Synthetic Industrial Diamond Segment Is The Largest Segment Driving The Growth Of Synthetic Diamond Market

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The global Synthetic Diamond Market is estimated to be valued at US$ 24.22 Mn or Million in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Synthetic diamonds are artificially produced diamonds that closely resemble natural diamonds in both appearance and properties. Synthetic diamonds offer higher purity, uniform color, and better precision required for industrial applications such as cutting, grinding, polishing, and drilling.

Market key trends:
Growing adoption of synthetic diamonds in semiconductor industry for manufacturing of advanced semiconductor devices is a major trend fueling the market growth. Synthetic diamonds offer higher thermal conductivity which helps dissipate heat efficiently from semiconductor devices. They also provide longevity, consistency, and precision required for various semiconductor manufacturing processes such as wafer dicing. Rising demand for synthetic diamond from construction industry is another key trend, as synthetic diamonds find wide usage in construction equipments owing to their high strength and durability. Continuous advancement in chemical vapor deposition (CVD) and high-pressure high-temperature (HPHT) technology is enabling mass production of synthetic diamonds at affordable prices, thereby increasing their adoption across various industrial applications.
SWOT Analysis

Strength: Synthetic diamond has similar optical, thermal, and physical properties as natural diamond. It offers better clarity, color, and higher precision.

Weakness: Synthetic diamond are perceived to have lesser value than natural diamonds due to its lab-grown nature. Setting up manufacturing units requires massive capital investments and technical expertise.

Opportunity: Rising applications of synthetic diamond in semiconductor industry, healthcare, precision machining offers huge growth opportunities. Also growing demand for diamond-like coatings and increasing discretionary spending on luxury products boost the market.

Threats: Fluctuating raw material prices and strict environmental regulations associated with diamond synthesis pose major threats. Alternative gemstones and materials with similar properties further intensify the competition.

Key Takeaways

The global synthetic diamond market size is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing usage in construction and machinery. Synthetic diamonds enable better wear resistance and high mechanical strength in construction and mining equipment.

North America dominated with over 30% market share in 2023 owing to robust semiconductor and construction industry in the region. Asia Pacific is anticipated to witness fastest growth due to rising electronics manufacturing and growing construction spending in China and India.

Key players operating in the synthetic diamond market are 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. Major players are investing in R&D to develop new synthesis technologies and applications to strengthen their market position.

 

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it

Ravina
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Ravina Pandya,  Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. With an MBA in E-commerce, she has an expertise in SEO-optimized content that resonates with industry professionals.