The top three players leading the global synthetic
diamond market are ElementSix, SandvikAB, and ILJINCo. , Ltd. These
companies held a dominant 75.6% in the overall market in 2014. A new
research report by Transparency Market Research indicates that
forward integration has helped these players maintain their winning
positions. However, the future will be dictated by sound investments
in research and development activities to lower manufacturing costs
and enhancing the product quality.
“Setting up manufacturing plants in developing
regions of Asia Pacific will also yield higher returns on
investments,” states the author of the research report. Tying up
with research institutes to further bring down the research and
development costs will also benefit the manufacturers of synthetic
diamonds in the coming years.
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Cost Advantage Across Applications Gives Fillip
to Synthetic Diamond Sales
Synthetic diamonds find an indispensable usage in
myriad industrial applications such construction, computer chip
production, oil and gas exploration, mining activities, stone cutting
and polishing, and in surgeries. Thus, the definite rise in these
activities has led to an upsurge in the demand for the synthetic
diamond market. The ability of synthetic diamonds to remain unscathed
in extreme conditions makes them a preferred choice amongst the
aforementioned industries. Therefore they are used in high-energy
research facilities and for highly abrasive tasks such as cutting and
polishing.
The low cost of synthetic diamonds by a fair
margin as compared to natural diamonds also increases their utility
in a wide range of activities. Furthermore, availability of synthetic
diamonds in a wide spectrum of colors is making jewelry not only
affordable but aesthetic as well. Currently, synthetic diamonds make
a 1% contribution to the global diamond jewelry market. “The
ongoing research and development in improving the synthetic diamond
technology is expected to increase the usage of synthetic diamonds in
jewelry making in the coming years,” reports the lead author of
this research report.
Qualities of synthetic diamonds such as high
mechanical strength, high thermal conductivity, low toxicity, and
strong chemical inertness make them an integral component of various
electronic products and semiconductors. Therefore, upbeat trends in
both of these industries in the near future is going to have positive
reflection on the synthetic diamonds market as well.
Time-consuming Manufacturing Process Hinders
Market Growth
The complicated procedure of manufacturing
large-sized synthetic diamonds is a major restraint for the overall
market. Attaining a sizeable product with the desired cut, color, and
clarity remains a big challenge for the manufacturers operating in
this industry. Furthermore, the time-consuming nature of creating
synthetic diamonds still remains a huge hurdle for this industry.
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Rising Industrialization Becomes the Driving
Factor for Asia Pacific Synthetic Diamond Market
The market drivers in the global synthetic
diamonds market are expected to drive the overall market to a
valuation of US$28.83 bn by 2023 from US$15.73 bn in 2014, as the
market is estimated to expand at a CAGR of 7.0% from 2015 to 2023.
Asia Pacific will lead the global market with a volume share of 55.8%
by 2023 due to a phenomenal growth in construction activities. The
construction and mining industry will be the leading end-use segment
as it is expected to represent 62.3% of the market by 2023 in terms
of volume.
This review is based on Transparency Market
Research’s report, titled “Synthetic Diamond Market - Global
Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 -
2023.”
Key Takeaways:
- Global synthetic diamond market to expand at a CAGR of 7.0% between 2015 and 2023
- Asia Pacific to account for 55.8% of global market by volume due to increasing construction activities
- Synthetic diamonds constitute only 1% of the diamond jewelry market; industrial applications to maintain lead
The report segments the global synthetic
diamond market as follows:
Synthetic Diamond Market: Manufacturing Process
Analysis
- High Pressure High Temperature (HPHT)
- Chemical Vapor Deposition (CVD)
Synthetic Diamond Market: Type Analysis
- Polished
- Rough
Synthetic Diamond Market: Product Segment
Analysis
- Bort
- Dust
- Grit
- Powder
- Stone
Synthetic Diamond Market: End-user Analysis
- Construction and Mining
- Electronics
- Jewelry
- Healthcare
- Others
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