Diamond-Like Carbon Market Drivers and Forecasts by 2028

The diamond like carbon market is expected to grow from US$ 1,521.70 million in 2021 to US$ 2,248.80 billion by 2028; it is estimated to grow at a CAGR of 4.7% from 2021 to 2028.

The demand for diamond like carbon is significantly increasing due to the growing demand from the automobile sector. Companies are focusing on using products that can extend the final product's life and drive the brand name. The development of low-cost vehicles, extensive service network, and rise in disposable income are driving the automobile industry. The growing use of diamond-like carbon in prosthetic devices, cardiovascular implants, surgical tools, and dental implants is driving the market. In addition, rising investments in research and development in the medical industry are also augmenting the market dynamics, helping drive the market.

The diamond like carbon market in Asia Pacific is expected to grow at the highest CAGR during the forecast period. The demand for diamond like carbon is expected to increase in Asia Pacific due to various factors such as the growth in the automotive industry and the increase in demand for medical devices. Growing foreign direct investments and increasing investments in the research and development of equipment manufacturing have further boosted the growth of the market in the region. In addition, government incentives and easy availability of raw materials are also expected to fuel the market growth during the forecast period. Thus, the growing automotive industry across the region is expected to further propel the market growth over the forecast period.

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Diamond-Like Carbon Market: Strategic Insights

Impact of COVID-19 Pandemic on Diamond like Carbon Market

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. However, businesses are gaining ground as previously imposed limitations are being eased across various locations. 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 in demand during the forecast period.

Market Insights

Growing Demand from the Automobile Sector

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.

Type Insights

Based on type, the diamond like carbon market is segmented into pure DLC and mixed DLC. The pure DLC segment accounted for a larger market share in 2020. Pure DLC has properties such as high hardness, high insulation, high wear resistance, low friction coefficient, high chemical stability, high anti-burning properties, and high biocompatibility, which makes it preferable for use in coating applications in automotive and medical industries. The mixed DLC segment is the fastest-growing segment that delivers superior friction behavior, enhanced life cycle, and compatibility with chemicals, owing to the inert nature of DLC coating.

Application Insights

Based on application, the diamond like carbon market is segmented into drill bits and milling cutters, saws and blades, dies and molds, inserts, and others. The growth of the others segment can be attributed to its application in valves, wrist pins, end mills, tappets, pistons, shafts, gears, bearings, and cams or slides. Moreover, the extremely hard coating of the drilling bits and milling cutters helps enhance the tool life and ensures a more controlled wear process, thereby helping the segment's growth. DLC coating is also used in many cutting tools, including razor blades and saw, owing to its high hardness, low friction, and chemical inertness.

End Use Insights

Based on end use, the diamond like carbon market is segmented into automotive, medical, packaging, electronics, and others. The automotive segment is anticipated to grow, owing to the increasing usage of DLC coating to reduce fuel consumption of automobile engines by reducing friction and pump components to prevent seizure. The growth of the medical segment can be attributed to its broad scope of application in biomedical, orthopedic, and dental applications, owing to its superior tribological and mechanical properties, including corrosion resistance, hemocompatibility, and biocompatibility.

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. The key companies adopt strategies such as mergers and acquisitions and research and development to expand their customer base and gain significant share in the global market, allowing them to maintain their brand name globally.

Diamond like Carbon

Diamond-Like Carbon Market Regional Insights

The regional trends and factors influencing the Diamond-Like Carbon Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses Diamond-Like Carbon Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Diamond-Like Carbon Market Report Scope

Diamond-Like Carbon Market Players Density: Understanding Its Impact on Business Dynamics

The Diamond-Like Carbon Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Report Spotlights

• Progressive industry trends in the diamond like carbon market to help players develop effective long-term strategies
• Business growth strategies adopted by developed and developing markets
• Quantitative analysis of the diamond like carbon market from 2018 to 2028
• Estimation of global demand for diamond like carbon
• PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry
• Recent developments to understand the competitive market scenario
• Market trends and outlook as well as factors driving and restraining the growth of the diamond like carbon market
• Assistance in the decision-making process by highlighting market strategies that underpin commercial interest, leading to the market growth
• The size of the diamond like carbon market size at various nodes
• Detailed overview and segmentation of the market, as well as the diamond like carbon industry dynamics
• Size of the diamond like carbon market in various regions with promising growth opportunities

Company Profiles

• 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
• Dynasil Corporation