Diamond Like Carbon Market Is Estimated To Witness Strong Growth Owing To Rising Demand From Automotive Applications

The Diamond Like Carbon Market is estimated to be valued at US$ 2.27 Bn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights’ The diamond like carbon market is expected to witness strong growth over the forecast period owing to increasing demand from the automotive industry.

Diamond-like carbon coatings offer properties such as high hardness, chemical inertness and low friction, which makes it suitable for applications in the automotive industry such as engine components, brakes, and fuel systems. Additionally, diamond like carbon also finds increasing usage in the medical devices industry due to its biocompatibility and resistance to corrosion which is further expected to drive the market growth during the forecast period.

Key Market Trends: Increasing usage of diamond like carbon coatings in medical devices is a key trend witnessed in the market. Diamond like carbon coatings help in providing corrosion resistance and biocompatibility to implants as well as surgical and dental equipment. Furthermore, growing adoption of electric vehicles is another major trend in the market. Diamond like carbon coatings help improve conductivity and reduce friction in electric vehicle components such as battery systems and electric motor parts which are operating under severe conditions of heat and wear.

Diamond Like Carbon Market Opportunities: Coating Segment: The coating segment held the largest share of more than 35% in the global diamond like carbon market in 2019. Diamond like carbon coating offers various advantages such as low friction, high hardness, chemical inertness and optical transparency. These properties make diamond like carbon an ideal coating for various applications including cutting tools, automotive components, solar panels and medical devices. Growing application areas of diamond like carbon coatings across industries is expected to drive the growth of this segment during the forecast period.

Medical Devices Segment: The medical devices segment is expected to witness highest growth during the forecast period. Diamond like carbon coatings offers tribological advantages for medical implants and devices. It provides low friction, wear resistance and biocompatibility. Also, diamond like carbon acts as an effective diffusion barrier and improves the corrosion resistance of medical implants. Growing demand for implantable and life extension medical devices along with advantages of diamond like carbon coatings are fueling the growth of this segment.

Key Market Takeaways: The global diamond like carbon market is anticipated to witness a CAGR of 6.6% during the forecast period 2024-2031, owing to wide application in industries like automotive, medical devices, electronics and cutting tools. On the basis of deposition method, the chemical vapor deposition segment is expected to hold a dominant position due to ability to deposit diamond like carbon films at high rates with excellent uniformity. On the basis of application, the medical devices segment is expected to witness highest growth over the forecast period due to expanding application of diamond like carbon coatings in implants and surgical devices.

Regionally, North America is expected to hold a dominant position over the forecast period due to presence of major manufacturers in the US.

Competitor Insights: Key players operating in the diamond like carbon market include lonbonds.,Neaocoat, Oerlikon, Morgan Advanced Materials and IBC Coatings among others. These players are focusing on new product launches and facility expansion to strengthen their market position.

Recent Developments: In August, cost increases had leveled off or even reversed slightly for some common DLC coatings. Market analysts attributed the reprieve to producers responding swiftly with capacity additions that restored some supply-demand balance. While periodic inflationary impacts and fluctuations in raw material pricing may still cause occasional upward price movements, most industry insiders believe the large price run-ups seen early in the year were anomalous for the DLC market. Overall pricing is projected to remain relatively stable through 2024 barring any unforeseen disruptions to coating material supplies or production. More information in full report.