PUBLISHER: The Business Research Company | PRODUCT CODE: 1436729
PUBLISHER: The Business Research Company | PRODUCT CODE: 1436729
Synthetic diamonds, created in labs, mimic natural diamonds' optical and physical properties, featuring the same crystal lattice structure. They find use in providing durable coatings for various industrial equipment such as machine tools, grinding wheels, and mining drills.
Synthetic diamonds exist in two primary types: polished and rough. Polished diamonds undergo processing without altering their inherent size, shape, or other features. Features of polished diamonds include Color K and Clarity SI2. The manufacturing process involves high pressure, high temperature, and chemical vapor deposition methods. These synthetic diamonds are well-suited for applications in high-end electronics, lasers, x-rays, surgical machinery, quantum computing, and various other technological domains.
The synthetic diamond market research report is one of a series of new reports from The Business Research Company that provides synthetic diamond market statistics, including synthetic diamond industry global market size, regional shares, competitors with a synthetic diamond market share, detailed synthetic diamond market segments, market trends and opportunities, and any further data you may need to thrive in the synthetic diamond industry. This synthetic diamond market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The synthetic diamond market size has grown strongly in recent years. It will grow from $18.11 billion in 2023 to $19.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth observed in the historic period can be attributed to several factors, including the development of pioneering high-pressure high-temperature (HPHT) methods for creating synthetic diamonds, the utilization of synthetic diamonds in industrial cutting and drilling applications, the increasing usage of synthetic diamonds in electronics and semiconductor industries, the emergence of lab-grown gemstones as alternatives, and the application of synthetic diamonds in medical equipment and optical devices. These elements collectively contributed to the growth and expansion witnessed in the synthetic diamond industry during that period.
The synthetic diamond market size is expected to see strong growth in the next few years. It will grow to $25.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The anticipated growth in the forecast period is expected due to a focus on customization to meet specialized industry needs, an expanded utilization of synthetic diamonds in the aerospace sector, advancements in quantum computing driving the demand for synthetic diamonds, increased usage of synthetic diamonds in medical equipment, and further growth in various industrial applications.
The synthetic diamond market is witnessing growth driven by the escalating use of synthetic diamonds in the electronics industry. Synthetic diamonds, with their ability to act as efficient heat sinks, are becoming integral to preventing overheating in semiconductor materials. This technology is crucial for manufacturing smaller and more powerful electronics, particularly in radio frequency and power device applications. For instance, more than 13% of synthetic diamonds are reported to be utilized in the electronics industry for semiconductors, dosimeters, sensors, lasers, and fiber optic systems, as stated by Rough and Polished, a Russia-based industry expert and analytical agency in November 2021. This increasing application in electronics is propelling the growth of the synthetic diamond market.
The escalating mining activities are poised to fuel the growth of the synthetic diamond market. Synthetic diamonds, produced through controlled laboratory processes, are an outcome of mining operations. The increase in mining activity is exemplified by the $98.2 billion worth of non-fuel mineral products from U.S. mines in 2022, a notable rise from the previous year. This heightened mining activity significantly contributes to the growth trajectory of the synthetic diamond market.
In the synthetic diamond market, technological progression emerges as the predominant trend shaping major companies' strategies. These firms are actively embracing nascent technologies to fortify their market presence. Quantum Brilliance, an Australia-based quantum computing hardware company, unveiled in September 2021, quantum computers founded on synthetic diamonds capable of room-temperature operation and miniaturization. This starkly contrasts superconducting quantum systems, which rely on extensive, energy-intensive cooling systems to maintain temperatures colder than interstellar space.
Major contenders in the synthetic diamond market are innovating by introducing lab-grown diamonds to enhance their competitive edge. Lab-grown diamonds, crafted in controlled laboratory settings, are a departure from naturally formed geological diamonds. For instance, in August 2023, Pandora A/S, a Denmark-based jewelry manufacturer, launched pandora nova, pandora era, and pandora talisman collections incorporating lab-grown diamonds. These collections, featuring the same attributes as mined diamonds, prioritize sterling silver or 14k gold settings, exceptional craftsmanship, accessibility, and affordability. This strategic launch aligns with Pandora's mission of democratizing diamonds through ethical and sustainable practices.
In January 2021, Hyperion Materials & Technologies, a US-based solutions provider for high-performance applications of hard and super-hard materials, acquired NanoDiamond Products for an undisclosed amount. The acquisition will help the company expand its synthetic diamond business across many industries, including stone cutting, electronics, oil & gas, and tool making. NanoDiamond Products is an Ireland-based manufacturer of customized nano-diamond products designed to offer consistent nano-diamond suspensions and concentrates.
Major companies operating in the synthetic diamond market report are Sumitomo Electric Industries Ltd., Sandvik Group, De Beers plc Lightbox, Forever Company, Pandora A/S, Swarovski AG, Blue Nile Inc., Henan Huanghe Whirlwind Co. Ltd., HeNan LiLiang Diamond Co. Ltd., Iljin Diamond Co. Ltd., Diamond Foundry, Element Six UK Ltd., Zhengzhou Sino-Crystal Diamond Co. Ltd., Clean Origin, WD Lab Grown Diamonds, Applied Diamond Inc., Industrial Abrasives Ltd., Soham Industrial Diamonds, Adamas One Corp., Gemesis Inc., Scio Diamond Technology Corporation, ALTR Created Diamonds, Eco Diamond, Heyaru Engineering Pvt. Ltd., Eco Star Lab Grown Diamond, New Diamond Technology, Zhongnan Diamond Co. Ltd., Pure Grown Diamonds, Apollo Diamond Inc., TAIRUS CREATED GEMS CO., LTD., James Allen, Queensmith, Ada Diamonds Inc., Chatham Inc.
Asia-Pacific was the largest region in the synthetic diamond market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the synthetic diamond market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
A synthetic diamond market consists of sales of colorless sapphire, colorless zircon, synthetic cubic zirconia (zirconium oxide, CZ), and synthetic moissanite (silicon carbide). Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Synthetic Diamond Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on synthetic diamond market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for synthetic diamond ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The synthetic diamond market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.