Description
The global Superhard Materials market estimated at US$11.60 billion in the year 2024 is now projected to grow at a CAGR of 6.90% and reach US$15.83 billion by 2030.
The research report provides a comprehensive review of market trends, market growth drivers, PEST Analysis, Market growth inhibitors, and strategic industry activities and SWOT Analysis of key players in the market.
The report provides market estimates and forecast for geographic markets such as the North America (US, Canada, Mexico and Rest of North America), South America (Brazil, Argentina and Rest of South America), Europe (Germany, France, U.K., Russia, Italy, Spain, Sweden, Netherlands, Poland, Austria, Norway, Switzerland, Denmark and Rest of Europe), Asia-Pacific (China, Japan, South Korea, Taiwan, India, Australia and Rest of Asia-Pacific), Middle East (Iran, Turkey, Kuwait, UAE, Israel and Rest of Middle East) & Africa.
North American superhard materials market is expected to grow significantly over the forecast period 2024-2030. This growth can be attributed to rising drilling and mining activities, growing automotive industry and construction industry in the region. U.S. contributed around 78% of the total North American superhard materials market and is estimated to have a market value of US$2.25 billion in the year 2024. Among the other noteworthy geographic markets are Canada and Mexico, each forecast to grow at 6.44% and 5.14% respectively over the forecast period.
Asia-Pacific superhard materials market is anticipated to witness an upsurge owing to the rapid urbanization and industrialization in the region. The easy availability and production of raw materials in the major economies of the region including China, Japan and India is the major driving factor of the regional market growth. China is expected to dominate the Asia-Pacific market and reach a market size of US$2.63 billion by 2030.
Within Europe, Germany, France and the U.K. are the key countries responsible for the significant growth of the regional market. Germany is expected to grow at a fastest CAGR of 6.92% over the forecast period.
Meanwhile, the Middle East & Africa is expected to show limited growth due to the strong presence of under-developed countries in Africa who are still struggling to meet technology standards. However, any growth that the region experiences is expected to come from developing nations such as Qatar, U.A.E, Saudi Arabia and Oman due to ue to the surging demand for superhard materials from drilling sites, and storage tanks, and processing equipment in petrochemical industry.
Key players profiled in the report include 3M Company; 3M Technical Ceramics GmbH; Abrasive Technology, Inc.; Ceradyne, Inc.; COI Ceramics, Inc.; CoorsTek, Inc.; Deutsche Edelstahlwerke GmbH; Diamant Boart S.A.; Element Six; H.C. Starck GmbH; Kennametal, Inc.; Morgan Technical Ceramics; Mudanjiang Jingangzuan Boron Carbide; Novatek, Inc.; Sandvik AB; Sumitomo Electric Hardmetal Corporation; U.S. Electrofused Minerals, Inc; US Synthetic Corp.; ZYP Coatings, Inc., among others.
