Synthetic Diamond Market to surpass US$ 36.59 Bn by 2030 - Coherent Market Insights

Synthetic diamonds are gemstones that have been grown in a lab, instead of being mined. These gems have some amazing properties and are increasingly being used in jewellery. Several start-up companies are investing in these new materials. Some say that the technology is a step towards creating a new type of diamond. Diamonds are formed from a matrix of carbon. This matrix has a crystalline structure, with atoms arranged in rows and columns. Each atom in a diamond molecule is bonded to another atom in the graphitic layer. This structure is known as a CCGS. While many diamonds are colorless and white, there is a wide range of color. This is caused by the presence of impurities, which have different colors. Some diamonds are allochromatic, and some have color centers. These color centers allow the diamond to selectively absorb different wavelengths of light. In addition to this, diamonds with structural defects, such as vacancies, produce a wide range of hues.

Market Statistics:

The Global Synthetic Diamonds Market is estimated to account for US$ 21.40 Bn in terms of value by the end of 2021.

Global Synthetic Diamonds Market: Drivers

Increasing consumer electronics usage has boosted the growth of this market. The high thermal conductivity and wide electronic band gap of synthetic diamond make it an ideal material for semiconductor devices and electronic components. Its ability to withstand extreme temperatures and reduce the amount of information lost during high-security signal transmissions has made it a popular material for high-technology industries.

Global Synthetic Diamonds Market: Opportunities

Industrial applications for synthetic diamond are projected to hold potential opportunities for the global market. These include high-end electronics, optical applications, and water treatment. This broad application base offers value-grab opportunities for market players. Electronic manufacturers have extensive research programs devoted to developing high-end chips made from synthetic diamond. In addition, the high temperature and high pressure technology employed for manufacturing synthetic diamonds is highly versatile, allowing manufacturers to produce large quantities of this precious gem at a low cost.

Global Synthetic Diamonds Market: Restraints

Lack of awareness about synthetic diamonds is expected to hamper the market growth over the forecast period.

Global Synthetic Diamonds Market - Impact of Coronavirus (Covid-19) Pandemic:

During Covid-19 pandemic the industry has faced huge shutdown. Lockdown has negatively impacted industrial transform processes. Major disruption in supply chain and trading patterns in the global synthetic diamond industry is severely impacted the market growth.

To know the latest trends and insights prevalent in this market, click the link below:

https://www.coherentmarketinsights.com/market-insight/synthetic-diamond-market-5386

Key Takeaways:

The global synthetic diamonds market was valued at US$ 21.40 Bn in 2021 and is forecast to reach a value of US$ 36.59 Bn by 2030 at a CAGR of 6.18 % between 2022 and 2030.

Electronics Type segment held dominant position in the global synthetic diamonds market in 2020, accounting for 45 % share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.

Global Synthetic Diamonds Market Trends:

The market for synthetic diamonds is increasing due to the rising disposable income and industrialization in the world. These factors are acting as a trend for the market. Additionally, they are used in the treatment of industrial and domestic water. The demand for these products is expected to increase throughout the forecast period. 

Increasing use of synthetic diamonds in high-end electronics, laser & x-ray, and high-end electronics industries is a growing trend. They are also used in stone cutting and surgical applications, as well as for optical and quantum computing.

Global Synthetic Diamonds Market: Competitive Landscape   

Adamas One Corp., Applied Diamond Inc., Element Six UK Ltd, Henan Huanghe Whirlwind Co. Ltd, ILJIN Diamond Co. Ltd, New Diamond Technology, Pure Grown, Diamonds (PGD), Sumitomo Electric Industries Ltd, Swarovski, Zhengzhou Sino-Crystal Diamond Co., and Zhongnan Diamond Co. Ltd

Global Synthetic Diamonds Market: Recent Developments

In January 2020, Swarovski introduced a new range of lab-grown diamonds with diverse cuts and 16 fancy colors at the Haute Couture Fashion Week in Paris this week. The offering is the most extensive assortment of hues in the global market.