LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global synthetic diamonds market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Ajay Adhikari, a lead analyst from Technavio, specializing in research on metals and minerals sector, says, “The synthetic diamonds market is emerging and is anticipated to observe a substantial growth during the forecast period. Synthetic diamond manufacturing is an artificial process in which diamonds are produced under controlled laboratory conditions.”
The rough synthetic diamonds accounted for the largest share of the global synthetic diamonds market due to their extensive applications in several industrial sectors. The decent properties of synthetic diamonds such as hardness, electron mobility, pressure resistance, optical absorption, thermal stability, and conductivity make them a preferred material in various applications such as mining and exploration, electronics, and jewelry.
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The top three emerging trends driving the global synthetic diamonds market according to Technavio research analysts are:
Rising demand from emerging applications such as electronics and semiconductors
The demand for synthetic diamond is increasing from its emerging applications such as electronics and semiconductor applications. It is widely used in several electronic devices such as high-power optical electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices.
“Synthetic diamond is largely preferred in semiconductor applications due to its unique thermal management properties. The decent thermal conductivity of synthetic diamond helps in enhancing power densities and operational life by lowering the junction temperature,” according to Chandrakumar Badala Jaganathan.
Growing consumption of polished diamonds in jewelry industry
The consumption of polished diamonds is increasing in jewelry applications due to increasing customer's inclination toward diamonds. Diamonds have been used as gemstones in the jewelry industry for centuries. The demand for polished synthetic diamonds is increasing from the jewelry industry due to increased affordability.
In the jewelry industry, synthetic diamonds are commonly used in the manufacturing of rings, necklaces, earrings, bangles, and pendants. The increasing inclination of youths toward diamond is likely to contribute to the growth of synthetic diamonds.
Robust R&D initiatives to enhance synthetic diamonds use
Strong R&D activities related to the current and potential use of synthetic diamond is likely to open various application opportunities in the future. Currently, synthetic diamonds are commonly used in varied industrial applications such as semiconductor, electronics, construction, cutting and polishing of stone and glass, computer chip manufacturing, medical and healthcare, optical devices, oil and gas exploration, and mining.
The continuous rise in R&D activities has created the room for industrial applications. Element Six, a synthetic diamond vendor operates an R&D facility named as Global Innovation Centre in Oxford, UK. The innovation center specifically works to create next generation synthetic diamond products and researches on their applications.
The key vendors are as follows:
- Element Six
- ILJIN Diamond
- NEW DIAMOND TECHNOLOGY
- Scio Diamond Technology
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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