The global synthetic diamonds market is estimated to be worth USD 28.26 billion by 2024 as a result of its increasing demand for cutting, polishing, and drilling. Increasing utilization of these functions for development of infrastructure coupled with the growing spending on the sector is likely to propel market growth over the projected period.

Expansion of the electronics and healthcare production base in countries including India and China is expected to provide new opportunities for the development of the market. Presence of manufacturing bases of companies including Samsung, Apple, Sony, Abbott, and GSK in Asia Pacific is expected to drive the demand for synthetic diamonds in various industrial applications.

Relatively lower price and a higher production rate of these as compared to natural diamonds are expected to result in driving the growth of the market over the next few years. In addition, flexibility to alter properties of the laboratory-grown crystal to suit specific applications such as cutting or conduction of electricity makes it a viable choice across a broad range of industries.

Increasing substitution of natural diamond with its synthetic counterpart has resulted in opening new avenues for the market. In addition to this, low price and seamless supply have resulted in opening opportunities for the utilization of the gem in industries which refrained from using the product such as the use of Monolithic Diamond Raman Lasers in biomedical applications.

Browse Details of Report @ https://www.hexaresearch.com/research-report/synthetic-diamond-market

Key players analyzed
• Applied Diamond Inc
• Centaurus Technologies Inc.
• Crystallume
• Element Six
• ILJIN
• New Diamond Technology
• Pure Grown Diamonds LLC
• Scio Diamond Technology

Polished synthetic diamond market is anticipated to grow at a CAGR of 8.3% over the projected period on account of their relatively low demand in industrial application. However, the increasing use of these stone in jewelry coupled with the rising consumer awareness regarding fashionable accessories is expected to open new avenues for the growth of the market.

Electronics was the largest application segment and is expected to witness growth at a CAGR of 8.7% over the projected period. Increasing demand for consumer electronics including washing machines, refrigerators, HVAC, smartphone, and tablets is expected to drive the market for synthetic stones subsequently.

Centaurus Technologies Inc., Applied Diamond Inc., Element Six, New Diamond Technology, and ILJIN are some of the prominent players in the market. These companies are focusing on R&D to develop stones with a higher carat. For instance, using the HPHT process, New Diamond Technology (NDT) unveiled a 10.07 carat blue stone in September 2016.

Segmentation by process, 2014 - 2024 (USD Million)
• HPHT (High Pressure High Treatment)
• CVD (Chemical Vapor Deposition)

Segmentation by type, 2014 - 2024 (USD Million)
• Rough
• Polished

Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/advanced-materials-industry