LONDON--(BUSINESS WIRE)--The synthetic diamonds market is set to grow by USD 9.8 billion accelerating at a CAGR of over 8%, during the period spanning over 2020-2024. One of the key factors driving growth is the cost advantage of synthetic diamonds. The physical and chemical properties of synthetic diamonds and mined diamonds are almost the same but the former costs significantly less. The rising demand from emerging applications such as electronics and semiconductors is a significant trend that will further stimulate market growth. The unique thermal management properties of synthetic diamonds have increased their applications in the electronics industry.
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Parent Market Analysis
Technavio categorizes the global synthetic diamonds market as a part of the global diversified metals and mining market within the global materials market. The parent global diversified metals and mining market covers companies engaged in the production or extraction of metals and minerals such as non-ferrous metals (except bauxite), salt and borate, phosphate rock, and diversified metal mining operations. Non-ferrous metals mainly include lead, nickel, tin, titanium, zinc, cobalt, mercury, tungsten, beryllium, bismuth, cerium, cadmium, niobium, indium, gallium, germanium, lithium, selenium, tantalum, tellurium, vanadium, and zirconium. It also includes various alloys of non-ferrous metals.
Growth in the global diversified metals and mining market will be driven by the strategic investments and divestment decisions by mining companies.
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Synthetic Diamonds Market: Geographic Segmentation
The report segments the market by geography: APAC, North America, Europe, MEA, and South America. About 55% of the market’s growth will originate from APAC during the forecast period. Rapid industrialization and the rising number of manufacturing facilities in the region have fostered market growth. China and India are the key markets for synthetic diamonds in APAC.
Synthetic Diamonds Market: Segmentation by Type
The rough synthetic diamond segment was leading the segment in 2019. These are uncut and unpolished diamonds produced by various manufacturing methods depending on the requirements of the application. High demand in applications such as oil and gas, mining, precision machining, construction, and water treatment is fueling the growth of this segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the synthetic diamonds market size.
Synthetic Diamonds Market: Growth Drivers
The market is driven by the cost advantage of synthetic diamonds. Synthetic diamonds are inexpensive compared to natural diamonds. All the physical and chemical properties of a synthetic diamond are almost the same when compared with natural diamonds. Also, one cannot differentiate a synthetic diamond from a natural diamond by touch, sight, or other physical means. Moreover, synthetic diamonds are free from any kind of unethical mining issues that are usually associated with mined diamonds. All these factors are fueling the growth of the market.
Synthetic Diamonds Market: Challenges to Overcome
The adoption of automation in the mining industry has increased the productivity and operational efficiency of the natural diamond mining process. Apart from increasing productivity, the use of automation has significantly reduced the requirement of manual labor. This is resulting in increased competition from natural diamond mining companies.
Synthetic Diamonds Market: Vendor landscape
This report provides information on revenue, organizational developments, and key go-to-market strategies of several leading synthetic diamonds companies, including:
- Applied Diamond Inc.
- Element Six UK Ltd.
- Henan Huanghe Whirlwind Co. Ltd.
- ILJIN Diamond Co. Ltd.
- NEW DIAMOND TECHNOLOGY LLC
- Sandvik AB
- Scio Diamond Technology Corp.
- Tomei Diamond Co. Ltd.
- WD Lab Grown Diamonds
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