Global Synthetic Diamond Market Growth Drivers 2024, Forecast To 2033
25 Sep, 2024
The synthetic diamond market is witnessing robust growth, projected to rise from $18.11 billion in 2023 to $19.48 billion in 2024, achieving a CAGR of 7.6%. This growth is driven by innovations in manufacturing and the increasing use of lab-grown gemstones. By 2028, the market is expected to reach $25.98 billion, with a CAGR of 7.5%, influenced by advancements in industrial applications and quantum computing.
Major Driver In The Synthetic Diamond Market
The synthetic diamond market is set to experience growth driven by the increased use of synthetic diamonds in the electronics industry. This rise is attributed to the unique ability of synthetic diamonds to act as efficient heat sinks, preventing overheating in silicon and other semiconductor materials. The critical role of synthetic diamonds in heat management technology has led to their widespread use in manufacturing smaller and more powerful electronics, particularly in radio frequency and power device types. According to Rough and Polished, a Russia-based industry expert, over 13% of synthetic diamonds are utilized in the electronics sector for producing semiconductors, sensors, dosimeters, lasers, fiber optic systems, and more, as of November 2021. This increasing integration of synthetic diamonds in the electronic industry is a driving force behind the growth of the synthetic diamond market, with market sizes in 2023, 2024, and 2028 shaping the trajectory of this market's expansion.
Request A Free Sample Of The Global Synthetic Diamond Market ReportSynthetic Diamond Market Competitive Landscape
Sumitomo Electric Industries Ltd., Sandvik Group, De Beers plc Lightbox, Forever Company, Pandora A/S, Swarovski AG, Blue Nile Inc., Henan Huanghe Whirlwind Co Ltd., HeNan LiLiang Diamond Co Ltd., Iljin Diamond Co Ltd., Diamond Foundry, Element Six UK Ltd., Zhengzhou Sino-Crystal Diamond Co Ltd., Clean Origin, WD Lab Grown Diamonds, Applied Diamond Inc., Industrial Abrasives Ltd., Soham Industrial Diamonds, Adamas One Corp, Gemesis Inc., Scio Diamond Technology Corporation, ALTR Created Diamonds, Eco Diamond, Heyaru Engineering Pvt Ltd., Eco Star Lab Grown Diamond, New Diamond Technology, Zhongnan Diamond Co Ltd., Pure Grown Diamonds, Apollo Diamond Inc., TAIRUS CREATED GEMS Co, LTD., James Allen, Queensmith, Ada Diamonds Inc., Chatham Inc.
Key Synthetic Diamond Market Trend
Technological advancement is the key trend gaining popularity in the synthetic diamond market. Major companies are adopting nascent technologies to sustain their position in the market. For instance, in September 2021, Quantum Brilliance, an Australia-based quantum computing hardware company, developed quantum computers based on synthetic diamonds that can run at room temperature and can be miniaturized. It is in stark contrast to the superconducting quantum systems, which need large and energy-hungry cooling systems to keep them at a temperature colder than interstellar space.
Get The Full Global Synthetic Diamond Market ReportSynthetic Diamond Market Segmentation
The synthetic diamond market covered in this report is segmented –
1) By Type: Polished, Rough
By Manufacturing Process: High Pressure, High Temperature, Chemical Vapor Deposition
By Application: High-End Electronics, Laser and X Ray, Surgical Machinery, Quantum Computing, Other Applications
By Geography:The regions covered in the synthetic diamond market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the synthetic diamond market share in 2023.
The Synthetic Diamond Global Market Report 2024 furnishes information about the global synthetic diamond market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.