By Product Type :

The product type segment is categorized into diamond, cubic boron nitride, and others. In 2022, the diamond segment accounted for the highest market share in the super hard materials market. Diamond is equipped with various beneficial properties, including superior toughness, unparalleled, hardest abrasive, superior heat dissipation, the highest frequency filter, and others. These properties ensure the superior durability of the products. As a result, diamond is utilized in cutting tools and equipment in various end-use industries, including metallurgy, oil drilling, construction, aerospace, electrical & electronics, and others. For instance, according to the recent statistics published by Electronic System Design Alliance (ESD Alliance), in Q4 of 2021, the global electronics systems design revenue increased to 14.4% from USD 3,031.5 million in Q4 2020 to USD 3,468.2 million in Q4 of 2021. Moreover, the Americas reported the largest revenue followed by Asia Pacific and EMEA (Europe, Middle East, and Africa), generating a revenue of USD 1,577.2 million, USD 1,408.4 million, and USD 482.5 million respectively. Therefore, the growth of the above-mentioned industries at the global level is driving the overall demand for diamonds to ensure superior dielectric breakdown strength. This prime determinant is accelerating the growth of the market.

Furthermore, cubic boron nitride is expected to be the fastest-growing segment in the market over the forecast period. This is due to the increasing demand for cubic boron nitride in end-use industries such as building & construction, aerospace, chemicals, and others.

By Form :

The form segment is categorized into monocrystalline, polycrystalline, and composite. In 2022, the monocrystalline segment accounted for the highest market share of 41.94% in the overall super hard materials market. The monocrystalline form of super hard materials has a superior thermal conductivity at room temperature of 33.2 W/cm°K. This is five times more as compared with the thermal conductivity of copper. Therefore, monocrystalline forms of super hard materials are employed for particularly demanding applications that have high tool wear. The monocrystalline form of super hard materials is utilized in the cutting tools in oil & gas drilling applications. For instance, in March 2022, Sinopec announced an investment of USD 31.10 billion in new oil and gas upstream projects in China. Thus, the increasing oil & gas drilling projects in key regions such as the Asia Pacific, the Middle East, and others will create a prominent opportunity for segment growth in the upcoming years.

However, composite is expected to be the fastest-growing segment during the forecast period because of the increasing production activities associated with electronics products, growth of construction activities, and others.

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By End-use Industry :

The application segment is categorized into aerospace, building and construction, chemicals and petrochemicals, mining, electrical and electronics, and others. In 2022, the building & construction segment accounted for the highest market share in the super hard materials market. Super hard materials have superior performance features such as excellent deformation resistance and thermal conduction. As a result of the above properties, super hard materials are an ideal choice for construction applications, including marble grinding wheels, wood & aluminum cutter blades, diamond electroplated glass cutter, and many more. For illustration, as of June 2023, various commercial projects are under the development phase in the Asia Pacific region, including USD 900 million Commerz III Commercial Office Complex in India (the completion year 2027), USD 500 million Shibaura 1-Chome Mixed-Use Complex in Japan (the completion year 2030), USD 92 million Cangnan County People's Hospital Phase II in China (the completion year 2024), and others. Hence, the ongoing commercial development projects in the Asia Pacific region will create a lucrative opportunity for super hard material demand growth as these materials are utilized in various construction equipment. This, in turn, will drive the market growth in the upcoming years.

However, the electrical and electronics segment is expected to be the fastest-growing segment in the super hard materials market during the forecast period. This is due to increasing investment in new manufacturing facilities, rising research & development activities, and others.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, Asia Pacific accounted for the highest market share at 37.20% and was valued at USD 2,198.83 million, and is expected to reach USD 3,366.36 million in 2030. In Asia Pacific, China accounted for the highest market share of 25.15% during the base year of 2022. This is due to the growth of the various end-use industries, including building & construction, chemical & petrochemicals, electrical & electronics, and others. For instance, in quarter 3 of 2021, the construction work commenced on USD 3,170 million Hamamatsucho Shibaura 1 Chome Redevelopment project in Tokyo, Japan. The project includes the development of a 550,000m2 multi-use building complex, which consists of two towers. The construction work is expected to complete by the end of 2030. Henceforth, the growth of the aforementioned industries in the region is accelerating the demand for super hard materials, thereby favoring market growth.

Furthermore, Europe is expected to witness significant growth over the forecast period, growing at a CAGR of 6.3% during 2023-20230. This is attributed to the growing demand for super hard materials from various end-use industries, including building & construction, aerospace, and others.