Diamonds are among the hardest materials making it very effective and efficient as compared to other materials that are used for cutting, abrasive, shaping, and others. They also have the highest thermal conductivity, low thermal expansion, and high electrical resistance. The diamond coatings market is experiencing a good market growth and anticipated to register the significant growth in the market, due to its superior mechanical properties, corrosion resistance, biocompatibility, and others. Along with it, the use these coatings are also increasing in biomedical application to ensure better prevention, diagnosis, and treatment of diseases.
Based on end-user, the plastic straps market are categorized into electronics, mechanical, Industrial, medical, automotive, and others. The electronics segment expected to hold the largest share in the market during the forecast period. The application areas of these coatings in electronics industry are optical windows, heat sinks, electrical components, wear parts, prosthetics, and others. These are used for applications which require adaptability, strength, and long life of super abrasives, as these coatings have high thermal conductivity, high electrical resistivity, making it an ideal product to use in high-performance electronics and computer products.
Increasing demand of these coatings in the medical industry and superior properties which provides improvement in life of cutting tools are some of the major factors that are driving the market growth. The continuous research and development is taking place in medical industry to provide the better diagnosis, prevention, and disease treatment to the patients. Hence due to the superior mechanical properties coupled with biocompatibility and corrosion resistance, the market of diamond coatings is emerging as a major technology for biomedical application.
The major challenges identified in the diamond coatings market are high capital investment, shortage of skilled and qualified workforce. The lack of skilled and qualified labor in the industry is posing as a challenge in the industry; as such labor is not easily available. This factor also increases the labor cost, as qualified labor is expensive which adds up to the total cost.
Asia-Pacific is anticipated to be the fastest growing market during the forecast period. This is attributed to various factors including, the region is attracting lot of foreign investors, owing to the growing economies in the region, cheap labor availability, and easy availability of raw material. All these factors are contributing in the market growth of the region and making it a dominant market.
Some of the major players operating in the diamond coatings market are NeoCoat SA, Oerlikon, Crystallume, D-Coat GmbH, Element Six, sp3 Diamond Technologies, Blue Wave Semiconductors, Advanced Diamond Technologies, Inc., Diamond Product Solutions, and JCS Technologies.
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