AI Assisted Luxury Is Fastest Growing Segment Fueling The Growth Of Synthetic Diamond Market

AI Assisted Luxury Is Fastest Growing Segment Fueling The Growth Of Synthetic Diamond Market

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 made in laboratories, but have similiar properties as mined diamonds. Synthetic diamonds find wide applications in drill bits, cutting tools, laser optics, electronics and heat sinks due to their heat conducting properties and hardness. The rising demand from industrial applications is expected to drive the synthetic diamond market growth.

Market key trends:
Synthetic diamonds find increasing applications in jewelry industry owing to declining prices and better clarity compared to mined diamonds. Ability to tailor make diamonds as per customer preference such as size, color and clarity is fueling their demand in customized jewelry. Furthermore, growing consumption of consumer electronics globally is positively impacting the market for synthetic diamond heat sinks. Rising investments by key companies in R&D to develop more advanced techniques to produce synthetic diamonds at lower costs will further support the market expansion over the forecast period.
Segment Analysis

The synthetic diamond market can be segmented into HPHT and CVD synthetic diamonds. Among these, the HPHT segment accounted for the largest market share of around 70% in 2022. HPHT synthetic diamonds are more affordable as compared to CVD diamonds due to their lower production cost. Also, HPHT diamonds can be produced in larger sizes, thereby finding wide usage in applications requiring larger diamond sizes like cutting and drilling. However, the CVD segment is expected to register the highest CAGR over the forecast period owing to its superior physical and optical properties approaching that of natural diamonds. CVD diamonds also have uniform quality and color as against HPHT diamonds.

Key Takeaways

The global synthetic diamond market share is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period 2023 to 2030, due to increasing demand for synthetic diamonds in mechanical applications like cutting, drilling, polishing, grinding etc. and rising usage in jewelry industry.

The Asia Pacific region is currently the fastest growing as well as dominating region in the global synthetic diamond market owing to presence of major manufacturing units in countries like China. Europe and North America are other major markets driven by growing adoption in industrial applications.

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. These companies are focusing on enhancing production volumes and qualities of synthetic diamonds through technological innovations and strategic collaborations

 Get more insights on this topic:https://www.newswirestats.com/synthetic-diamond-market-industry-insights-trendssynthetic-diamond-market-2023-2030/