Wilmington, Delaware, United States, March 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – In 2021, the global synthetic diamond market size was worth US$ 21.4 Bn. The global market is likely to expand 6.9% CAGR during the forecast period, from 2022 to 2031. It is estimated that by 2031, the global synthetic diamond market will attain value of US$ 43.7 Bn. Due to their numerous advantageous properties, artificial diamonds are finding growing usage in a variety of end-use sectors, which is expected exert positive influence on the synthetic diamond business. These diamonds have a special mix of electrochemical, optical, thermal, electrical, acoustic, and mechanical characteristics. Since synthetic diamonds are not affected by environmental degradation, the global market is projected to expand in the forthcoming years.
Additionally, they outlast natural diamonds in terms of durability. Hence, companies are expected to invest in lab-created diamonds instead of mined diamonds and concentrate on technical advancement of man-made diamond. In addition, their production process has made significant advancements based on equipment and technique. Modern technologies are likely to encourage diamond mining at already existing sources that have not yet run empty due to widespread usage of synthetic diamonds.
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Synthetic diamond companies are making significant investments in R&D to create more effective conversion processes that will produce synthetic diamonds with less resources. Manufacturers are concentrating on partnerships and acquisitions to drive lab grown diamond market growth. Additionally, it is predicted that during the projection period, this will present considerable potential for the market players.
Key Findings of Market Report
- Synthetic diamonds come in a variety of forms, including powder, dust, grit, and bort and they have a wide range of uses in a variety of end-user sectors. Synthetic diamonds are employed in several industrial applications in about 99% of cases. Since no other material can endure the harsh conditions present in oil and gas mines, synthetic diamonds are also employed in oil and gas drills. Products made of synthetic diamond are also used to purify water in commercial and residential settings. Such extensive use is likely to expand scope of the global synthetic diamond market.
- Compared to its rare-mined counterparts, colored synthetic diamonds are much more affordable and more widely available and they are expected to account for considerable synthetic diamond market share. Jewelry designs made utilizing colored synthetic diamonds could be made more affordably than with luxurious natural diamonds. At the moment, synthetic diamonds account for just 1% of the world's diamond jewelry industry. However, with the constant research and development activities in synthetic diamond manufacturing technologies, the use of synthetic diamond in the production of jewelry is anticipated to rise.
- The high pressure high temperature (HPHT) market category constituted 73.99% of the synthetic diamond market in 2021. It is one of the most important market segments in terms of manufacturing process. There are several uses for the synthetic diamonds produced by the high pressure, high temperature method. As a relatively affordable process, high pressure high temperature is extensively utilized. In consequence, it is predicted that this will significantly raise the market share of the high pressure, high temperature category in the global synthetic diamond market.
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Global Synthetic Diamond Market: Growth Drivers
- • With respect to application, the category of machining and cutting tools dominated the global market for synthetic diamond. It is anticipated that throughout the forecast timeline it will grow at 7.21% CAGR. Polycrystalline diamond (PCD), which has a hardness of more than 50 GPa, is the diamond substance used in cutting tools quite extensively. It has been used for years to increase the efficiency of machining wood and aluminum alloys for the automobile sector.
- In 2021, the Asia Pacific region held a 51% share of the global market for synthetic diamonds as a result of rising demand from the region's burgeoning jewelry industry.
Global Synthetic Diamond Market: Key Competitors
- Scio Diamond Technology Corporation
- Zhengzhou Sino-Crystal Diamond Co. LTD
- Washington Diamonds Corporation
- IIa Technologies Pte. Ltd.
- Tomei Diamond Co., Ltd
- Henan Huanghe Whirlwind Co., Ltd
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Global Synthetic Diamond Market: Segmentation
Product
- Bort
- Dust
- Grit
- Powder
- Stone
Manufacturing Process
- High Pressure High Temperature (HPHT)
- Chemical Vapour Deposition (CVD)
Type
- Polished
- Rough
Application
- Gem
- Heat Sinks / Exchangers
- High-end Electronics
- Laser & X-ray
- Machining and Cutting Tools
- Surgical Machinery
- Water Treatment
- Quantum Computing
- Optical
- Sensors & Scanning
- Medical
- Electricals
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