3M Co., Abrasive Technology Inc., CoorsTek Inc., Curimbaba Group, De Beers Corp., to Emerge as Key Superhard Materials Market Players - A Technavio Exclusive Report

Increasing penetration of smart devices will impact market growth positively.

• Smart devices such as tablets, streaming media players, smartphones, laptops, smart TVs, and other multimedia devices have become extremely popular in the recent years. These devices deploy superhard materials coatings for manufacturing scratch-proof screens, glasses, and mirrors. In addition, they also have microelectronics and semiconductor applications.
• Emerging economies such as APAC, the Middle East, Africa, and South America are also witnessing significant growth in the penetration of smart devices. Factors such as increasing literacy rates, surging economic growth, and rising purchasing power of consumers are further accelerating the demand for smart devices, in turn, boosting the growth of superhard materials during the forecast period.

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Easy Availability of Substitutes Likely to Hamper Market Growth

• There are many substitutes available for superhard materials including titanium nitride, chromium carbide, chromium nitride, aluminum titanium nitride, zirconium nitride, and aluminum-rich coating.
• In addition, the high performance of these alternative coatings is expected to hinder the growth of the market during the forecast period. Furthermore, the increasing use of various types of high-strength tools is also expected to impact the market adversely during the forecast period.

Diamond type held the largest superhard materials market share in 2021.

• Based on type, the superhard materials market is segmented into diamond, CBN, and others. In 2021, the diamond type segment held the largest share mainly due to the strong demand from the automotive, semiconductor, and building and construction industries.
• Diamond coatings are being adopted highly by integrated device manufacturers (IDMs) as they have a significant impact on high-power devices, primarily due to their electrical resistivity and heat dissipation capabilities.
• The segment is anticipated to continue its dominance in the market as rising industrialization in emerging economies such as India and China will intensify the use of diamond materials in various end-user industries.

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APAC to emerge as the fastest-growing regional segment during the forecast period.

• Based on geography, the superhard materials market is segmented into APAC, Europe, North America, South America, and MEA). In 2021, APAC became the largest revenue-generating region of superhard materials market with the largest market share.
• By 2026, APAC will account for a contribution of 49% in the overall market growth owing to the rapid industrialization in the emerging economies of the region.
• India, Japan, and China are the key countries contributing to the growth of the region. Surging growth of the automotive, electronic, and mechanical industries in APAC will propel the diamond coatings market growth. In addition, increasing demand for diamond-coated components and devices in the medical industry will further fuel the market growth positively in the long run.

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Prominent Player Analysis

• The superhard materials market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market. Vendors in the market are focusing on growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
• The superhard materials market report also offers information on several market vendors, including 3M Co., Abrasive Technology Inc., CoorsTek Inc., Curimbaba Group, De Beers Corp., Hyperion Materials and Technologies, Mudanjiang Jingangzuan Boron Carbide Co. Ltd., Sumitomo Electric Industries Ltd., Tomei Diamond Co. Ltd., and Zhengzhou Sino-Crystal Diamond Co. Ltd. among others.
• Companies are engaging in partnerships, mergers & acquisitions, joint ventures with emerging superhard materials market players to strengthen their product portfolios and foothold among the target audience. For instance, In November 2020, 3M Co. partnered with Rad AI on AI-powered efficiencies for radiology reporting and with Safran to design cleaner aircraft interiors. Similarly, In September 2021, Hyperion Materials and Technologies acquired GLE Precision, a Michigan-based manufacturer that specializes in high-precision small parts, extreme surface finishes, and tolerances.

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