiatives are expected to increase the skilled workforce for the proper handling of diamond tools.
 

COVID-19 Impacts

The COVID-19 pandemic had a significant impact on the diamond tools market. It created disruptions in the global supply chains, leading to shortages of crucial components, and delayed production & delivery of diamond tools. The pandemic also paused construction activities and the functioning of various end-use industries across the globe, reducing the demand for diamond tools. Furthermore, the halted operations of companies worldwide resulted in their reduced annual revenue. This factor discouraged companies from buying diamond tools as the cost of diamond tools is very high.
 

Diamond Tools Market Trends

Diamond tools industry has witnessed several trends in recent years including rising construction activities, the increasing adoption of industry 4.0 in various industries, and growing investments in R&D by manufacturers to develop innovative diamond tools for specific applications. For instance, in September 2021, CorePlus launched a wide range of high-quality diamond cutting blades, dry diamond core drill bits, diamond tile drill bits, and diamond hole saws. The safety & quality standards are integral to the range and the products are developed with the help of modern production technology.
 

Diamond Tools Type Segmentation

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Based on type, the market is categorized into abrasive, cutting tools, drilling tools, and sawing tools. The abrasive segment held the highest revenue share with over USD 3 billion in 2022. The segment is witnessing growth owing to the growing demand for floor finishing in the construction industry and high-quality tools with enhanced efficiency across various applications. The growing usage of abrasives in various industries including automotive and aerospace & defense is also contributing to the segment growth.
 

Diamond Tools Application Segmentation

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Based on application, the diamond tools market is segmented into stone processing, transportation, machining, geological prospecting, and construction. The construction segment accounted for over 25% share in 2022 and accounted for over USD 3 billion in revenue in 2022. The construction segment growth can be attributed to the rising spending on construction activities across the globe. For instance, in April 2023, Canada and Saskatchewan announced to invest USD 42.1 million in 21 infrastructure projects to build stronger communities. The funding will support the construction of a new arena in the City of Lloydminster, which will have two indoor and one outdoor regulation-sized rink including sledge hockey-friendly amenities.

Diamond Tools Regional Analysis

Asia Pacific diamond tools market is expected to grow at over 8% CAGR from 2023 – 2032. The growth can be attributed to the high availability of cheap labor & raw materials and the growing industrialization is increasing the demand for construction materials in the region. Furthermore, the growing automotive manufacturing, marine equipment manufacturing, and aerospace industry in Asia Pacific are driving the demand for precision tooling, which can be performed by diamond tools. Also, the presence of developing countries and emerging markets including India, Japan, Malaysia, South Korea & Thailand is expected to create growth opportunities for manufacturers.

Diamond Tools Industry Leaders

Major companies operating in the diamond tools market include Asahi Diamond Industrial, Oregon Construction Business, Bosch, Bosun, Hilti, Husqvarna AB, Lackmond, Makita, Metabo Power Tools, MK Diamond Products, Nanjing Sanchao Advanced Materials, OX Group International, Saint-Gobain, Tyrolit, and Sumitomo Electric Industries, Ltd. These companies focus on investing heavily in research & development to launch innovative diamond tools for various applications.

Diamond Tools Industry News:

• In April 2023, Husqvarna launched a new Ulti-Grit Series of diamond blades for flat saws. The new segment has a new design that uses Husqvarna’s latest advancements in controlled diamond distribution. The new technology helps the Ulti-Grid blades to have high cutting speeds and longer blade life.
   
• In August 2022, John Crane launched the John Crane Diamond 8190, a new material application of tungsten carbide substrate. The new launch helps in addressing sealing challenges in high-speed and high-heat generation applications. The John Crane Diamond 8190 is majorly used in the oil & gas and chemical industries.
   

The diamond tools market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Million) from 2018 to 2032, for the following segments:

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By Type

• Abrasive
• Cutting tools
• Drilling tools
• Sawing tools

By Manufacturing Method

• Metal bonded
• Resin bonded
• Electroplated

By Application

• Stone processing
• Transportation
• Machining
• Geological prospecting
• Construction

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • ANZ
• Latin America
  • Brazil
  • Mexico
• MEA
  • GCC
  • South Africa