The Diamond like Carbon Market Size is projected to reach US$ 2,248.80BN by 2028 from US$ 1,521.70MN in 2021; it is expected to register a CAGR of 4.7% from 2021 to 2028.
/EIN News/ — New York, May 06, 2022 (GLOBE NEWSWIRE) — The Insight Partners published the latest research study on Diamond like Carbon Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Pure DLC and Mixed DLC), Application (Drill Bits and Milling Cutters, Saws and Blades, Dies and Molds, Inserts, and Others), End Use (Automotive, Medical, Packaging, Electronics, Cosmetics, and Others), and Geography. Factors such as growing demand from the automotive sector and rising demand for medical devices drive the market. However, the increasing raw material prices restrain the growth of the diamond-like carbon market.
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|Market Size Value in||US$ 1,521.70 million in 2021|
|Market Size Value by||US$ 2,248.80 billion by 2028|
|Growth rate||CAGR of 4.7% from 2021 to 2028|
|No. of Pages||152|
|No. of Charts & Figures||81|
|Historical data available||Yes|
|Segments covered||Type, Application, End-use and Geography|
|Regional scope||North America; Europe; Asia Pacific; Latin America; MEA|
|Country scope||US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
Diamond-like Carbon Market: Competition Landscape and Key Developments
The key players operating in the diamond-like carbon market include IBC Coatings Technologies, LTD.; Oerlikon Groups, Inc.; Richter Precision Inc.; Norseld Pty Ltd; Bunty LLC; Wallwork Heat Treatment Ltd; Micromatter Technologies Inc.; HEF Group; IHI Ionbond Ag; and Dynasil Corporation. Major market players are adopting strategies such as mergers and acquisitions to expand their geographical presence and consumer base globally.
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In 2020, Europe held a significant revenue share of the global diamond-like carbon market. In Europe, the automotive sector accounts for over 50–60% of the diamond-like carbon market and employs many people. Demand for diamond-like carbon is growing in the region owing to growing investment in the automotive industry and rising demand from the medical industry. According to Germany Trade and Invest (GTAI), Germany plays a significant role in the global transition to electric mobility solutions. The increase in investment in electric cars (EVs) and supportive government Initiatives are augmenting the demand for EVs, helping the DLC coating market grow.
Growing Demand from Automobile Sector to Drive Diamond-like Carbon Market During Forecast Period
The automobile industry has witnessed tremendous growth in the last decade, and the growth is expected to continue during the forecast period. The development of low-cost vehicles, extensive service network, and rise in disposable income are driving the automobile industry. Due to the extensive competition in the automobile industry, manufacturing standards are being stringently followed. Moreover, companies are focusing on using products that can extend the final product’s life and drive the brand name. Such factors are driving the adoption of diamond-like carbon in the automotive industry.
The industry is expected to witness substantial investments during the forecast period due to the changing dynamics in the industry and the growing focus on the construction and adoption of electric vehicles. For instance, Tesla Inc. is considering the construction of a manufacturing unit in India. If approved, the demand for diamond-like carbon is expected to rise in the country. Common automotive parts coated with DLC include bearings, valves, gears, cams, and shafts. Further, the rising demand for two-wheelers, primarily in Asia Pacific, is expected to substantially impact the growth of the automotive industry. Such factors are expected to drive the diamond-like carbon market during the forecast period.
Diamond-like Carbon Market: Segment Overview
Based on type, the global diamond-like carbon market is segmented into pure DLC and mixed DLC. In 2020, the mixed DLC segment accounted for a larger revenue share. Mixing non-metals and metals delivers superior friction behavior, enhanced life cycle, and compatibility with chemicals, owing to the inert nature of DLC coating.
Based on application, the global diamond-like carbon market is segmented into drill bits and milling cutters, saws and blades, dies and molds, inserts, and others. In 2020, the drill bits and milling cutters segment accounted for a significant revenue share. DLC coating includes a group of PVD coatings that have properties similar to those of natural diamonds. The most important difference with a diamond is that the microstructure of the DLC coatings can be either amorphous or polycrystalline, with a hydrogen content that varies in percentage. In contrast, the natural diamond is crystalline and consists of pure carbon. This DLC coating is employed for drill bits for drilling high-speed operations.
Impact of COVID-19 Pandemic on Diamond-like Carbon Market
The COVID-19 pandemic has significantly disrupted the manufacturing sector in terms of operational efficiency, owing to extended lockdowns across different regions, restrictions imposed on international trades, the shutdown of manufacturing units, travel bans, supply chain disintegration, shortage in the supply of raw materials, and many other factors. The COVID-19 pandemic has negatively impacted the global diamond-like carbon market, owing to the shutdown of manufacturing units, rise in raw material prices, labor shortage, disruption of supply chains, and financial instability. Moreover, disruption of the automotive industry due to the economic slowdown caused by the COVID-19 pandemic has negatively impacted the growth of diamond-like carbon market. Diamond-like carbon exhibits properties such as low friction, high hardness, and high corrosion resistance, which are essential for the long life of machinery and equipment.
However, businesses are gaining ground as previously imposed limitations are being eased across various locations. Moreover, the introduction of COVID-19 vaccines by governments of different countries has further eased the situation, leading to a rise in business activities across the globe. The automotive sector is growing rapidly in many countries, and the adoption of electric vehicles is expected to further boost the growth of the automotive industry during the forecast period. The medical sector has grown significantly in recent years and is expected to grow during the forecast period. The medical sector had witnessed a minimal decline during the pandemic. However, due to the development of various technologies such as DLC coating, the market is expected to witness substantial growth during the forecast period.
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In 2020, Asia Pacific accounted for the largest share of the global diamond-like carbon market. Many Asia-Pacific countries, such as China and India, are among the world’s fastest-growing populations. The automotive industry is expanding in the region because of the growing demand for the rising demand for automobiles and automotive components. The growth of various manufacturing sectors such as packaging, electronics, and medical devices in nations such as China, India, Japan, and South Korea has increased the demand for diamond-like carbon market in the region. The surging consumption of processed medical devices is expected to drive the growth of the diamond-like carbon market.
In 2020, the mixed DLC segment accounted for the largest market share. The mixed DLC segment diamond-like carbon materials bonded with other metals to enhance the chemical properties of DLC. For instance, alloying Aluminum with DLC enhances the mechanical strength of the DLC coated material.
On the basis of application, dies and molds is the fastest-growing segment. The growing demand for dies with a longer life period and improved finish is the major factor driving the growth of the segment in the global diamond-like carbon market.
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In 2020, the automotive segment held the largest market share in the global diamond-like carbon market. Automotive is the prominent end use sector for diamond-like carbon, especially in countries such as China which are focused on the manufacture of automobiles and their components.
Declining prices of automobiles and the rising disposable income among individuals is the major factor driving the demand for automobiles globally. Further, economic development in Asia Pacific region has boosted the demand for automobiles in the region primarily for to wheelers and hatchbacks. Such factors are driving the growth of the diamond-like carbon market.
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The post Diamond like Carbon Market Worth US$ 2,248.80BN, Globally, by 2028 at 4.7% CAGR first appeared on Reality Syndicate Viewers.
originally published at Science - Reality Syndicate Viewers
This news story originally appeared at Science - Reality Syndicate Viewers on 9 May 2022