Synthetic Diamond Market Growth 2015 – 2023
Demand for synthetic diamonds is increasing due to strong economic growth in the developing markets, which continues to create a wealthy middle class. Furthermore, the wealthy middle class are often considered primary consumers of synthetic diamonds. Hence, demand for synthetic diamonds is rising at a significant rate and is expected to increase substantially in the near future. Changing consumer preferences for branded and authentic jewelry is anticipated to be another key factor boosting the global synthetic diamond market. However, the perception of consumers that synthetic diamonds are cheap, fake, an imitation, and artificial is the keyfactor hindering the growth of the synthetic diamond market globally.
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Diamonds are very high in demand as a jewelry item and make a valuable investment option globally. They are extremely hard and have a complex structure. Additionally, diamonds are one of the most precious stones. They possess a broadband spectral transparency that stretches from ultraviolet rays to infrared rays and have excellent thermal conductivity. Thus, diamonds are often considered as an ideal material for multi spectral optical applications. On the other hand, synthetic diamonds are similar to natural diamonds; however, they are artificially produced by different manufacturing processes. Some of the prominent manufacturing processes include high pressure and high temperature (HPHT), chemical vapor deposition (CVD), explosive formation, and sonication of graphite solutions. Synthetic diamonds are also known as cultured or cultivated diamonds.
Synthetic diamonds have applications similar to that of natural diamonds; they are largely used in the construction and mining industry as a drilling tool. These diamonds are also used in the telecommunications & microelectronics industry as a heat sink. Furthermore, synthetic diamonds are used to cut metal sheets in the foundry and automotive industry. Industrial and household water treatment is another chief application segment in the global synthetic diamond market. Besides this, synthetic diamonds are used in advanced health care applications as surgical scalpels and detectors. The usage of synthetic diamonds as gemstone in jewelries and ornaments is the largest application segment in the global synthetic diamond market.
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Global demand for synthetic diamonds is estimated to increase significantly due to high demand for synthetic diamonds in the emerging economies such as China, India, and Taiwan. Growth of the wealthy middle class in China, India, Russia, Brazil, and Indonesiais projected to drive the market in Asia Pacific. China constitutes the largest market in Asia Pacific due to strong industrialization in the country. This has resulted in significant growth of the construction and mining industry in China. Europe held a substantial share of the global synthetic diamond market in 2014. Automotive and telecommunications & microelectronics are major application segmentsfueling the synthetic diamond market in Europe.The jewelries and ornaments application segment is the largest in the Middle East & Africa. Affinity of consumers towards precious gems and stonesispropelling the global synthetic diamond market in the Middle East.Latin America held a key share of the global synthetic diamond market in 2014.Brazil and Argentina are major consumers of synthetic diamond in Latin America.
Some of the major players in the global synthetic diamond market include Element Six, Scio Diamond Technology Corporation, Graff Diamonds Ltd., Gemesis Inc., The De Beers Group of Companies, Washington Diamonds Corporation, LifeGem, Pure Grown Diamonds, New Diamond Technology (NDT, LLC), and Applied Diamond, Inc.
This research report analyzes this market on the basis of its market segments, major geographies, and current market trends. Geographies analyzed under this research report include
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for upcoming years
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