New York, Feb. 09, 2022 (GLOBE NEWSWIRE) -- According to the statistics by the United States Geological Survey (USGS), the total domestic primary production of manufactured industrial diamond bort, grit, and dust & powder in the United States alone was estimated to be 110 Million carats in the year 2020, up from 42 Million carats in the year 2016. The value of production of the industrial diamond in the nation was estimated to be USD 44 Million in the year 2020. Further, the worldwide production of manufactured industrial diamonds totaled more than 14.6 Billion carats in the same year. Additionally, the statistics also stated that in the year 2020, China was the leading producing country of synthetic industrial diamonds. It was followed by the United States, Russia, Ireland, and South Africa. Moreover, in the same year, synthetic diamond accounted for more than 99% of global industrial diamond production and consumption.
Kenneth Research has recently released a report on “Global Lab Grown (Synthetic) Diamonds Market” which includes detailed information of the market dynamics, i.e., the growth drivers, restraints, latest market trends, and the growth opportunities associated with the market growth during the forecast period, i.e., 2021-2028. The report which is studied by using primary and secondary research methods, also includes the value chain analysis, Porter’s five forces analysis, as well as the trade and end-user outlook. Along with these, a brief analysis of the key players operating in the market along with their product portfolio is also studied in this report.
The demand for diamonds in industries, which is known to have 99.95% of carbon in it, and is also known to be the hardest metal, is increasing at a significant pace. Apart from its use in jewelry, this hardest metal found on earth is used in stone polishing and cutting. Diamonds are also used in drill bits and are also used in several automotive components. Backed by the growing demand for vehicles worldwide, the use of industrial diamonds is also expected to increase, and in turn, contribute to the growth of the global lab grown (synthetic) diamonds market. According to the statistics by the International Organization of Motor Vehicle Manufacturers (OICA), the total production of vehicles increased from 77583519 units in the year 2010 to 91786861 units in the year 2019. Additionally, the growing trade of diamonds worldwide is also expected to possess numerous growth opportunities in the coming years. According to the statistics by the International Trade Center (ITC), the value of imports of diamonds around the globe touched USD 130562696 Thousands in the year 2018, up from USD 117264482 Thousands in the year 2015.
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The global lab grown (synthetic) diamonds market registered a revenue of USD 19145.33 Million in the year 2019 and is further expected to touch USD 32743.34 Million by the end of 2028, by growing with a CAGR of 8.74% during the forecast period. The market is further segmented on the basis of geography into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Amongst the market in these regions, the market in the Asia Pacific generated the largest revenue of USD 14904.64 Million in the year 2019 and is further projected to touch USD 24603.35 Million by the end of 2028. Additionally, the market in the region is further segmented by country into China, India, Japan, Thailand, Australia, and the Rest of APAC. Amongst the market in these countries, the market in China generated the largest revenue of USD 9132.07 Million in the year 2019 and is further expected to touch USD 14926.85 Million by the end of 2028. Moreover, in India, the segment generated a revenue of USD 3082.28 Million in the year 2019 and is further expected to touch USD 6236.95 Million by the end of 2028.
On the other hand, in North America, the market generated a revenue of USD 2747.35 Million in the year 2019 and is further expected to touch USD 5608.93 Million by the end of 2028. The market in the region is segmented by country into the United States and Canada. Out of these, the market in the United States is expected to generate the largest revenue by the end of 2028 and grow with a CAGR of 10.19% during the forecast period.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
The global lab grown (synthetic) diamonds market is segmented by applications into jewelry, electronics, optics, construction, satellite, data storage, semi-conductors, and others. Amongst these segments, the construction segment generated the largest revenue of USD 6403.25 Million in the year 2019 and is further expected to touch USD 9756.67 Million by the end of 2028. In the Asia Pacific, the segment is expected to touch USD 7381.0 Million by the end of 2028, up from a revenue of USD 5010.94 Million in the year 2019. Moreover, in Australia, the segment generated the largest revenue of USD 143.67 Million in the year 2019 and is further expected to touch USD 233.54 Million by the end of 2028. On the other hand, in North America, the construction segment generated the largest revenue of USD 897.56 Million in the year 2019 and is further expected to touch USD 1629.40 Million by the end of 2028.
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The global lab grown (synthetic) diamonds market is further segmented by manufacturing process into high pressure high temperature (HPHT), and chemical vapor deposition (CVD). Out of these, the chemical vapor deposition (CVD) segment is projected to garner the largest revenue by the end of 2028 and also grow with the highest CAGR of 9.06% during the forecast period. In the Asia Pacific, the segment is expected to grow with the highest CAGR of 8.69% during the forecast period, while in Australia, the segment is expected to generate the largest revenue by the end of 2028 and also grow with the highest CAGR of 9.22% during the forecast period. On the other hand, in Europe, the segment is projected to grow with the highest CAGR of 10.15% during the forecast period.
The global lab grown (synthetic) diamonds market is also segmented by product.
Global Lab Grown (Synthetic) Diamonds Market, Segmentation by Product
- Rough
- Polished
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Some of the prominent industry leaders in the global lab grown (synthetic) diamonds market that are included in our report are Element Six UK Ltd. (De Beers Group), Sumitomo Electric Industries, Ltd., Swarovski AG, NEW DIAMOND TECHNOLOGY LLC, Pure Grown Diamonds, Sarine Group of Companies, Applied Diamond Inc., Iljin Diamond Co., Ltd., D.NEA, APPSILON ENTERPRISE, Eco Lab Diamonds, Nova Diamonds Pty Ltd., Parker Diamonds, Rio Tinto, De Beers Group, Charles & Colvard, Ltd., Blue Nile Inc., and others.
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