Synthetic Diamond Market to Rise at 7% CAGR between 2017 and 2025, Widening Application Base to Boost Growth
The global synthetic diamonds market is led by only a few players but that does not impact the high competition among them, states a new research report by Transparency Market Research (TMR). With the increasing entry of new players and the rising competition between local and international vendors, customers can expect a slew of novel products with innovative designs in the years to come. Applied Diamond Inc., Heyaru Group, Element Six (E6), New Diamond Technology LLC, ILJIN Co. Ltd., Henan Huanghe Whirlwind, Zhengzhou Sino-Crystal Diamond Co. Ltd., and Sandvik AB are some of the leading players operating in this market.
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According to the research report, the global market for synthetic diamonds stood at US$16.04 bn in 2016. Progressing at a CAGR of 7.0% between 2017 and 2025, the market is projected to reach a of value US$29.15 bn by the end of 2025. Among products, the demand for stones is relatively higher and this trend is anticipated to continue in the years to come, notes the research study.
The report also offers a regional analysis of the global market for synthetic diamond. According to it, the Middle East and Africa, Asia Pacific, Latin America, Europe, and North America are the key regional markets for synthetic diamonds across the world. With a share of over 45%, Asia Pacific led the global market in 2016. Thanks to the increasing demand for synthetic diamond in India, China, and Japan, this regional market is anticipated to remain on the top over the forthcoming years. North America and Europe are also emerging as strong markets for synthetic diamonds across the world and are projected to register steady growth in the near future, reports the market study.
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“The diverse application areas and versatile properties of synthetic diamonds have boosted the growth of the global market for synthetic diamond, significantly,” says an analyst at TMR. Since, these diamonds boast of a unique combination of mechanical, optical, thermal, acoustic, electronic, and electrochemical properties, which have enabled them to demonstrate notable economic performances in industrial applications, their demand is increasing considerably across the world. The increasing application of synthetic diamonds in construction, stone cutting, mining services, gem exploration, surgery, astronomy, experimental physics, and in the production of computer chip and machinery is likely to boost the growth of this market over the next few years, states the research report.
The review is based on a report by Transparency Market Research (TMR), titled “Synthetic Diamond Market (Product – Bort, Dust, Grit, Powder, and Stone; Type – Polished and Rough; Process – High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD); Application – Gem, Heat Sinks/Exchangers, High-end Electronics, Laser & X-ray, Machine and Cutting Tools, Surgical Machinery, Water Treatment, Quantum Computing, Optical, Sensors & Scanning, Medical, and Electricals) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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