Global Synthetic Diamonds Market to Grow at 7%, Extensive Industrial Applications to Drive Demand
The global synthetic diamonds market has several players. In the last few years, sensing potential, many new players have entered the market. New-age technology has allowed many new and established players to introduce innovative designs and products. Established players too are introducing their own product lines of synthetic diamonds to attract consumers. With wide range of products, companies are able to expand their customer base.
Some key players in the global synthetic diamonds market are New diamond Technology LLC, Henan Huanghe Whirlwind, Element Six, and Heyaru Group. Global players are competing with regional players and local vendors. This will bring new designs and innovations in the global synthetic diamonds market.
According to a Transparency Market Research report, the global synthetic diamonds market was valued at US$ 16.04 billion in 2016. It is predicted to grow at CAGR 7% between 2017 and 2025, and is expected to reach US$ 29.15 billion.
Geographically, Asia Pacific led the global synthetic diamonds market with 45% share in 2016. The trend is expected to continue in the coming years. The growing demand from developing economies like India, Japan, and China are driving the demand in this region. North America, Europe, the Middle East, and Africa will also hold significant shares in the global synthetic diamonds market.
Application-wise, several properties of synthetic diamonds drive its demand in various industries. The unique combination of mechanical, acoustic, electrical, thermal, optical, and electrochemical properties have enabled several applications. Technological advancements will also help identify more applications for synthetic diamonds, boosting the demand in the market.
Increasing Industrial Applications and Demand for Gem Quality to Push Growth
Synthetic diamonds possess similar properties of a diamond. Hence, they replace diamonds in most industries. They are used to create computer chips. Besides, they are used in mining, machine production, construction, medical procedures, space science, experimental physics, stone cutting and cleaning, and electronics. Moreover, they are also used in gas and oil drills, as no other material possesses such hardness. Besides, synthetic diamonds are also used to treat industrial and household water.
Gem quality is of utmost importance for purchasers in India. Hence, jewelers are particular about procuring high quality diamonds. Synthetic diamonds possess higher purity. On the other hand, many countries are identifying innovative applications of synthetic diamond. Extremely thing CVD diamond plates are being manufactured today, and they can be of high importance to manufacture electronics. These factors are expected to propel the global synthetic diamonds market.
Complex Manufacturing Process and Low Awareness Levels among End-Users Challenge Growth
Manufacturing synthetic diamonds is a complex process. While there are different methods identified, most of them require high temperature and high pressure. It also involves the use of chemicals and produces high noise in some cases. These complicated procedures could restrict interest among companies in the market.
On the other hand, the low awareness levels among people is also a challenge. Synthetic diamonds have recently entered the market. People are slowly gaining awareness about the product in developed and developing countries. However, a large section of the market is still unaware about its wide range of properties and applications. This could challenge growth in the global synthetic diamonds market.
The study presented here is based on a Transparency Market Research report, titled, “Synthetic Diamonds Market - (Product - Bort, Dust, Grit, Powder, and Stone; Type - POlished and Rough; Process - High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD); Application - Gem, Heat Sinks/Exchangers, High-end Electronics, Laser & X-ray, Machine and Cutting Tools, Surgical Machinery, Water Treatment, Quantam Computing, Optical, Sensors & Scanning, Medical, and Electricals) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
The segments of the global synthetic diamonds market are:
- High Pressure High Temperature (HPHT)
- Chemical Vapor Deposition (CVD)
- Heat Sinks / Exchangers
- High-end Electronics
- Laser & X-ray
- Machining and Cutting Tools
- Surgical Machinery
- Water Treatment
- Quantum Computing
- Sensors & Scanning
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.
Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.
TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC