Dublin, Jan. 20, 2023 (GLOBE NEWSWIRE) -- The "Synthetic Diamonds Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.
The value of the synthetic diamond market was estimated to be US $14 billion in 2021, and it is anticipated to register a CAGR of 8% during the forecast period of 2022 to 2030.
Increased Demand in Industrial Applications
There are several different forms of synthetic diamonds that may be purchased, such as bort, grit, dust, and powder. Each of these forms of synthetic diamonds has its own unique applications in specific end-user sectors. Synthetic diamonds are put to use in a wide variety of industrial applications nearly ninety-nine percent of the time.
They find widespread application in the manufacturing of computer chips, construction, the production of machinery, mining services (such as drilling for minerals), gem exploration, stone cutting and polishing, surgery, astronomy, experimental physics, and electric insulation, to name a few of these fields' many other applications.
There is no other material that is capable of withstanding the harsh circumstances that are common in oil and gas mines, hence synthetic diamonds are also employed in the drilling process for oil and gas. Products derived from synthetic diamonds are also being used in the purification of water in both industrial and domestic settings.
When it comes to high-performance loudspeakers, CVD diamonds are an indispensable component. Synthetic diamond detectors of ultraviolet (UV) light or high-energy particles are utilized at high-energy research centers and are also available for purchase on the commercial market.
In the world of cutting and polishing tools, CVD diamonds are frequently used as abrasives. As a consequence of this, they are utilized in a substantial variety of different industrial applications. One of the most prominent trends that are still occurring in the synthetic market is the rise in the usage of CVD diamonds.
Synthetic Diamonds are More Price Efficient
There is a substantial gap in cost between natural diamonds and manufactured industrial diamonds. Synthetic diamonds can be purchased for as little as US$ 800 per carat all the way up to US$ 1000 per carat, according to the industry standard.
At this time, approximately 1% of the market for diamond jewelry worldwide is held by synthetic diamonds. Despite this, it is anticipated that the use of synthetic diamonds in the production of jewelry will expand as a result of the ongoing research and development in the technology required for the production of synthetic diamonds.
Multiple Factors that Are Promising Opportunities During the Forecast Period
The growth rate of the synthetic diamond market will be positively impacted, as a result, by the increasing rate of industrialization, as well as the rising rate of personal disposable income. The development of additional end-user sectors, as well as the expansion and growth of the fashion industry, will further produce attractive chances for the market.
The increasing use of super abrasives in a variety of industrial settings, including dressing, grinding, cutting, and drilling, is anticipated to be a significant driver of market expansion in the years to come. It is expected that their use in the electronics sector will rise as a result of their capacity to function as heat sinks.
This ability will help to reduce the temperatures at which electronic devices operate, improve their dependability, and lengthen their service lives. A rise in consumer demand for electronic goods, most notably an increase in the volume of sales of semiconductors, will serve as market drivers and further enhance the number of opportunities that are advantageous to the growth rate of the market.
High-Pressure, High-Temperature-Manufactured Synthetic Diamonds Will Continue to Dominate the Market
The global market for synthetic diamonds has been segmented into two categories, namely, high-pressure high temperature (HPHT) and chemical vapor deposition, in accordance with the manufacturing process (CVD). In the synthetic diamond industry, one of the most important market segments is HPHT, and in 2021, it accounted for a 75% share of the market. Many different applications make use of synthetic diamonds that have been produced using a process that involves high pressure and high temperature. Since high pressure, and high temperature is a relatively affordable technique, it has found widespread application as a result. Therefore, it is anticipated that the high-pressure high temperature segment of the synthetic diamond market would see a sizeable increase in its market share over the course of the projected year.
Utilization of Synthetic Diamonds in Machining and Cutting Tools on a Large Scale to Drive Market Growth
The segment of the global market for a synthetic diamond that dealt with machining and cutting tools held a sizeable portion of the market share. During the course of the forecast, it is anticipated to develop at a CAGR of 7% during the forecast period.
Polycrystalline diamond (PCD), which has a hardness of more than 50 gigapascals (GPa), is the type of diamond that is used in cutting tools more than any other type (compared to 20 GPa for cemented carbides, the next best class of cutting tool materials). It has been used for many years to improve the productivity of the automobile industry's aluminum alloy and wood machining operations, and it has seen considerable success in doing so.
Market Segmentation
Product
- Bort
- Dust
- Grit
- Powder
- Stone
Type
- Polished
- Rough
Manufacturing Process
- High Pressure
- High Temperature
- Chemical Vapour Deposition
Application
- Gem
- Heat Sinks/Exchangers
- High-end Electronics
- Laser and X-ray
- Machine and Cutting Tools
- Surgical Machinery
- Water Treatment
- Quantum Computing
- Optical, Sensors and Scanning
- Medical
- Electricals
Companies Mentioned
- Henan Huanghe Whirlwind
- ILJIN Co. Ltd.
- Zhengzhou Sino-Crystal Diamond Co. Ltd.
- Applied Diamond Inc.
- Scio Diamond Technology Corporation
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