Global Synthetic Diamond Market – Industry Trends and Forecast to 2029

Market Analysis and Size

When it comes to synthetic diamonds, most of the jewellers would be able to source the diamonds directly from the laboratories. This process generally works the same, such as, if customer would like to design an engagement ring then they will ask for a synthetic diamond to be placed in the middle of the band.  Due to their physical and chemical properties , such as widest optical transparency window, wide band gap, chemical inertness, electric insulation, hardness, exceptional thermal conductivity, high electrical carrier mobility, high resistance to thermal shock,  and excellent mechanical properties, have made it extensively useful option for application in electronic devices.

Data Bridge Market Research analyses that the synthetic diamond market was valued at USD 14.08 billion in 2021 and is expected to reach USD 25.24 billion by 2029, registering a CAGR of 7.57 % during the forecast period of 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.     

Report Scope and Market Segmentation

Market Definition

Synthetic diamond is also known as a man-made diamond which has created in a lab. Synthetic diamond is also defined as a laboratory grown diamond due to same optical and physical properties as a natural diamond. This diamond is often defined as a complete copy of a natural diamond since the same procedures and methods which were used to recreate the synthetic diamond. It contains the same crystal lattice structure as a natural diamond.

Synthetic Diamond Market Dynamics

Drivers

• Increase the use in electronic industry

Increase the use of synthetic diamonds in the electronics industry due to their ability to act as a heat sink. This diamond prevents the silicon and other semiconductor products from overheating due to this it has become a critical heat-enabling technology. The consistently growing demand for cellular phones is boosting the demand for semiconductors which is are expected to drive the demand for synthetic diamonds market.

• Development in industrial applications

Due to the similar properties of diamond and synthetic diamond ha observed the increase in the demand for the synthetic diamond from many end-user industries. The growing product use in the manufacturing of computer chips is expected to boost the growth of the synthetic diamond market.

• Used in super abrasives

Super abrasives are tools which is used in precision grinding. Synthetic diamond is used in the wheels of super abrasive grinding due to its unique properties, like hardness, longevity and unparalleled performance. Super abrasives are widely used in manufacturing grinding wheels for the Computer Numerical Control (CNC) machines. Now a days, several industries, like construction, automotive, electronics, oil and gas, have been installing Computer Numerical Control (CNC) machines which is used to reduce the requirement for skilled labour.

Opportunities

Increasing industrialization coupled with growing personal disposable income will also positively impact the growth rate of the synthetic diamond market. Expansion and Growth of fashion industry and other end user industries will further create the lucrative opportunities for the market. Growing prevalence of super abrasives for dressing, grinding, cutting, and drilling tools will also bolster the market growth rate in upcoming years. Due to the ability of working as heat sink will increase their use in the electronics industry, it helps to lower the operating temperatures, enhances the reliability and increases working life of electronic devices. Growing demand for electronics, mainly increased sales of semiconductors will act as market drivers and further increase beneficial opportunities for the market's growth rate.

Restraints/ Challenges

However, unfavourable market conditions which is arising due to coronavirus outbreak will pose a major challenge to the growth of the synthetic diamond market. Moreover, adverse behaviour towards synthetic jewellery and consumers’ preference towards original diamonds will hamper the market growth rate. Complexities in the manufacturing process will further obstruct the market growth rate. Also, Lack of strong branding and marketing structure will also create hindrances for a smooth rising market rate.

This synthetic diamond market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the synthetic diamond market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on Synthetic Diamond Market

Synthetic diamond industry was negatively impacted by the Covid-19 due to the disruption in manufacturing unit and supply chains across the world. On the other hand, online channels have witnessed for increasing in demand of synthetic diamond due to closure of mortar and brick shops. Sale of synthetic diamonds is expected to increase post pandemic as more importance is being given to environment friendliness and sustainability. The manufacturers has more focused on the sustainable production of synthetic diamonds.

Recent Development

• In February 2020, element six has successfully concluded its patents infringement action against LLA technologies for branded synthetic diamond manufacturing.

Global Synthetic Diamond Market Scope

The synthetic diamond market is segmented on the basis of products, types, manufacturing process and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Bort
• Dust
• Grit
• Powder
• Stone

Type

• Polished
• Rough

Manufacturing Process

• High Pressure
• High Temperature
• Chemical Vapour Deposition

Application

• Gem
• Heat Sinks/Exchangers
• High-end Electronics
• Laser and X-ray
• Machine and Cutting Tools
• Surgical Machinery
• Water Treatment
• Quantum Computing
• Optical, Sensors and Scanning
• Medical
• Electricals

Synthetic Diamond Market Regional Analysis/Insights

The synthetic diamond market is analysed and market size insights and trends are provided by country, products, type, manufacturing process and application as referenced above.

The countries covered in the synthetic diamond market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

Asia-Pacific dominates the synthetic diamond market in terms of market share during the forecast period. This is due to the increasing demand for synthetic diamond in this region. The Asia-Pacific region leads the synthetic diamond market, with China leading the way in terms of the high manufacturing activities, growth and expansion of various several end-user industries in this region.

During the expected period, North America is anticipated to be the fastest developing region due to the increasing interest of consumers in synthetic diamond and growing demand in electronic industry in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Synthetic Diamond Market Share Analysis

The synthetic diamond market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to synthetic diamond market.

Some of the major players operating in the synthetic diamond market are:

• Element Six UK Ltd. (UK)
• Scio Diamond Technology Corporation (US)
• Applied Diamond Inc (US)
• HEYARU (India)
• Sandvik Group (Sweden)
• ILJIN DIAMOND CO., LTD. (South Korea)
• Henan Huanghe Whirlwind CO.,Ltd. (China)
• Zhengzhou Sino-Crystal Diamond Co.,Ltd. (China)
• Industrial Abrasives Ltd (UK)
• Swarovski (Austria)
• Soham Industrial Diamonds (India)
• Eco Star Diamond (India)
• Krystal Grown Diamonds (India)
• HeNan LiLiang Diamond Co., Ltd (China)
• New Diamond Technology (Russia)
• FOREVER COMPANIES (US)
• Hyperion Materials & Technologies (US)
• Scio Diamond Technology Corporation (US)
• NOVA DIAMONDS PTY LTD (Australia)
• Charles & Colvard (US)

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