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Global synthetic diamonds market is estimated to be worth $28.26 bn by 2024

2018-1-15

The global synthetic diamonds market is estimated to be worth $ 28.26 bn by 2024 as a result of its increasing demand for cutting, polishing, and drilling, according to a report in BusinessInsiderIndia.
The report adds that the market is set to grow further due to the increased utilization of the above-mentioned functions for development of infrastructure as well as the increased spending on the sector.
In addition, expansion of the electronics and healthcare production base in countries including India and China is expected to provide new opportunities for the development of the market. Also, the presence of the manufacturing bases of companies including Samsung, Apple, Sony, Abbott, and GSK in the Asia Pacific is expected to drive the demand for synthetic diamonds in various industrial applications.
According to the report, the North America synthetic diamond market, which was valued at $3.89 bn in 2016 is expected to witness above-average growth in light of rebound of the manufacturing sector. However, the presence of a stringent regulatory framework for the mining sector is likely to deter growth. Nonetheless, usage of synthetic diamonds in the existing mining processes is expected to support the market.
Asia Pacific is likely to witness the fastest growth at a 9.1% CAGR by 2024 due to the tremendous untapped potential of the manufacturing sector in the region. Synthetic diamonds in various manufacturing processes will be increasingly used of owing to their relatively low cost and ease of availability. Though industrial application of synthetic diamonds will be relatively slow at a CAGR of 8.3% in the projected period, raising awareness of fashion will see the stones used extensively in jewellery thereby opening new avenues for the growth of the synthetic market.
Over the projected period, electronics, which was the largest application segment and is expected to witness growth at a CAGR of 8.7%. Consumer electronics demand including washing machines, refrigerators, HVAC, smartphone, and tablets is also expected to drive the market substantially for synthetic stones.
Major companies including Centaurus Technologies Inc., Applied Diamond Inc., Element Six, New Diamond Technology, and ILJIN are some of the prominent players in the market. These companies are focusing on R&D to develop stones with a higher carat. For instance, using the HPHT process, New Diamond Technology (NDT) unveiled a 10.07 carat blue stone in September 2016.
Aruna Gaitonde, Editor-in-Chief of the Asian Bureau, Rough & Polished

 


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