The synthetic gemstone global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Synthetic Gemstone Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The synthetic gemstone market size has grown steadily in recent years. It will grow from $22.44 billion in 2023 to $23.36 billion in 2024 at a compound annual growth rate (CAGR) of 4.1%. The growth in the historic period can be attributed to expanding the use of synthetic gemstones in jewelry, increasing marketing and branding efforts, initiatives promoting sustainable gemstone production, diversification of synthetic gemstone products, and rising supportive government policies.
The synthetic gemstone market size is expected to see steady growth in the next few years. It will grow to $27.96 billion in 2028 at a compound annual growth rate (CAGR) of 4.6%. The growth in the forecast period can be attributed to increasing demand for affordable luxury, rising environmental concerns, increasing preferences for customization and personalization, rising investment in research and development (R&D) activities, and rising e-commerce. Major trends in the forecast period include technological developments in gemstone synthesis, technological progress in gemstone cutting and polishing, the rising popularity of lab-grown diamonds, advanced production techniques, and innovations in hydrothermal synthesis.
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Scope Of Synthetic Gemstone Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Synthetic Gemstone Market Overview
The rise in the jewelry industry is expected to propel the growth of the synthetic gemstone market going forward. The jewelry industry involves creating, producing, and retailing adornments such as rings, necklaces, and bracelets crafted from precious metals and gemstones. The rise in the jewelry industry is due to embracing synthetic gemstones due to their ethical sourcing, cost-effectiveness, and consistent quality, catering to the growing consumer demand for sustainable and affordable luxury options. Synthetic gemstones contribute to the jewelry industry by providing cost-effective, ethical, and high-quality alternatives to natural gemstones, fostering innovation, and enabling jewelers to meet diverse consumer demands while minimizing environmental impact. For instance, in August 2023, according to World Gold Council 2021 Highlights, a US-based intergovernmental organization, sales in jewelry reached 439.85 metric tons in 2021 and are projected to grow to 475.92 metric tons by 2023. Therefore, the rise in the jewelry industry is driving the growth of the synthetic gemstone market.
Market Trends –
Major companies operating in the synthetic gemstone market are focused on developing innovative products, such as polycrystalline diamond (PCD), to enhance the performance and durability of their gemstones. Polycrystalline diamond (PCD) is a synthetic diamond product of numerous small diamond-bonded grains. This material is valued for its hardness, wear resistance, and thermal conductivity. For instance, in November 2023, Hyperion Materials & Technologies, a US-based manufacturing company, launched the P-Series PCD and U-Series PCD, which have high quality and reliability. It offers superior performance and cost savings by delivering consistent results across nonferrous and non-metallic materials, including aluminum, metal matrix composites, copper, and carbon-fiber-reinforced polymers (CFRP). The P-Series PCD is known for its high quality and reliability, making it a preferred choice for toolmakers requiring precise and efficient machining solutions.
The synthetic gemstone market covered in this report is segmented –
1) By Type: Ruby, Emerald, Spinel, Other Types
2) By Distribution: Online, Offline
3) By Application: Jewelry, Instrument, Other Applications
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Regional Insights –
North America was the largest region in the synthetic gemstone market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic gemstone market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the synthetic gemstone market are Kyocera Corporation, Swarovski AG, Gemfields Group Limited, Gilson Inc., The Asha Company, RusGems, Charles & Colvard Ltd., R C Gems, Diamond Nexus Labs, Astro Gallery of Gems, Chatham Inc., BetterThanDiamond Inc., Biron Gems, Scio Diamond Technology Corporation, Karat Patch Inc., Gem World, KP Gems, Djeva, Vala Brothers, Aini Gems
Table of Contents
1. Executive Summary
2. Synthetic Gemstone Market Report Structure
3. Synthetic Gemstone Market Trends And Strategies
4. Synthetic Gemstone Market – Macro Economic Scenario
5. Synthetic Gemstone Market Size And Growth
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27. Synthetic Gemstone Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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