The global superhard materials market 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.
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The global superhard materials market has been categorized on the basis of type, form, end-users and region.
On the basis of type, global superhard materials market has been segmented into diamond, cubic boron nitride, and others.
Based on form, the global superhard materials market has been divided into monocrystalline, polycrystalline, and composite.
The market has also been segmented on the basis of end-users into transportation, building & constructions, chemical, oil & gas, mining, electrical & electronics, and others.
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. This growth is expected to continue in the forecast period due to the growing demand for superhard materials in these end-use industries.
European market is projected to grow at a faster pace in the review period. Owing to the unique properties offered by the superhard materials such as high melting temperature and high thermal resistance, the demand for superhard materials has escalated in the electrical & electronics industry. It also has widespread application in automotive and petrochemical industry. Growing electrical & electronics industry, automotive industry in this region are driving the superhard materials market in this region.
Latin American market is expected to grow at a moderate pace during the review period. The factors attributing to the growth of superhard materials market in this region are the growing use of superhard materials at mining sites, and in manufacturing equipment in the industries. Thus, the growing manufacturing activities and rising demand for industrial sector would boost the superhard materials market in this region in the coming years.
The Middle East & Africa market is expected to show steady growth in the global superhard materials market, due to the surging demand for superhard materials from drilling sites, and storage tanks, and processing equipment in petrochemical industry.
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