The global Synthetic Diamond Market is estimated to be valued at US$ 24.22 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Synthetic diamonds are artificially produced diamonds that are identical to natural diamonds in their characteristics such as chemical composition, crystal structure and physical properties. Synthetic diamonds finds wide applications across various industries such as construction, mining, electronics, healthcare and others due to their durability and heat conductivity. They possess high thermal conductivity making them suitable for manufacturing of drill bits and saws used in construction, mining and other industrial activities. Growing industrialization and infrastructure development activities are fueling demand for synthetic diamonds.
Market key trends:
One of the key trends gaining traction in the synthetic diamond market is development of advanced technologies for large-scale industrial production. Techniques such as chemical vapor deposition (CVD) and high pressure high temperature (HPHT) are being widely used by manufacturers for mass production of synthetic diamonds. Further, development of innovative growth processes such as plasma-assisted chemical vapor deposition (PACVD) is enabling consistent production of diamonds. Rising demand from electronics industry is also driving innovations in technology. Growing application across industries ranging from construction to electronics on account of their unmatched strength and heat conductivity properties will continue to drive the synthetic diamond market over the forecast period.
Threat of new entrants: The threat of new entrants is moderate. Although manufacturing synthetic diamonds requires high capital investments, companies entering the market with advanced manufacturing technologies can gain market share.
Bargaining power of buyers: The bargaining power of buyers is high due to the availability of substitutes. Buyers can switch to natural diamonds and moissanite depending on price points.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as specialized equipment and raw materials suppliers have a dominant position.
Threat of new substitutes: The threat of new substitutes is high as natural diamonds and moissanite are substitutes for synthetic diamonds in jewelry applications.
Competitive rivalry: Intense as the key players focus on lowering manufacturing costs and improving product quality.
The global Synthetic Diamond Market growth is expected to witness high, exhibiting a CAGR of 7.0% over the forecast period, due to increasing demand for affordable luxury products.
Regional analysis: North America dominates the synthetic diamond market holding over 35% share, primarily due to strong demand from the industrial sector. Asia Pacific is expected to exhibit the fastest growth over the forecast period led by countries like China and India.
Key players: Key players operating in the Synthetic Diamond market are Adamas One Corp., Applied Diamond Inc., Element Six UK Ltd, Henan Huanghe Whirlwind Co. Ltd, ILJIN Diamond Co. Ltd, New Diamond Technology, Pure Grown, Diamonds (PGD), Sumitomo Electric Industries Ltd, Swarovski, Zhengzhou Sino-Crystal Diamond Co., and Zhongnan Diamond Co. Ltd. Players are focusing on capacity and technology advancements to strengthen their market position.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it