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Synthetic diamond often termed as laboratory grown diamond is made up of same material as natural diamond that is pure crystalline 3D form of carbon. The properties of synthetic diamonds depend upon the manufacturing process. These diamonds sometimes possess superior properties like hardness, electron mobility and thermal conductivity than natural diamonds. It is employed in certain machines and tools, electronic equipment, thermal conductors, optical materials and other.
Increasing demand from electronic and semiconductors sectors is expected to drive the market growth. Increasing demand for computer chips and other microchips that are widely used a broad range of electronics from coffee machines to cars shall positively impact the market. adoption of nascent technologies like Internet of Things, virtual reality and artificial intelligence systems shall propel the market growth.
However, diamonds are formed in high pressure and temperature conditions. Complex manufacturing process that involves such high temperature and pressure conditions are difficult to maintain. This is expected to limit the market growth.
Key Market Driver -
Increasing demand from electronics and semiconductor applications.
Key Market Restraint -
Complex manufacturing procedures.
Based on type, the global synthetic diamonds market is segmented into polished and rough. Based on manufacturing process, market is segmented into high pressure-high temperature (HPHT) and Chemical Vapor Deposition (CVD).
From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global synthetic diamond market consists of global & regional players operating. Some of the key players in the market include Applied Diamond Inc., Element Six (E6), New Diamond Technology, Zhengzhou Sino-Crystal Diamond Co. Ltd, HEYARU GROUP, Sandvik AB, and others.
The market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In 2018, Asia pacific accounted for the largest share in global market. Attributed to the advancements in gems and industrial sector the region is expected to dominate to market. Europe is expected to show substantial growth due to rapid industrialization. Middle East and Africa is expected to show considerable growth due to the advancement in testing techniques of diamonds and best diamond delivering mines. North America is expected to show moderate growth due to demand from semiconductor and electronic devices. Latin America shall exhibit sluggish growth by the end of forecast period.
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