The market for Diamond Wire is expected to grow at a CAGR of over 10% during the forecast period. Major factors driving the market studied are increasing demand for diamond wire from construction applications and rising demand from electronics industry. On the flipside, inefficiency of diamond wires compared to its substitutes and unfavorable conditions arising due to the COVID-19 outbreak, are the major restraints, which are expected to hinder the growth of market.
– Technological advancements for cutting of diamond wires is expected to offer various lucrative opportunities for the growth of market.
– By application, solar photovoltaic application is expected to dominate the market as the usage of diamond wire helps in reducing the manufacturing costs.
– Asia-Pacific region dominated the diamond wire market across the globe with the largest consumption from countries such as China, India, and Japan.
Key Market Trends
Increasing Demand from Solar Photovoltaic Segment
– Diamond wire consists of micron sized particles of diamonds such as diamond beads or granules attached to a solid core wire. The beads and granules can have different shapes such as cylindrical beads or conical beads, depending on the requirement in various applications.
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– The solar photovoltaic segment is one of the fastest growing industry in the world today. The increasing awareness to find green source of energy and high cost of traditional energy sources is making solar energy as one of the most popular sources of renewable energy. This factor is propelling the photovoltaic industry and it is expected to consequently stimulate the diamond wire market.
– The mono and polycrystalline silicon used in solar cells are very hard and expensive, which makes the cutting and machining of silicon wafers very time consuming and costly. Diamond wire reduces the time consumed in cutting by up to 50% and less time means greater mass production and lower costs. Due to this, the demand of diamond wire is expected to rise, which would propel its market.
– The global solar photovoltaic market is expected to grow at a CAGR of above 4% during the forecast period. This is anticipated to provide ample opportunities for the growth of diamond wire market during the forecast period.
– Owing to all the above-mentioned factors for polymer processing aid, its market is expected to grow rapidly over the forecast period.
Asia-Pacific Region to Dominate the Market
– Asia-Pacific region is expected to dominate the market for diamond wire during the forecast period. In countries like China, India, and Japan, owing to increasing applications in solar photovoltaic, semiconductor, construction, and optical, the demand for diamond wire has been increasing in the region.
– The usage of diamond wire in semiconductor industry is cutting the manufacturing costs down. Diamond wires are used for cropping and wafering of silicon wafers, which reduces the time consumed and leads to greater mass production. Diamond wire can also cut more accurately then other traditional methods, due to which wafers can be made thinner than ever before, thereby increasing the material yield and reducing the time consumed in grinding. These factors are expected to positively impact diamond wire market.
– Additionally, the demand of diamond wire is increasing as diamond wire has made hard optical materials such as sapphire and quartz more accessible and affordable. Owing to diamond wire effective cutting, expensive sapphire ingots are being able to cut with minimum kerf loss, which maximizes yield and less waste material is generated.
– Furthermore, diamond wires are also utilized in aerospace and automotive industry to cut hard materials such as ceramics, carbon fiber, and gamma titanium aluminide with minimum kerf loss, which would stimulate its market.
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