Dublin, July 11, 2023 (GLOBE NEWSWIRE) -- The "Lab Grown Diamonds Market By Manufacturing Method (HPHT, CVD), By Size (Below 2 carat, 2-4 carat, Above 4 carat), By Nature (Colorless, Colored), By Application (Fashion, Industrial): Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global lab grown diamonds market size was valued at $22.2 billion in 2021, and is projected reach $55.5 billion by 2031, registering a CAGR of 9.8% from 2022 to 2031.
Diamonds are heavily used in the industrial sector and mechanical engineering operations in tools such as saws, drills, polishers, and cutters. Diamond-tipped drill bits and diamond-coated saw blades makes cutting and drilling operations faster and easier. Different grits of powdered diamonds are also used as industrial abrasives.
Lab grown diamonds with added boron have semiconductor-like properties that can exceed traditionally used silicone and replace silicone as a major component in electronic operations.
Some polished diamonds are used for different optic applications such as particle accelerators, laser systems, and other similar high-powered equipment.
Research is being conducted to check the usability of diamonds in the medical field in the form of components in prosthetics and high-precision surgical equipment. It is now been used by dermatologists for skin exfoliation in some types of chemotherapy to aid with the absorption of medicines into patient's body. These industrial applications of lab grown diamonds and further research into the same is expected to foster market expansion.
Techniques for growing diamonds in labs and factories were first invented in the 1950s, in the form of HPHT. It was used for the creation of diamonds that were small and mostly useful for industrial applications. CVD technology of creating diamonds was invented in the 1980s, and further innovation in diamond manufacturing technology led to the creation of techniques for making diamonds that were bigger and could reach sizes of 10 carats and more.
Use of renewable energy in the making of diamonds is increasing and use of laser technology for cutting diamonds is also gaining more traction in the market. Further research and innovations can make lab grown diamonds production easier and more efficient, which is expected to have a very positive impact on the market in the upcoming years.
The lab grown diamonds market was significantly impacted during the initial phase of the pandemic, however, the market has started rebounding toward the end of 2020. Disruption in the supply chain across China and later from India negatively impacted the market, as these countries are the top exporters of lab grown diamonds across the world. Nevertheless, the market is expected to gain high momentum in the upcoming years.
Key Market Players
- WD Lab Grown Diamonds
- Mittal Diamonds
- Clean Origin LLC.
- ABD Diamonds Pvt. Ltd.
- Diamond Foundry Inc.
- Diam Concept
- New Diamond Technology LLC
- Swarovski AG
- De Beers Group
- Henan Huanghe Whirlwind Co., Ltd.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the lab grown diamonds market analysis from 2021 to 2031 to identify the prevailing lab grown diamonds market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the lab grown diamonds market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global lab grown diamonds market trends, key players, market segments, application areas, and market growth strategies.
Market Dynamics
Drivers
- Misinformation regarding lab grown diamonds
Restraints
- Increase in use of lab grown diamonds in fashion jewelry
- Growth in number of industrial applications of diamonds
- Availability of lab grown diamonds as a cost-effective alternatives
- Sustainable methods for lab grown diamonds production make them more attractive for customers
Opportunities
- Increase in customization of stones and jewelry
- Improvements in diamond production technologies
Key Market Segments
By Manufacturing Method
- HPHT
- CVD
By Nature
- Colorless
- Colored
By Size
- 2-4 carat
- Above 4 carat
- Below 2 carat
By Application
- Fashion
- Industrial
For more information about this report visit https://www.researchandmarkets.com/r/3gjgdv
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