Global Synthetic Diamond Market: Snapshot
Synthetic diamonds are lab-grown or laboratory produced diamond, its physical and chemical properties resemble to those of natural diamonds. Synthetic diamonds (lab-grown diamonds) are also known as cultivated or cultured diamonds. These are manufactured in the laboratory by using CVD (chemical vapor deposition) or HPHT (high pressure high temperature) processes. Synthetic diamonds exhibit properties similar to natural diamonds; hence, they are widely utilized in end-user industries that use diamonds. Increase in demand for synthetic diamond in industrial application will boost the synthetic diamond market. Synthetic diamonds are widely utilized in computer chip production, construction, machinery production, mining services (such as drilling for minerals), gem exploration, stone cutting and polishing, surgery, astronomy, experimental physics, and electronics. Synthetic diamonds are also known for their usage in oil & gas drills, as no other material is capable of handling extreme conditions. Synthetic diamond-based products are also being employed in industrial and household water treatment. Polycrystalline CVDs are an essential component in high-performance loudspeakers. Synthetic diamond detectors of ultraviolet light particles are used at high-energy research facilities and are available commercially.
Stone Segment Seals Dominance with Majority Share among Product Segments
The synthetic diamond market has been segmented on the basis of product, manufacturing process, type, application, and region. Based on product, the market is split into bort, dust, grit, powder, and stone. In terms of value, the stone segment accounted for more than 90% share of the global synthetic diamond market in 2016 and is anticipated to grow continue during the forecast period. Demand of stone is high due to high degree of application. This type of diamond can be incorporated in single or multiple point diamond tools, diamond saws, diamond wheels, and diamond wire dies. Based on manufacturing process, the market is divided high pressure high temperature (HPHT) and chemical vapor deposition (CVD). Based on type, market is divided into polished and rough. Based on application, the market is split into gem, heat sinks / exchangers, high-end electronics, laser & X-ray, machining and cutting tools, surgical machinery, water treatment, quantum computing, optical, sensors & scanning, medical, and electrical. Machining and cutting tools segmentation held key market share in 2016.
Rising Demand from China and Japan Helped Asia Pacific Attain Lead in 2016
Asia Pacific held the major share of the global synthetic diamond market in 2016. Growth of the region is primarily ascribed to the development of gem and industrial industry, especially in India, China, and Japan. In terms of value, Asia Pacific was estimated to hold for more than 45% share of the global synthetic diamond market in 2016. Consumers in India primarily focus on gem-quality diamonds for jewelry, while the consumers in China are intensifying studies aimed at utilizing synthetic diamonds in cutting-edge technologies. In Japan, diamond wafer team produces thin but rather wide CVD diamond plates. These plates can become the basis for future electronic devices. Thus, Asia Pacific is projected to be the fastest growing market during the forecast period.
Asia Pacific accounts for major share of the global synthetic diamond market, followed by North America and Europe. This trend is anticipated to continue during the forecast period. The synthetic diamond market in Middle East & Africa is also anticipated to expand during the forecast period due to the expansion of the synthetic diamond industry in MEA, and implementation of technology to test synthetic diamonds by the top diamond producing mines in Africa, such as De Beers. GCC, Egypt, and South Africa are focusing on polished products due to the easy availability, affordability and their preference in artificial jewelry. The interest towards look like diamond is likely to contribute the growth of synthetic diamonds the region in the forecast period.
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Key players in the synthetic diamond market include Element Six (E6), Applied Diamond Inc., New Diamond Technology, LLC, HEYARU GROUP, Sandvik AB, ILJIN co., ltd., Henan Huanghe Whirlwind, and Zhengzhou Sino-Crystal Diamond Co.Ltd