Spurt in Applications Bellwether for Growth of Synthetic Diamond Market
With the inception of synthetic diamond, the desire to own diamond is now not only for the rich. Bearing closeness in physical and chemical properties to natural diamond, synthetic diamond is also close in appearance to them. And, is high on purity. This is an advantage for sale of synthetic diamond in traditional societies such as India where purchasers value quality to a great extent. Nonetheless, lab-grown label remains making synthetic diamond second-rate for jewelry over naturally-mined ones.
The high-cost factor of natural diamond limits their use for industrial-use. Here, synthetic diamond fits in for use. The use of synthetic diamond to manufacture computer chips is an example of their noteworthy application in computer systems that are now essential for every large and small business. Besides this, the industrial application of synthetic diamond spans across industries ranging from mining, construction, medicine, manufacturing, and electronics. Machine production, medical procedures, and stone cutting and cleaning are some uses of synthetic diamond in a host of industries. The availability of synthetic diamond in few forms, including dust, bort, powder, grit, and stone enables their varied applications.
Applications Spanning Industries Promise Sustained Growth
Applications in gas drilling, as synthetic diamond possess unmatchable hardness required to sustain harsh ambient conditions, is poised to contribute to the growth curve of synthetic diamond market. The use of synthetic diamonds to treat industrial and household water, another faraway field is, further reinforcing the potential of the market.
Extremely thin polycrystalline plates, manufactured using chemical vapor deposition (CVD) of synthetic diamond are main components of high-end amplifiers. These plates, if satisfy, can also be of use in the manufacture of electronics.
Synthetic diamond locators made of luminescent light particles are used for high-energy analysis services and are industrially usable. This further expands use of synthetic diamond.
Such varied applications of synthetic diamond are arousing interest of entities in the stone cutting, grinding, and polishing business to enter the fray. Sensing opportunities, established players are introducing their own product line of synthetic diamonds for an edge in competition. Efforts to develop newer applications of synthetic diamond is on the charts of players in the synthetic diamond market.
Asia Pacific at the Forefront among all in the Regional Landscape
The synthetic diamond market witnesses maximum participation from players in Asia Pacific. Vis-à-vis value, in 2016, Asia Pacific held over 45% of the overall synthetic diamond market. An established diamond jewelry making industry in countries such as India is a reason for noteworthy demand for alternatives of natural diamond. Affluent individuals of the high-class and a part of the middle-class have a fancy for diamond jewelry in traditional societies such as India. However, extremely high cost of jewelry made of natural diamond makes it affordable for only a select population. This pins hope for synthetic diamond to replace natural diamond for jewelry.
Rapid rise in disposable income in emerging economies of the region is an underlying factor for increasing practices of big ticket purchases. Individuals, families now spend considerable amount of money on diamond jewelry, mainly during festivals and family occasions. Purchase of diamond jewelry is sometimes a ritual in families to mark the occasion. Nonetheless, extremely high cost of natural diamond jewelry has led middle-class families seek alternatives to continue such traditions. Synthetic diamond jewelry is finding way herein.
Product innovations, wherein countries such as China and Japan are seeking newer applications of synthetic diamond are a plus for the growth of synthetic diamond market. Synthetic diamond wafer of high quality and large size is poised to find application to power electronics semiconductor devices for industrial use in the future.
The Middle East and Africa is another key region for synthetic diamond due to the development of synthetic diamond sector in the region. World-renowned diamond mining companies in the region such as De Beers are participating and undertaking initiatives for innovative techniques for testing synthetic diamonds.
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