The Synthetic Diamond Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Synthetic Diamond Global Market Report 2024, The synthetic diamond market size has grown strongly in recent years. It will grow from $18.11 billion in 2023 to $19.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%. The growth in the historic period can be attributed to pioneering high-pressure high-temperature (HPHT) methods, industrial cutting and drilling applications, electronics and semiconductors usage, emergence of lab-grown gemstones, medical equipment and optical devices.
The synthetic diamond market size is expected to see strong growth in the next few years. It will grow to $25.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%. The growth in the forecast period can be attributed to customization for specialized uses, expansion in aerospace sector, development in quantum computing, expansion in medical equipment, growth in industrial applications. Major trends in the forecast period include customization and tailored applications, advanced manufacturing techniques, use of AI for precision cutting, advance diamond cutting tools.
An increase in the use of synthetic diamonds in the electronic industry is expected to propel the growth of the synthetic diamond market going forward. The use of synthetic diamonds in the electronics industry has been growing due to their ability to act as heat sinks. Synthetic diamond prevents silicon and other semiconductor materials from overheating; hence, it has become a critical heat-enabling technology. Synthetic diamond is used to manufacture smaller and more powerful electronics when it is used as a semiconductor, thereby increasing its usage in radio frequency and power device types. For instance, in November 2021, Rough and Polished, a Russia-based industry expert and analytical agency, stated more than 13% of synthetic diamonds are used in electronics for the production of semiconductors, dosimeters, sensors, lasers, fiber optic systems, etc. Therefore, the increase in the use of synthetic diamonds in the electronic industry is driving the growth of the synthetic diamond market.
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The synthetic diamond market covered in this report is segmented –
1) By Type: Polished, Rough
By Manufacturing Process: High Pressure, High Temperature, Chemical Vapor Deposition
By Application: High-End Electronics, Laser and X Ray, Surgical Machinery, Quantum Computing, Other Applications
Major companies operating in the synthetic diamond market are developing new products such as lab-grown diamonds to gain a competitive edge in the market. Lab-grown diamonds are those diamonds that are not formed naturally by geological processes, but rather are created in a laboratory setting. For instance, in August 2023, Pandora A/S, a Denmark-based jewelry manufacturer launched pandora nova, pandora era, and pandora talisman. The lab-grown diamonds used in these collections have the exact same color, cut, clarity, and carat as mined diamonds and are set in sterling silver or 14k white or yellow gold. These collections include superb craftsmanship and are meant to be more generally accessible and affordably priced. The launch of these collections is consistent with Pandora’s goal of democratizing diamonds through the use of ethical and sustainable business methods.
The synthetic diamond market report table of contents includes:
1. Executive Summary
2. Synthetic Diamond Market Characteristics
3. Synthetic Diamond Market Trends And Strategies
4. Synthetic Diamond Market – Macro Economic Scenario
5. Global Synthetic Diamond Market Size and Growth
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26. South America Synthetic Diamond Market
27. Brazil Synthetic Diamond Market
28. Middle East Synthetic Diamond Market
29. Africa Synthetic Diamond Market
30. Synthetic Diamond Market Competitive Landscape And Company Profiles
Top Major Players:
- Sumitomo Electric Industries Ltd
- Sandvik Group
- De Beers plc Lightbox
- Forever Company
- Pandora A/S
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