KeyHighlights
A recentresearch report published by Transparency Market Research projects the global synthetic diamond market toexpand at a CAGR of 7.2% duringthe period between 2019 and 2027. Thereport, titled “Synthetic Diamond Market - Global Industry Analysis,Size, Share, Growth, Trends and Forecast, 2019 - 2027,”estimates the global Synthetic Diamond to reach US$ 34.3 Bn by 2027, from US$18.3 bn in 2018.
Segmental Outlook: Global SyntheticDiamond Market
Geographically,Asia Pacific led the global synthetic diamonds market with around 45% sharein 2018. Thetrend is expected to continue in the coming years. The growing demand fromdeveloping economies like India, Japan, and China are driving the demand in thisregion. North America, Europe, the Middle East, and Africa will also holdsignificant shares in the global synthetic diamonds market.
Application-wise,several properties of synthetic diamonds drive its demand in variousindustries. The unique combination of mechanical, acoustic, electrical,thermal, optical, and electrochemical properties have enabled severalapplications. Technological advancements will also help identify moreapplications for synthetic diamonds, boosting the demand in the market.
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Increasing Industrial Applicationsand Demand for Gem Quality to Push Growth
Syntheticdiamonds possess similar properties of a diamond. Hence, they replace diamondsin most industries. They are used to create computer chips. Besides, they areused in mining, machine production, construction, medical procedures, spacescience, experimental physics, stone cutting and cleaning, and electronics.Moreover, they are also used in gas and oil drills, as no other materialpossesses such hardness. Besides, synthetic diamonds are also used to treatindustrial and household water.
Gem qualityis of utmost importance for purchasers in India. Hence, jewelers are particularabout procuring high quality diamonds. Synthetic diamonds possess higherpurity. On the other hand, many countries are identifying innovativeapplications of synthetic diamond. Extremely thing CVD diamond plates are beingmanufactured today, and they can be of high importance to manufactureelectronics. These factors are expected to propel the global synthetic diamondsmarket.
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Complex Manufacturing Process andLow Awareness Levels among End-Users Challenge Growth
Manufacturingsynthetic diamonds is a complex process. While there are different methodsidentified, most of them require high temperature and high pressure. It alsoinvolves the use of chemicals and produces high noise in some cases. Thesecomplicated procedures could restrict interest among companies in the market.
On theother hand, the low awareness levels among people is also a challenge. Syntheticdiamonds have recently entered the market. People are slowly gaining awarenessabout the product in developed and developing countries. However, a largesection of the market is still unaware about its wide range of properties andapplications. This could challenge growth in the global synthetic diamondsmarket.
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Highly Competitive Nature of GlobalSynthetic Diamond Market
The globalsynthetic diamonds market has several players. In the last few years, sensingpotential, many new players have entered the market. New-age technology hasallowed many new and established players to introduce innovative designs andproducts. Established players too are introducing their own product lines ofsynthetic diamonds to attract consumers. With wide range of products, companiesare able to expand their customer base.
Some keyplayers in the global synthetic diamonds market are Newdiamond Technology LLC, Henan Huanghe Whirlwind, Element Six, and Heyaru Group. Globalplayers are competing with regional players and local vendors. This will bringnew designs and innovations in the global synthetic diamonds market.
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