Synthetic Diamond Market Size

Global Synthetic Diamond Market Overview

Synthetic Diamond Market Size was valued at USD 15.2 Billion in 2022. The Synthetic Diamond industry is projected to grow from USD 16.4 Billion in 2023 to USD 29.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 7.80% during the forecast period (2023 - 2032). Increased demand for computer chips and other microchips used in many different types of electronics, as well as rising demand from the semiconductor and electronics industries, are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Synthetic Diamond Market Trends

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  Rising demand from the semiconductor and electronics industries is driving the market growth

  
  

The key driver of the expansion of the Synthetic Diamond Market is the rise in demand for synthetic diamonds from the semiconductor and electronics sectors. The market is gaining from the rise in disposable income among the populace as a whole. The global fashion industry's growth and the appearance of these products in publications are further factors driving the growth of the synthetic diamond market. The market will profit from improvements in production drilling, dressing, cutting, and polishing equipment. New technologies for creating synthetic diamonds are receiving significant funding, which could result in low manufacturing costs and gems with exceptional quality and aesthetic value.

The many different forms of synthetic diamonds, including bort, grit, dust, and powder, have numerous uses in a variety of end-user sectors. Synthetic diamonds are used in numerous industrial applications in about 99% of cases. They are extensively used in the manufacture of computer chips, building, the manufacture of machinery, mining (such as drilling for minerals), the exploration of gems, the cutting and polishing of stones, surgery, astronomy, experimental physics, and electric insulation.

Since no other material can endure the harsh conditions present in oil and gas mines, synthetic diamonds are also employed in oil and gas drills. Products made of synthetic diamonds are also used to purify water in commercial and residential settings. A crucial part of high-performance loudspeakers is CVD diamonds. Commercially available synthetic diamond detectors of ultraviolet (UV) light or high-energy particles are used in high-energy research facilities. Diamonds created using CVD are frequently used as abrasives in cutting and polishing tools. As a result, they are frequently used in numerous industrial applications. One of the most well-liked ongoing trends in the synthetic sector is the increase in the use of CVD diamonds.

In addition, synthetic diamonds are produced ethically and sustainably, which is a factor in the market's expansion. Another growth-promoting aspect is the extensive product use in numerous industrial applications, including mining, medical treatments, space science, and stone cutting. These include manufacturing machinery and computer chips. In addition, rising consumer disposable incomes, the popularity of synthetic diamonds as an eco-friendly substitute for natural diamonds, and the widespread use of the product in UV (ultraviolet) light or high-energy particle detectors are all predicted to propel the market towards expansion. Thus, driving the Synthetic Diamond market revenue.

De Beers has declared that it will stop producing synthetic diamonds under the Lightbox brand in 2024. The South African diamond company is now concentrating its marketing efforts on natural diamonds as the price of synthetic diamonds has dropped significantly and the price of mined stones has followed suit.

Synthetic Diamond Market Segment Insights

Synthetic Diamond Product Insights

The Synthetic Diamond Market segmentation, based on product, includes bort, dust, grit, powder, and stone. In 2022, the global market was dominated by the bort category. This is explained by the rise in bort demand in heavy industries. Steel mortars are used to smash this bort, and the resulting abrasive grits are of an industrial caliber. Drill bits are made of tiny bore crystals.

Synthetic Diamond Type Insights

The Synthetic Diamond Market segmentation, based on type, includes polished and rough. The polished segment dominated the global market in 2022. It is projected that the polished category will dominate the market for synthetic diamonds. The jewelry, electronics, and medical fields all frequently use polished synthetic diamonds. The biggest demand for synthetic diamonds is in the electronic sector, which explains this expansion.

Synthetic Diamond Manufacturing Process Insights

The Synthetic Diamond Market segmentation, based on manufacturing process, includes high pressure, high temperature, and chemical vapor deposition. In 2022, the high pressure segment ruled the world market. Synthetic diamonds made using the high-pressure, high-temperature technique have a wide range of applications. Its method is commonly used since it is reasonably priced.

Figure 1: Synthetic Diamond Market, by Manufacturing Process, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Synthetic Diamond Application Insights

The Synthetic Diamond Market segmentation, based on application, includes gem, heat sinks/exchangers, high-end electronics, laser and X-ray, machine and cutting tools, surgical machinery, water treatment, quantum computing, optical sensors and scanning, medical, and electricals. In 2022, the sector for machines and cutting tools led the worldwide synthetic diamond market. In comparison to cemented carbides, the next best class of cutting tool materials, polycrystalline diamond (PCD), with a hardness of more than 50 GPa, is the diamond material that is most frequently used in cutting tools.

Synthetic Diamond Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America Synthetic Diamond Market dominated this market in 2022 (45.80%). In 2020, the U.S. construction industry was worth USD 1,469.15 billion, and in 2021, it will increase even more. The country's construction spending was assessed by the U.S. Census Bureau to have totaled USD 1,639.9 billion in December 2021, 0.2% greater than the previously revised November estimate of USD 1,636.5 billion. Further, the US Synthetic Diamond market held the largest market share, and the Canada Synthetic Diamond market was the fastest growing market in the North America region.

Further, the major countries studied in the market report are the US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: SYNTHETIC DIAMOND MARKET SHARE BY REGION 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Synthetic Diamond market accounted for the healthy market share in 2022. This is a result of the region's rising demand for synthetic diamond. When it comes to the region's high manufacturing activity, expansion, and growth of numerous end-user industries, Germany is setting the bar high. Further, the German Synthetic Diamond market held the largest market share, and the U.K Synthetic Diamond market was the fastest growing market in the European region

The Asia-Pacific Synthetic Diamond market is expected to register significant growth from 2023 to 2032. Synthetic diamonds enjoy a sizable market in China as a result of the substantial production activities carried out by several end-use industries there. China's five-year plan, which was released in January 2022, projects that the country's construction industry will rise by about 6% in 2022. To reduce waste and pollution from construction sites, China intends to promote the production of prefabricated structures. Moreover, China’s Synthetic Diamond market held the largest market share, and the Indian Synthetic Diamond market was the fastest growing market in the Asia-Pacific region.

Synthetic Diamond Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the Synthetic Diamond market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Synthetic Diamond industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Synthetic Diamond industry to benefit clients and increase the market sector. In recent years, the Synthetic Diamond industry has offered some of the most significant advantages to medicine. Major players in the Synthetic Diamond market, including Element Six UK Ltd., Scio Diamond Technology Corporation, Applied Diamond Inc, HEYARU, Sandvik Group, ILJIN DIAMOND CO., LTD., Henan Huanghe Whirlwind CO.,Ltd., Zhengzhou Sino-Crystal Diamond Co.,Ltd., Industrial Abrasives Ltd, Swarovski, Soham Industrial Diamonds, Eco Star Diamond, Krystal Grown Diamonds, HeNan LiLiang Diamond Co., Ltd, New Diamond Technology, FOREVER COMPANIES, Hyperion Materials & Technologies, Scio Diamond Technology Corporation, NOVA DIAMONDS PTY LTD, and Charles & Colvard, are attempting to increase market demand by investing in research and development operations.

Manufacturer of metal drilling and cutting tools for the aerospace, automotive, electronics, medical, and general industrial industries is Hyperion Materials & Technologies. The business specializes in creating and producing products made of industrial diamond, tungsten carbide powder, cemented carbide, and cubic boron nitride, enabling its clients to increase business performance by using efficient, wear-resistant tools and components for their most demanding applications. Hyperion Materials & Technologies announced in January 2021 that they had acquired NanoDiamond Products.

Diamond abrasive goods are produced by Element Six UK LTD, a company situated in London, United Kingdom. A cooperation was formed in July 2021 between Element Six UK LTD and the University of Warwick to create the next wave of synthetic diamond-enabled technology. Element Six utilized its known skills and competencies in advanced material solutions as part of this alliance.

Key Companies in the Synthetic Diamond market include

• Element Six UK Ltd.


• Scio Diamond Technology Corporation


• Applied Diamond Inc


• HEYARU


• Sandvik Group


• ILJIN DIAMOND CO., LTD.


• Henan Huanghe Whirlwind CO.,Ltd.


• Zhengzhou Sino-Crystal Diamond Co.,Ltd.


• Industrial Abrasives Ltd


• Swarovski


• Soham Industrial Diamonds


• Eco Star Diamond


• Krystal Grown Diamonds


• HeNan LiLiang Diamond Co., Ltd


• New Diamond Technology


• FOREVER COMPANIES


• Hyperion Materials & Technologies


• Scio Diamond Technology Corporation


• NOVA DIAMONDS PTY LTD


• Charles & Colvard

Synthetic Diamond Industry Developments

February 2022: II-VI Inc. and Element Six UK Ltd. worked together. Through this partnership, II-VI will be able to increase its core competency in diamond technology by licensing Element Six's intellectual property and acquiring the tools required to make high-quality single-crystal diamonds.

Synthetic Diamond Market Segmentation

Synthetic Diamond Product Outlook

• Bort


• Dust


• Grit


• Powder


• Stone

Synthetic Diamond Type Outlook

• Polished


• Rough

Synthetic Diamond Manufacturing Process Outlook

• High Pressure


• High Temperature


• Chemical Vapor Deposition

Synthetic Diamond Application Outlook

• Gem


• Heat Sinks/Exchangers


• High-end Electronics


• Laser and X-ray


• Machine and Cutting Tools


• Surgical Machinery


• Water Treatment


• Quantum Computing


• Optical Sensors and Scanning


• Medical


• Electricals

Synthetic Diamond Regional Outlook

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America