Pune, India, Sept. 22, 2022 (GLOBE NEWSWIRE) -- The global synthetic diamonds market size is projected to showcase substantial growth in the foreseeable future due to the rising demand for electronics. This information is published by Fortune Business Insights in its report, titled "Synthetic Diamonds Market, 2022-2029". The product is a laboratory-grown diamond which is a crystalline 3D form of carbon.
The properties of the diamond produced in this manner depend upon the process followed during production. The increasing utilization of the product in the production of several products such as machines and tools, electrical equipment, and others is driving the market growth.
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List of Key Players Profiled in the Synthetic Diamonds Market:
- Applied Diamond Inc.
- Element Six (E6)
- New Diamond Technology
- Zhengzhou Sino-Crystal Diamond Co. Ltd
- HEYARU GROUP
- Sandvik AB
Competitive Landscape
Collaborations Between End-user Industries and Companies to Facilitate Profit Generation
The competitive players of synthetic diamonds have a foundation of substantial capital investment and intense research and development. These companies are constantly developing their production processes to enhance the quality as well as quantity of the product. In addition to this collaboration with various end-users are facilitating lucrative growth for these companies. The current growth pattern of the industry makes it one of the promising industries in the foreseeable future.
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Historical Data | 2018-2020 |
| Region Covered | North America, Europe, Asia Pacific, Latin America, Middle East & Africa, and the Rest of the World |
| Segments Covered | By Type, End-user and Regional Insights |
| Synthetic Diamonds Industry Growth Drivers | To Gain Prominence Owing to Growing Consumption of Electronic Devices |
| To Develop Significantly Backed by Rising Consumption in Cell Phone Manufacturing |
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Market Segmentation
Based on type, the market for synthetic diamonds (lab grown diamonds) is segmented into polished and rough. By manufacturing process, the market is divided into high pressure-high temperature (HPHT) and Chemical Vapor Deposition (CVD). Based on geography, the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The report has details on all the latest technology available in the market. The technological advances made in the industry has been highlighted and the potential opportunities associated with that. The report establishes the challenges of the market and advices various solution to them. It also mentions the growth stimulating factors, the restraints, consumption pattern, distribution channels, and all other vital information associated with the market.
Industry Development:
February 2020: Element six concluded its patent infringement action towards Ila technologies successfully for proprietary synthetic diamonds production.
Drivers & Restraints
Rising Consumption of Electronics to Generate Demand
The rising consumption of electronics along with rapid urbanization is creating a massive demand for devices with integrated circuit chips. The chips are manufactured using semiconductors and have applications in smartphones, televisions, washing machines, and several other household appliances. Prominent brands such as Apple, LG, Samsung, and others are heavily investing in innovations to take their devices to a next level and boost synthetic diamonds market growth.
Moreover, the utilization of the product for diffusing heat is facilitating its growth in the manufacturing of small and powerful electronics. It is also used substantially in telecommunication to increase the transmission capacity.
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Regional Insights
Presence of Cell Phone Manufacturers in Asia Pacific to Surge Demand
Asia Pacific is projected to hold the largest synthetic diamonds market share in the forthcoming years with the rapid adoption of hi-tech devices. The presence of manufacturing units in India and China reduces the price of electronics in the immediate region and augments the demand for electronics. Moreover, the introduction of artificial intelligence, machine learning, and the internet of things in household appliances has uplifted the consumption of semiconductors.
North America is projected to showcase dynamic growth with high investment in research and development activities as per Semiconductor Industry Association, the market has experienced a compound growth rate of 6.6% in research and development from 1999 to 2019. The 2019 records show the investment in research and development accounted for USD 39.8 billion in the US only.
COVID-19 Impact
Estimated 6% Contraction of Market Owing to Lockdown Situation
The COVID-19 situation has resulted in high incidents of production delays with stringent lockdown norms imposed. The International Data Corporation has already given an estimate of 6% revenue contraction in 2020 due to the pandemic. The impact on the automotive sector especially in China faced a reduction in exports and imports.
With the number of people recovering globally, and the lockdown norms easing down, the chances of production facilities operating at full capacity have high probability. Although, the demand for memory chips has experienced a significant rise with work from home scenarios globally. This is expected to continue for a considerable time and boost the demand for synthetic diamonds.
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