Synthetic Diamond Market - Segmented by Type, Manufacturing Process, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The global synthetic diamond market is expected to witness a moderately high CAGR of about 7.48% over the forecast period of 2018-2023. Growing usage in the electronics industry is driving the demand for the synthetic diamond market. However, branding, marketing, and consumer perception of value for synthetic diamond-based jewelry may hinder the market growth during the forecast period.
Growing Demand from the Electronics Industry
According to the Semiconductor Industry Association (SIA), the global semiconductor industry posted sales of around USD 412.2 billion in 2017, reaching the industry’s highest-ever annual sales, which is an increase of 21.6% compared to the previous year. The demand is expected to increase during the forecast period, as semiconductors have become more embedded in an ever-increasing number of products -from cars to coffee makers -and nascent technologies, such as artificial intelligence, virtual reality, and the Internet of Things. This increasing usage of semiconductors in various end uses is expected to boost the demand for the synthetic diamond from the electronics industry, during the forecast period. Synthetic diamond is unmatched in its ability to diffuse heat. When used as a semiconductor, synthetic diamond is used to manufacture smaller and more powerful electronics, thereby increasing its usage in radio frequency (RFs) and power device types.
Rough Synthetic Diamond -A Huge Market Potential
By type, the rough synthetic diamond segment dominated the market in 2017. However, polished synthetic diamond is expected to be the fastest growing segment in terms of the revenue generated, during the forecast period. Rough-type synthetic diamond has a strong presence in the industrial diamond segment. It is widely used in various industrial applications, such as mining, optics, electronics, construction, etc. The high compressive strength of rough synthetic diamond makes them suitable for their use in most of the industrial applications. They can be processed either through HPHT process or CVD process. Both these type of segments are easy to identify, as HPHT synthetic diamonds grow in cubo-octahedral shape, whereas CVD synthetic diamonds have a characteristic plate structure. Gem-quality rough synthetic diamonds are predominantly cubic and octahedral in shape. Impurities are common but as the technology has progressed, their properties have improved, which is likely to drive the market in the coming years.
Asia-Pacific to Dominate the Market
Asia-Pacific is the largest market for synthetic diamond across the globe. In Asia-Pacific, China is expected to be the largest market for the synthetic diamond market. The country’s electronics manufacturing industry saw ~14% y-o-y increase in the first half of 2017, in terms of industrial output. The electronic manufacturers in the country is developing attempts for intelligent manufacturing and upgrading to high-end manufacturing. In addition, electronics is the largest export sector in ASEAN, which is equivalent to about 25% of the region’s total exports in goods. According to the ASEAN Secretariat, the bulk of the world’s consumer electronics comes from the ASEAN region. Moreover, over 80% of the world’s hard drives are produced in ASEAN countries. All such factors are expected to the drive the market in the region during the forecast period.
The major players include -Element Six, AOTC, Swarovski Group, Scio Diamond Technology Corporation, and Sumitomo Electric Industries, amongst others.
Synthetic Diamond Market Report Summary
North America, South America, Asia-Pacific, Europe and Middle East & Africa
Element Six, AOTC, ILJIN Diamond, Scio Diamond Technology Corporation, and Sumitomo Electric Industries, etc., among others.
Report offers latest trends, growth prospects, industry competitiveness, major players, value chain, opportunity analysis, regional market analysis and forecast to 2023
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