Diamond like Carbon Market is expected to reach US$ 2,248.80 Million by 2028

Posted by mahesh on October 4th, 2022

The scope of our recent study on "Diamond like Carbon Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Pure DLC and Mixed DLC), Application (Drill Bits and Milling Cutters, Saws and Blades, Dies and Molds, Inserts, and Others), and End Use (Automotive, Medical, Packaging, Electronics, Cosmetics, and Others)" includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.

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The diamond like carbon market was valued at US$ 1,521.70 million in 2020 and is projected to reach US$ 2,248.80 million by 2028; it is expected to grow at a CAGR of 4.7% from 2021 to 2028. Diamond like carbon coating is increasingly being preferred in the manufacturing sector. Diamond like carbon is increasingly being used in the manufacture of various medical instruments. For instance, the demand for surgical instruments has grown rapidly in the healthcare industry, mainly due to the growth of the medical industry. The demand for prosthetics is also growing rapidly, owing to the decline in manufacturing costs and increase in the number of adult patients over the age of 65.

Based on end use, the global diamond like carbon market is segmented into automotive, medical, packaging, electronics, cosmetics, and others. The automotive segment held the largest share of the global diamond like carbon market in 2020. Mixing non-metals and metals delivers superior friction behavior, enhanced life cycle, and compatibility with chemicals, owing to the inert nature of DLC coating. The mixed DLC properties can be enhanced by alloying with other elements. According to the International Trade Administration (ITA), China's domestic passenger car sales growth rate reached 10% in 2021, with the sales of new-energy vehicles exceeding 2 million, a record high or a year-on-year increase of 46%. India's automotive sector is rapidly booming with the growing demand for electric vehicles, increasing investment from OEMs, and rising consumer spending across the nation. India is projected to offer positive growth opportunities for the diamond-like carbon market, owing to the rapidly expanding medical and packaging sector across the nation.

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The global diamond like carbon market is segmented into five main regions— North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South and Central America. In 2020, Asia Pacific accounted for the largest share of the global diamond like carbon market. Countries in Asia Pacific, such as China and India, are among the world's fastest-growing populations. The manufacturing industry is expanding in the region because of its wide range of applications for diamond like carbon coatings. Various established sectors such as automotive and medical devices in nations such as China, India, Japan, and South Korea have increased the demand for manufacturing solutions in the region. Surging consumption of processed food and rising packaging technologies are driving the diamond like carbon market.

Impact of COVID-19 Pandemic on Diamond like Carbon Market

With the spread of COVID-19 across the globe, most countries declared a health emergency and stopped unessential movements, thereby impacting the supply chain of goods. With the relaxation of the COVID-19 norms, the market conditions resumed with the necessary precautions. 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. Moreover, the introduction of COVID-19 vaccines by governments of different countries has further eased the situation, leading to a rise in business activities across the globe.

 Key Players -

The key players operating in the global 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.

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Joined: September 20th, 2022
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