Diamond Cutting Tool Market Size, Share, Trends, Growth 2032

Diamond Cutting Tool Industry Prospective:

The global diamond cutting tool market size was evaluated at $6 billion in 2023 and is slated to hit $10 billion by the end of 2032 with a CAGR of nearly 7% between 2024 and 2032.

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Diamond Cutting Tool Market: Overview

Diamond cutting tools are specialized tools utilizing diamond, the hardest natural substance, which is used for grinding, polishing, cutting, and boring a spectrum of materials.

Diamonds are very hard, making diamond cutting tools suitable for cutting extremely hard substances such as stone, glass, ceramics, and others.

Key Insights

• As per the analysis shared by our research analyst, the global diamond cutting tool market is projected to expand annually at the annual growth rate of around 7% over the forecast timespan (2024-2032)
• In terms of revenue, the global diamond cutting tool market size was evaluated at nearly $6 billion in 2023 and is expected to reach $10 billion by 2032.
• The global diamond cutting tool market is anticipated to grow rapidly over the forecast timeline as the flourishing construction activities in developing countries have translated into humungous use of effective cutting tools.
• In terms of product type, the diamond saw blades segment is slated to register the highest CAGR over the forecast period.
• Based on application, the construction & building segment is predicted to contribute majorly towards segmental space in the upcoming years.
• Based on end-user, the construction segment is set to account sizably towards the global market surge.
• Region-wise, the European diamond cutting tool industry is projected to register the fastest CAGR during the assessment timespan.

Diamond Cutting Tool Market: Growth Factors

Rise in product penetration in the construction sector to shape the growth of the global market

Flourishing construction activities in developing countries have translated into humungous use of effective cutting tools, thereby embellishing the global diamond cutting tool market.

Additionally, an increase in the number of infrastructure ventures, including tunnels, roads, and bridges, will spur global market trends.

Furthermore, an increase in industrial manufacturing activities in the electronics, automotive, and aerospace sectors will crop up the global market expansion.

Reportedly, diamond-cutting tools are necessary for cutting as well as shaping & polishing natural stones. Furthermore, it is utilized for precise tile cutting & drilling of tiles and ceramics. All these aforementioned factors will spur global market expansion.    

Diamond Cutting Tool Market: Restraints

An increment in costs of raw materials used for making the product can retard the global industry expansion

Surging initial investment prices and economic instabilities can restrict the expansion of the global diamond cutting tool industry.

Oscillations in raw component costs and cutthroat competition can obstruct the global industry surge in the ensuing years. Easy access to substitute techniques can prove to be a hindrance in the growth path of the industry across the globe.

Diamond Cutting Tool Market: Opportunities

Launching of new products in material science sphere is projected to create new facades of growth for the global market

Technological breakthroughs and the launch of new design tools, along with surging demand for reducing downtime and improving product quality and finishes, will open new growth facets for the global diamond cutting tool market.

Moreover, breakthroughs in material science and the need for gemstone processing will foster global market expansion. A rapid expansion of 3D printing tools will bolster the market surge globally.

Diamond Cutting Tool Market: Challenges

Easy access to product substitutes can create obstacles in the growth route of the global market

Lack of expertise and technological disruptions can challenge the global diamond cutting tool industry's progress. Environmental concerns and conflicts, such as the Ukraine-Russia conflict, have also severely impacted the industry's growth.

The availability of substitute raw materials, such as advanced ceramics and polycrystalline diamond tools, can obstruct the industry's expansion over the assessment period.

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Diamond Cutting Tool Market: Segmentation

The global diamond cutting tool market is divided into product type, application, end-user, and region.                                    

In terms of product type, the diamond cutting tool market across the globe is segmented into diamond saw blades, diamond grinding wheels, diamond drills, diamond dressing tools, and diamond cutting Wheels segments.

Apparently, the diamond saw blades segment, which gathered nearly half of the global market revenue in 2023, is expected to record the fastest CAGR in the coming eight years owing to the use of the product in a plethora of end-use sectors such as manufacturing, construction, and stone processing sectors. Reportedly, these products are utilized in construction, stone processing, and infrastructural growth.      

Based on the application, the global diamond cutting tool industry is divided into construction & building, industrial applications, glass & ceramics, stoneworking, and jewelry making segments.

Apparently, the construction & building segment, which led the global industry earnings in 2023, is projected to contribute majorly towards the segmental expansion in the analysis timeline. This can be a result of the rise in product usage in renovation activities. Moreover, surging infrastructural ventures and urbanization will steer the segmental surge.  

On the basis of end-user, the global diamond cutting tool market is segregated into stone processing, electronics, automotive, construction, metal working, and aerospace segments.

Moreover, the construction segment, which led the global market size in 2023, will propel the global market growth in the ensuing years. The segmental expansion can be due to growing urbanization and demand for cutting hard materials, including asphalt, concrete, and masonry, in construction activities.

Diamond Cutting Tool Market: Report Scope

Diamond Cutting Tool Market: Regional Insights

Asia-Pacific is likely to maintain leading status in the global market over 2024-2032

Asia-Pacific, which contributed for about half of the global diamond cutting tool market size in 2023, is slated to establish a leading position in the global market from the period of 2024 to 2032.

Furthermore, the regional market expansion in the coming few years can be due to swift industrialization, infrastructure expansion, and growing urbanization.

Reportedly, countries such as Japan and China are integrating diamond tools and industry 4.0 tools, and this has culminated in the humongous growth of the diamond cutting tool business in these countries.

The European diamond cutting tool industry is expected to register the highest CAGR in the prognosis timespan. The elevation of the industry in the region can be subject to the easy availability of raw materials for making diamonds in Belgium and Russia.

Apart from this, the availability of strong players in European countries will provide impetus to the expansion of the industry in Europe.

Focus on sustainability by the European Union in diamond production processes in Europe has transformed into the manufacturing of high-performing diamond-cutting tools in the continent. This, in turn, has increased the earnings of the vendors and manufacturers in the diamond cutting tool business in Europe, thereby sketching a profitable growth map for the industry in the continent.

Key Developments

• In June 2024, Makita USA, Inc. introduced diamond blades for power cutters and grinders.
• In September 2021, CorePlus expanded its new diamond tool cutting portfolio by launching high-quality diamond cutting blades, diamond tile drill bits, dry diamond core drill bits, and diamond hole saws.
• In November 2021, Sandvik Coromant, a key manufacturer of machining tools, launched two microdrill lines, CoroDrill 462 and CoroDrill 862, for precision machining in the automotive, aerospace, medicine, and electronics sectors.

Diamond Cutting Tool Market: Competitive Space

The global diamond cutting tool market profiles key players such as:

• Saint-Gobain Abrasives
• Hilti
• Diamant Boart
• Tokyo Diamond Tools Mfg. Co. Ltd.
• Sidley Diamond Tool Company
• Harvey Tool Company
• Toolgal
• MICRO-LAM Inc.
• National Diamond Tool
• Tyrolit
• Syntec Diamond Tools Inc.
• MK Diamond Products
• Schott Diamantwerkzeuge GmbH
• Element Six
• Telcon Diamond Ltd.
• DIENES Werke
• Husqvarna
• Diamond Tool Mfg.

The global diamond cutting tool market is segmented as follows:

By Product Type

• Diamond Saw Blades
• Diamond Grinding Wheels
•  Diamond Drills
• Diamond Dressing Tools
• Diamond Cutting Wheels

By Application

• Construction & Building
• Industrial Applications
• Glass & Ceramics
• Stoneworking
• Jewelry Making

By End-User

• Stone Processing
• Electronics
• Automotive
• Construction
• Metal Working
•  Aerospace

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa