The 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 diamond is a man-made diamond produced by a variety of manufacturing processes such as High Pressure High Temperature (HPHT) method and Chemical Vapor Deposition (CVD) process. Synthetic diamond finds wide applications in electronics, mechanical engineering, medical devices, gem and jewelry industry owing to its superior properties. Key uses of synthetic diamond include machine tools, drill bits, laser optics, LED lighting and various types of transducers.
The growth of the synthetic diamond market is primarily driven by rising demand from electronics industry. Synthetic diamond with its high thermal conductivity is widely replacing silicon in electronic devices as heat sinks and substrates. They enable thinner, smaller and more powerful electronics. Furthermore, growing industrial applications such as cutting and grinding of materials is propelling the demand for synthetic diamond. Rising production of semiconductors, microchips and LED lights in developing nations is projected to create immense opportunities over the forecast period. Moreover, increasing demand for synthetic diamonds as gemstones owing to its lower cost as compared to natural diamond is favoring market growth.
Synthetic diamond market can be segmented into five major segments including jewelry and industrial. The jewelry segment is further divided into loose diamond jewellery and polished jewelry. Industrial segment is divided into grinding wheel, cutting and drilling, laser & X-ray, gem & electronic, medical, and others. Among these, the jewelry segment dominates the market and accounts for more than 60% of overall synthetic diamond market share due to rising fashion trends and increasing disposable income.
Political: There are no major political risks affecting the global synthetic diamond market.
Economic: Rising disposable incomes in developing countries are fueling the demand for precious jewelry made from synthetic diamonds. Further, strong demand from industrial applications is augmenting market growth.
Social: Changing fashion trends and increasing adoption of diamond jewelry in weddings and ceremonies are positively influencing the synthetic diamond market.
Technological: Recent technological developments in chemical vapor deposition and high-pressure high-temperature processes have enhanced diamond quality and reduced production costs.
The global Synthetic Diamond Market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing disposable incomes and changing consumer preferences. Regionally, Asia Pacific dominates the market and is expected to maintain its lead position during the forecast period. China, India, and other Southeast Asian countries are major consumers in this region owing to rising middle-class population.
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. The Asia Pacific region is witnessing substantial growth opportunities for key market players due to improving cutting and polishing industry in China and India.
The global synthetic diamond market is projected to reach a value of US$ 35.81 billion by 2030 owing to expanding industrial applications such as electronics manufacturing, aerospace, and healthcare. Regionally, Asia Pacific dominates with over 35% market share and is expected to maintain its lead position during the forecast period. China, India, and Vietnam are major consumers in this region owing to presence of strong cutting and polishing industry and rapid industrialization.
Key players operating in the synthetic diamond market include 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. These market players are adopting strategies such as new product development, mergers & acquisitions, and geographical expansion to expand their global footprint.
- Source: Coherent Market Insights, Public sources, Desk research
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