Global Superhard Materials Market Share, Demand, Growth, Forecast 2023

Superhard Materials Market Overview:

Superhard materials are extremely incompressible solids containing high bond covalence and high electron density. When measured with Vickers hardness test, the hardness value for superhard materials exceed 40 gigapascals (GPa). It possesses high compressional strength, high shear resistance, large bulk moduli, high melting temperature, chemical inertness, and high thermal conductivity. These properties of superhard materials make it highly desirable for variety of applications.

Superhard Materials Market Key Players:

Sumitomo Electric Industries Ltd (Japan), Element Six (Luxembourg), Sandvik AB (Sweden), Iljin Diamond (South Korea), Henan Huanghe Whirlwind Co Ltd (China), SF Diamond Co Ltd (China), WorldWide Superabrasives LLC (China), Henan Yalong Superhard Materials Co. Ltd (Japan), Funik Ultrahard Material Co. Ltd (China), CR GEMS Superabrasives Co. Ltd (China), and Anhui Hongjing New Materials Co. Ltd (China) are among the prominent players operating at the forefront of global superhard materials market.

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Superhard Materials Market Regional Analysis:

The global superhard materials market growth has been spanned across five regions, namely, ASIA-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Asia-Pacific held the largest and the fastest growing market for superhard materials in 2017. China and India are the major contributors for the growth of product market in this region. The demand for superhard materials from automotive and constructing industries has been surging due to the rising usage of these materials in transportation vehicles, cars, and construction sites. Superhard materials offer high compression strength, shear resistance, and high resistance to chemicals. This makes it desirable for use in these end-use industries. The regional market is expected to show strong growth in the global superhard materials market in the review period.

North America held the second largest share in the global superhard materials market. The rising disposable income in this region has attributed to the growing sales of automotive in this region, thus leading to the growth of automotive industry. The growing automotive industry and construction industry in this region are fueling the growth of superhard materials market application. This growth is expected to continue in the forecast period due to the growing demand for superhard materials in these end-use industries.