New York (US), July 17, 2023 (GLOBE NEWSWIRE) -- Synthetic Diamonds Market Overview
The research documents by MRFR indicate that the “Synthetic Diamonds Market Research Report Information by Application, Product, Region, Type, and Manufacturing Process - Forecast Till 2032”, the Synthetic Diamonds market is predicted to grow substantially over the assessment timeframe from 2022 to 2032 at a healthy CAGR of around 7.80%. The reports even share predictions regarding the market's growing revenue share, which will likely reach USD 29.9 Billion by the end of 2032. As per the reports, the market was worth nearly USD 15.2 Billion in 2022.
The primary market factors accelerating market expansion include rising demand from the semiconductor and electronics sectors as well as increased demand for computer chips and other microchips used in many other types of electronics. The increase in demand for synthetic diamonds from the semiconductor and electronics industries is the primary factor behind the growth of the global market for synthetic diamonds. The increase in disposable money among the general population benefits the market.
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Competitive Analysis
The catalog of the top leaders across the global Market for Synthetic Diamonds includes players such as:
- Element Six U.K. Ltd.
- Industrial Abrasives Ltd
- Scio Diamond Technology Corporation
- Swarovski
- Applied Diamond Inc
- Soham Industrial Diamonds
- HEYARU
- Eco Star Diamond
- Sandvik Group
- Krystal Grown Diamonds
- ILJIN DIAMOND CO., LTD.
- HeNan LiLiang Diamond Co., Ltd
- Henan Huanghe Whirlwind CO., Ltd.
- New Diamond Technology
- Zhengzhou Sino-Crystal Diamond Co., Ltd.
- FOREVER COMPANIES
- Charles & Colvard
- Scio Diamond Technology Corporation
- Hyperion Materials & Technologies
- NOVA DIAMONDS PTY LTD
- Among others.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 29.9 Billion |
| Compound Annual Growth Rate (CAGR) | 7.80% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Forecast Units | Value (USD billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Dynamics | Rising demand from the semiconductor and electronics industries and rising demand for computer chips and other microchips widely used in various electronics |
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Market Drivers
The global Synthetic Diamonds industry has advanced enormously in recent years. The primary aspects causing a surge in market performance are the escalating demand from the semiconductor & electronics industries, the rise in disposable income, and improvements in production.
Market Restraints
However, some aspects may limit the market's performance. The main aspect limiting the market's development is the high costs linked.
COVID-19 Impact
The global health hazard of COVID-19 has impacted most industry operations in the last few years. The health emergency affected the industry operations and tremendously impacted public health in nearly 225 nations. The Synthetic Diamonds industry was no exception to this. The supply chain disruptions and partial or complete lockdowns around various regions worldwide led to several disruptions in market operations. However, with the rapid recovery of the global economy, the market is predicted to showcase substantial development over the review era. In addition, several governmental organizations and key market players are collaborating and, therefore, introducing solutions like innovations and research and development processes through excellent funding that will positively impact the global market for Synthetic Diamonds over the review timeframe.
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Segment Analysis
Among all the products, the bort category secured the leading position across the global market for synthetic diamonds in 2022. The main parameter supporting the market segment's growth is the rise in bort demand in heavy industries. Steel mortars are utilized to smash this bort, and the final abrasive grits are industrial caliber. Drill bits are made of tiny bore crystals.
Among all the types, the polished segment secured the leading position across the global market for synthetic diamonds in 2022. The main parameter supporting the market segment's growth is the frequent use in jewelry, electronics, and medical fields. The maximum demand for synthetic diamonds is in the electronics sector, which explains this growth.
Among all the processes, the high-pressure segment secured the leading position across the global market for synthetic diamonds in 2022. The main parameter supporting the growth of the market segment is the wide range of applications.
Among all the application areas, the machines and cutting tools secured the leading position across the global market for synthetic diamonds in 2022. The main parameter supporting the market segment's growth is the hardness of more than 50 GPa.
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Regional Analysis
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World.
The research documents by MRFR indicate that the North American Region secured a leading position across the global Synthetic Diamonds industry in 2022 with the largest contribution of nearly 45.80%. The region has Mexico, Canada, and the U.S. as the leading development contributors. Further, the U.S. Synthetic Diamonds Market held the largest market share, and Canada was the fastest-growing North American Region. The main aspect supporting regional market expansion is the rapidly growing construction industry, especially in the U.S., worth around USD 1,469.15 billion in 2021. The U.S. Census Bureau assessed the nation's construction spending as worth USD 1,639.9 billion in December 2021, 0.2% greater than the revised November estimate of USD 1,636.5 billion.
The European Region anticipates ensuring the second spot across the global Synthetic Diamonds industry over the coming years. The region has France, Germany, and the U.K. as the leading development contributors. Further, the German Synthetic Diamonds Market held the largest market share, and the U.K. was the fastest-growing Market in Europe. The region's main aspect supporting regional market expansion is the region's rising demand for synthetic diamonds. Regarding the region's high manufacturing activity, growth, and expansion of various end-user industries, Germany is setting the bar high.
The Asia-pacific Region is anticipated to secure the maximum growth across the global Synthetic Diamonds industry over the coming years. The regional market is projected to showcase the maximum growth rate over the assessment era. India, China, and Indonesia are the leading development contributors in the region. Further, the China Synthetic Diamonds Market held the largest market share, and India was the fastest-growing market in the Asia-pacific Region. The main aspect supporting regional market expansion is the substantial production activities carried out by several end-use industries there. China's five-year project, announced in January 2022, projects that the country's construction industry will enhance by about 6% in 2022. To Lower waste and pollution from construction sites, China intends to promote the production of prefabricated structures.
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