The value of the synthetic diamond market was estimated to be US $14 billion in 2021, and it is anticipated to register a CAGR of 8% during the forecast period of 2023 to 2030. Due to the unique combination of acoustic, mechanical, thermal, electrical, electrochemical, and optical properties that artificial diamonds possess; their use is expanding across a wide variety of end-use industries. This is a direct result of the numerous advantageous properties that artificial diamonds possess. Diamonds created in a laboratory are not harmful to the surrounding ecosystem in any way. Additionally, in comparison to natural diamonds, their lifespan is significantly greater. Because of this, manufacturers should put their focus on the technological development of man-made diamonds rather than natural diamonds and invest in lab-created stones rather than natural diamonds. This is because the manufacturing process for man-made diamonds has made significant strides in terms of the equipment and methodology it utilizes. Diamond mining at existing deposits that have not yet been depleted could also be driven by extensive usage of synthetic diamonds in cutting-edge technologies. These deposits have not yet been depleted.
Companies are making significant investments in research and development (R&D) in order to create a conversion method for manufacturing synthetic diamonds that is more efficient and uses less energy. For the purpose of expanding the market for synthetic diamonds, manufacturers are focusing on mergers and partnerships. It is also anticipated that this will present considerable opportunities for manufacturers during the forecast period. However, customers' negative attitudes toward jewelry made from synthetic materials and their preference for real diamonds will work to slow the rate at which the industry expands. The manufacturing process is becoming increasingly complicated, which will further impede the rate of market expansion. In addition, the absence of a robust branding and marketing framework will provide obstacles, which will prevent the market rate from rising smoothly.
Synthetic diamonds are used in oil and gas drilling because no other substance can endure the extreme conditions in oil and gas mines. Synthetic diamonds are utilized in industrial and home water filtration. CVD diamonds are essential for high-performance loudspeakers. High-energy research centers use and sell synthetic diamond detectors of UV light or high-energy particles. CVD diamonds are abrasives in cutting and polishing tools. As a result, they have several industrial uses. CVD diamonds are a growing trend in the synthetic market.
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Natural fresh diamond deposits deep underground make diamond extraction more difficult and expensive. It has few resources. In recent years, new projects for most minerals have increased in capital intensity. Labor and energy prices have also risen quickly. As a result, real diamonds may cost more per carat. Synthetic diamonds are made using CVD and HPHT technology. Compared to natural diamonds, these two techniques produce synthetic diamonds more cheaply. According to industry standards, synthetic diamonds cost between US$ 800 and US$ 1000 per carat. Synthetic diamonds hold 1% of the global diamond jewelry market. Despite this, synthetic diamond use in jewelry creation is expected to grow because of ongoing research and development in the requisite technologies.
An increase in Industrialization and disposable income is expected to boost the synthetic diamond market. The market will benefit from the rise of end-user sectors and the fashion industry. Increasing the use of super abrasives in dressing, grinding, cutting, and drilling will drive market growth in the next years. As heat sinks, their use in electronics is projected to rise. This will minimize electrical equipment operating temperatures, increase reliability, and extend service lives. A surge in consumer demand for electronic goods, especially semiconductors, will serve as market drivers and boost growth potential.
During the projection period, jewelry will grow at a 3.0% CAGR. A growing middle class and the increased spending power of millennials and generation Z are helping to expand the jewelry market. According to the De Beers Group, millennials make up over 60% of the jewelry sector in the U.S. and 80% of the demand in China. Synthetic or lab-grown products have better industrial penetration. Industrial diamond is most often used as an abrasive in industries such as metal processing, construction, and exploration drilling. Construction uses include hand sawing, wire sawing, and core drilling. Growing building activity in developing countries should help the category.
According to the manufacturing process, the global market for synthetic diamonds is divided into two categories: HPHT and CVD (CVD). In 2021, HPHT accounted for over 75% of the synthetic diamond market. Many applications use high-pressure, high-temperature-produced synthetic diamonds. Since high pressure, and high temperature is economical, it's widely used. The high-pressure, high-temperature segment of the synthetic diamond industry is expected to gain market share in the coming year.
Gems, heat sinks and exchangers, high-end electronics, laser and x-ray, machining and cutting tools, surgical machines, water treatment, quantum computing, optical, sensors and scanners, medical, and electrical. The machining and cutting tools segment of the global synthetic diamond market was large. The prediction calls for a 7% CAGR. Polycrystalline diamond (PCD) is the hardest form of diamond utilized in cutting tools (compared to 20 GPa for cemented carbides, the next best class of cutting tool materials). It has been used for years to improve aluminum alloy and wood machining productivity in the auto sector.
In 2021, Asia-Pacific had the most synthetic diamond sales. This is because man-made diamonds are in high demand. Asia-Pacific is the largest market for synthetic diamonds, and China is the most important country in this region due to its strong industrial activity, growth, and expansion of end-user industries. Growing jewelry demand in the Asia Pacific increased the demand for synthetic diamonds. Asia Pacific held 51% of the global synthetic diamond market in 2021. The U.S. is also one of the major diamond consumers. The synthetic diamond market in the Middle East and Africa (MEA) is expected to grow due to the rise of the synthetic diamond industry and the application of technology to test synthetic diamonds by the largest diamond-producing mines in Africa, such as De Beers.
In the global diamond industry, many small to medium-sized firms serve a specific country or region, but just a few serve the global market. De Beers Group, ALROSA, and Rio Tinto are examples. Major companies also operate upstream. Getting a footing in the upstream segment is difficult due to competition. Laboratory-created products have no product restrictions. As a result, renowned jewelers are developing lab-grown substitutes. Globally, a small number of significant companies control most of the synthetic diamonds business. Key market players include Henan Huanghe Whirlwind, ILJIN Co., Ltd., Zhengzhou Sino-Crystal Diamond Co., Ltd., Applied Diamond Inc., and Scio Diamond Technology Corporation.
