Synthetic Diamond Market Growth Analysis, Latest Trends And Business Opportunity 2024 To 2033

Overview and Scope
A synthetic diamond is defined as a laboratory-grown diamond due to the same optical and physical properties as a natural diamond. It has the same natural diamond-like crystal lattice structure. These are used to provide hard coatings for industrial equipment such as machine tools, grinding wheels, wire-drawing dies, quarrying saws, and mining drills.

Sizing and Forecast
The synthetic diamond market size has grown strongly in recent years. It will grow from $18.11 billion in 2023 to $19.48 billion in 2024 at a compound annual growth rate (CAGR) of 7.6%.  The growth in the historic period can be attributed to pioneering high-pressure high-temperature (HPHT) methods, industrial cutting and drilling applications, electronics and semiconductors usage, emergence of lab-grown gemstones, medical equipment and optical devices.

The synthetic diamond market size is expected to see strong growth in the next few years. It will grow to $25.98 billion in 2028 at a compound annual growth rate (CAGR) of 7.5%.  The growth in the forecast period can be attributed to customization for specialized uses, expansion in aerospace sector, development in quantum computing, expansion in medical equipment, growth in industrial applications. Major trends in the forecast period include customization and tailored applications, advanced manufacturing techniques, use of AI for precision cutting, advance diamond cutting tools.

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the synthetic diamond market share in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the synthetic diamond market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
An increase in the use of synthetic diamonds in the electronic industry is expected to propel the growth of the synthetic diamond market going forward. The use of synthetic diamonds in the electronics industry has been growing due to their ability to act as heat sinks. Synthetic diamond prevents silicon and other semiconductor materials from overheating; hence, it has become a critical heat-enabling technology. Synthetic diamond is used to manufacture smaller and more powerful electronics when it is used as a semiconductor, thereby increasing its usage in radio frequency and power device types. For instance, in November 2021, Rough and Polished, a Russia-based industry expert and analytical agency, stated more than 13% of synthetic diamonds are used in electronics for the production of semiconductors, dosimeters, sensors, lasers, fiber optic systems, etc. Therefore, the increase in the use of synthetic diamonds in the electronic industry is driving the growth of the synthetic diamond market.

Key Industry Players
Major companies operating in the synthetic diamond market report are 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.

The synthetic diamond market report table of contents includes:
1. Executive Summary
2. Synthetic Diamond Market Characteristics
3. Synthetic Diamond Market Trends And Strategies
4. Synthetic Diamond Market - Macro Economic Scenario
5. Global Synthetic Diamond Market Size and Growth

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32. Global Synthetic Diamond Market Competitive Benchmarking
33. Global Synthetic Diamond Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Synthetic Diamond Market
35. Synthetic Diamond Market Future Outlook and Potential Analysis
36. Appendix

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