A
recent research report published by Transparency Market Research projects the
global synthetic diamond market to expand at a CAGR of 7.2% during
the period between 2019 and 2027. The
report, 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.
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Segmental Outlook: Global Synthetic Diamond Market
Geographically,
Asia Pacific led the global synthetic diamonds market with around 45% share
in 2018. The
trend is expected to continue in the coming years. The growing demand from
developing economies like India, Japan, and China are driving the demand in
this region. North America, Europe, the Middle East, and Africa will also hold
significant shares in the global synthetic diamonds market.
Application-wise,
several properties of synthetic diamonds drive its demand in various
industries. The unique combination of mechanical, acoustic, electrical,
thermal, optical, and electrochemical properties have enabled several applications.
Technological advancements will also help identify more applications for
synthetic diamonds, boosting the demand in the market.
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Increasing Industrial Applications and Demand for Gem
Quality to Push Growth
Synthetic
diamonds possess similar properties of a diamond. Hence, they replace diamonds
in most industries. They are used to create computer chips. Besides, they are
used in mining, machine production, construction, medical procedures, space
science, experimental physics, stone cutting and cleaning, and electronics.
Moreover, they are also used in gas and oil drills, as no other material
possesses such hardness. Besides, synthetic diamonds are also used to treat
industrial and household water.
Gem
quality is of utmost importance for purchasers in India. Hence, jewelers are
particular about procuring high quality diamonds. Synthetic diamonds possess
higher purity. On the other hand, many countries are identifying innovative
applications of synthetic diamond. Extremely thing CVD diamond plates are being
manufactured today, and they can be of high importance to manufacture
electronics. These factors are expected to propel the global synthetic diamonds
market.
Complex Manufacturing Process and Low Awareness Levels
among End-Users Challenge Growth
Manufacturing
synthetic diamonds is a complex process. While there are different methods
identified, most of them require high temperature and high pressure. It also
involves the use of chemicals and produces high noise in some cases. These
complicated procedures could restrict interest among companies in the market.
On
the other hand, the low awareness levels among people is also a challenge.
Synthetic diamonds have recently entered the market. People are slowly gaining
awareness about the product in developed and developing countries. However, a
large section of the market is still unaware about its wide range of properties
and applications. This could challenge growth in the global synthetic diamonds
market.
Highly Competitive Nature of Global Synthetic Diamond
Market
The
global synthetic diamonds market has several players. In the last few years,
sensing potential, many new players have entered the market. New-age technology
has allowed many new and established players to introduce innovative designs
and products. Established players too are introducing their own product lines of
synthetic diamonds to attract consumers. With wide range of products, companies
are able to expand their customer base.
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