Synthetic Diamond Market Forecasts to 2028 – Global Analysis By Type (Rough, Polished), Manufacturing Process (Chemical Vapor Deposition (CVD), High Pressure High Temperature (HPHT)), Product (Powder, Grit, Dust, Bort, Stone), Application, and By Geograph

Synthetic Diamond Market Forecasts to 2028 – Global Analysis By Type (Rough, Polished), Manufacturing Process (Chemical Vapor Deposition (CVD), High Pressure High Temperature (HPHT)), Product (Powder, Grit, Dust, Bort, Stone), Application, and By Geography According to Stratistics MRC, the Global Synthetic Diamond Market is accounted for $24.68 billion in 2022 and is expected to reach $38.95 billion by 2028 growing at a CAGR of 7.9% during the forecast period. The uppermost recognized thermal conductivity, a large electrical band gap and biological inertness are all features of synthetic diamonds. Because of this, the material's excellent heat conductivity enables cutting-edge developments in the production of semiconductors and electronics.

According to China’s five-year plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of approximately 6% in 2022. China is planning to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites.

Market Dynamics:

Driver:

Increase the use in electronic industry

Due to their capacity as heat sinks, synthetic diamonds should be used more frequently in the electronics sector. This diamond is a crucial heat-enabling technology because it keeps silicon and other semiconductor goods from overheating. The market for synthetic diamonds is anticipated to expand in demand owing to the steadily rising demand for mobile phones and semiconductors.

Restraint:

Complex manufacturing procedures

High pressure and temperature are necessary for the formation of diamonds. It is challenging to maintain a complex manufacturing process at such extreme pressure and temperature conditions. This should restrict market expansion.

Opportunity:

Increasing industrialization

The market for synthetic diamonds will expand at a faster rate as industrialization and personal disposable income both increase. The fashion industry's expansion and growth, together with that of other end-user industries, will further generate profitable market prospects. Super abrasives are becoming more widely used to dress, grind, cut, and drill tools, which will accelerate market expansion in the years to come. The electronics industry will employ them more frequently because of their capacity to act as heat sinks, which lowers operating temperatures, improves dependability, and lengthens the useful lives of electronic gadgets. Growing consumer demand for electronics, particularly rising semiconductor sales, will act as market drivers and create more favourable conditions for the market's growth rate.

Threat:

Unfavourable market conditions

The corona virus outbreak's unfavourable market conditions will be a major obstacle to the expansion of the synthetic diamond industry. Additionally, negative attitudes about synthetic jewellery and consumer preferences for real diamonds may restrain market growth. The manufacturing process' complexity will further slow the market's rate of expansion. Additionally, a weak branding and marketing structure would make it difficult for the market rate to rise smoothly.

Covid-19 Impact

The Covid-19 had a detrimental effect on the synthetic diamond sector since it disrupted supply chains and manufacturing facilities all around the world. On the other hand, as brick-and-mortar stores have closed, internet channels have seen a rise in demand for synthetic diamonds. Following the epidemic, it is anticipated that sales of synthetic diamonds would rise as environmental sustainability and friendliness become in significance. The creation of synthetic diamonds sustainably has received increased attention from the manufacturers.

The polished segment is expected to be the largest during the forecast period

Based on type the segment is divided into Rough and Polished. Due to their comparatively low demand in industrial applications, polished synthetic diamonds are expected to experience the fastest growth throughout the forecasted period. The processing that polished diamonds go through has little to do with their size, shape, or other physical properties. The diamond is often polished to enhance the sparkle and create a smooth finish after it has been cut and faceted. Polishing a diamond incorrectly will make it appear less brilliant. The demand for polished diamonds has increased due to the growing use of polished diamond in jewellery, optical, medicine, and many industrial uses. However, it is anticipated that the growing popularity of these stones in jewellery and the growing consumer awareness of trendy accessories will create new opportunities for market expansion.

The high pressure high temperature (HPHT) segment is expected to have the highest CAGR during the forecast period

Based on manufacturing process the market is classified into Chemical Vapor Deposition (CVD) and High Pressure, High Temperature (HPHT). The production process known as High Pressure High Temperature (HPHT) accounted for the majority of the synthetic diamond market. In the HPHT process, carbon and graphite are subjected to high pressure and temperature conditions, which are analogous to the geologic conditions that naturally generate diamonds. The HPHT method, which involves subjecting a diamond seed to high pressure and temperature settings, is used to manufacture diamonds in a growing environment. The three primary press designs utilised in the HPHT process to supply the pressure and temperature required to produce synthetic diamond are the belt press, cubic press, and split-sphere (BARS) press. With the same chemical and physical characteristics as naturally occurring diamonds, these lab-produced diamonds, often referred to as synthetic HPHT diamonds, can last a lifetime and have a dazzling appearance. As a result, it is predicted that the market would develop due to the increased production of synthetic diamonds made utilising the (HPHT) manufacturing technique.

Region with highest share:

When it comes to market share, Asia-Pacific will control the synthetic diamond industry over the anticipated era. This is a result of the region's rising demand for synthetic diamond. In terms of strong manufacturing activity, growth, and expansion of numerous end-user sectors, the Asia-Pacific region dominates the synthetic diamond market. a rise in the usage of synthetic diamonds in manufacturing processes due to their accessibility and low cost. The demand for gems manufactured of synthetic diamonds has increased, and the electronics industry has made extensive use of the items, propelling revenue streams. With ASEAN members serving as major chip exporters, chip fabrication is projected to represent the synthetic diamond market's largest growth opportunity.

Region with highest CAGR:

The synthetic diamond market in North America has the highest CAGR and is anticipated to develop faster than average due to the recovery of the manufacturing industry. However, the mining industry's strict regulatory environment is anticipated to impede growth. Nevertheless, it is anticipated that the industry would be supported by the use of synthetic diamonds in the current mining techniques.

Key players in the market

Some of the key players profiled in the Synthetic Diamond Market include Eco Star Diamond , Element Six UK LTD, New Diamond Technology, Applied Diamond Inc, Industrial Abrasives Ltd, Sandvik Group , Soham Industrial Diamonds, FOREVER COMPANIES, Hyperion Materials & Technologies, Sumitomo Electric Industries Ltd, Hyperion Materials & Technologies, Pure Grown Diamonds, Applied Diamond Inc., ILJIN DIAMOND CO., LTD., Washington Diamonds Corporation.

Key Developments:

In February 2022, Element Six UK LTD collaborated with II-VI Inc. Through this collaboration, II-VI licenses Element Six’s intellectual property and necessary equipment will produce high-quality single-crystal diamonds to expand its core competency in diamond technology.

In July 2021, Element Six UK LTD and the University of Warwick entered a partnership to develop the next generation of synthetic diamond-enabled technologies. Under this partnership, Element Six applied its renowned expertise and capabilities in advanced material solutions.

In January 2021, Hyperion Materials & Technologies announced the acquisition of NanoDiamond Products, a synthetic diamond solution provider, this acquisition would help the company expand its synthetic diamond business.

Type Covered:
• Rough
• Polished

Manufacturing Process Covered:
• Chemical Vapor Deposition (CVD)
• High Pressure, High Temperature (HPHT)

Product Covered:
• Powder
• Grit
• Dust
• Bort
• Stone

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

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

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