Synthetic Diamond Market Size Forecast to Reach $22.1 Billion by 2026

Synthetic Diamond Market Size Forecast to Reach $22.1 Billion by 2026
Synthetic Diamond Market
Rising Demand for Super Abrasives for Dressing, Cutting, Grinding, and Drilling Equipment Is Also Estimated To Drive the Growth of the Synthetic Diamond Market

Synthetic Diamond Market size is forecast to reach $22.1 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. Globally, the increasing demand for synthetic diamond as the most common material for optical windows in high-power CO2 lasers and gyrotrons, due to its unusual combination of thermal and chemical stability, low thermal expansion, and high optical clarity over a wide spectral range, has raised the growth of the market. Also, UV (ultraviolet) light or high-energy particle detectors made of synthetic diamonds are increasingly being used in high-energy testing facilities and are commercially available. Furthermore, the rising use of synthetic HPHT diamonds (formed by High Pressure High Temperature process) in cutting and polishing tools, in abrasives, and in heat sinks owing to the stiffness, thermal conductivity, and electron mobility properties is expected to incline the synthetic diamond industry growth.

Impact of Covid-19

Operating constraints in several countries affected the production of synthetic diamond in the year 2020. South Africa, for instance, went into lockdown on March 26 for three weeks, but it was later extended till the end of April. The government of Quebec declared mining a non-essential operation on March 24, and although it allowed mines to reopen as of April 15, Stornoway Diamond’s Renard mine, the province’s only diamond mine, remained under care and maintenance. Mines in Namibia, Zimbabwe, Lesotho, India, and other areas of Canada was put on hold as a result of nationwide lockdown. Dominion Diamond Mines, for instance, in Canada’s Northwest Territories, halted operations at its Ekati mine in mid-March to prevent the spread of the coronavirus. Thus, the shutdown of various diamond mines globally, affected the growth of the synthetic diamond and hence declined the growth of the market.

Synthetic Diamond Market Segment Analysis- By Type

Polished diamond held the largest share in the synthetic diamond market in 2020. Polished diamonds are diamonds that undergo processing and has no relation to the size, shape, or other characteristics. After the diamond has been cut and faceted, it is typically polished to bring out the shine and smooth finish. If not done correctly, polish will detract from the diamond’s radiance. Rising use of polished diamond in jewelry, optics, medical, and for various industrial applications, has raised the demand for polished diamonds. Thus, growing demand for polished diamond is estimated to drive the growth of the synthetic diamond market.

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Synthetic Diamond Market Segment Analysis- By Manufacturing Process

High Pressure High Temperature (HPHT) manufacturing process held the largest share in the synthetic diamond market in 2020. The HPHT method involves exposing carbon and graphite to high pressure and temperature, similar to the natural geologic factors that form diamonds.  Diamonds are created in a growth environment using the HPHT method, which involves exposing a diamond seed to high pressure and temperature conditions. The belt press, the cubic press, and the split-sphere (BARS) press are the three main press designs used in the HPHT process to provide the pressure and temperature needed to manufacture synthetic diamond. This lab-created diamonds, also known as synthetic HPHT diamonds, have the same chemical and physical properties as naturally produced diamonds, ensuring that they can last a lifetime and look stunning. Thus, the rising production of synthetic diamond using (HPHT) manufacturing process is estimated to raise the growth of the market.

Synthetic Diamond Market Segment Analysis- By Application

Electronics sector held the largest share the synthetic diamond market in 2020 and is projected to grow at a CAGR of 4.7% during the forecast period 2021-2026. The thermal conductivity of synthetic diamond is about five times that of copper and about 22 times that of silicon, which is inexpensive and commonly used in heat sinks for computer and electronics. Synthetic diamond is also being used in electronic applications, such as high-frequency field-effect transistors, high-power switches at power plants, and light-emitting diodes. Moreover, synthetic diamond is used in telecommunication information transmissions because of its high refractive index, which minimizes information loss during high-level-security signal transmission. Additionaly, it also enhances the transmission capacity. Thus, the rising demand for synthetic diamond in the electronics industry applications is projected to drive the growth of the market.

Synthetic Diamond Market Segment Analysis- Geography

The Asia Pacific region held the largest share with 41% in the synthetic diamond market in 2020. Growing demand for synthetic diamond from emerging countries such as China, India, Japan, and South Korea in various end use industries are estimated to drive the market growth. India is the world’s largest diamond polishing centre, followed by China, which has made significant progress in this region over the last two decades. China’s synthetic diamond industry has grown in recent years in response to rising global demand for Chinese synthetic diamonds. According to a Leadleo study on China’s synthetic diamond industry, as of the end of 2018, China’s diamond industry had 8,278 diamond machinery, materials, micro-powder, composite layer, diamond instruments, and diamond products firms. Thus, the rising production and demand for synthetic diamond market is therefore anticipated to increase in the APAC region over the forecast period.

Synthetic Diamond Market Drivers

Rising demand for Synthetic Diamond as an Alternative for Natural Diamonds

When compared to natural diamonds, a synthetic diamond’s physical and chemical properties are almost identical thus; it is currently being used as an alternative for natural diamonds. Since, synthetic diamond cannot be distinguished from a natural diamond by contact, hearing, or other physical means, hence this can act as a driving factor. The cost benefit of synthetic diamonds is also driving the demand for synthetic diamond. As compared to natural diamonds, synthetic diamonds are less costly. Furthermore, synthetic diamonds are free of any unethical mining problems that are common with mined diamonds. Also, in most fundamental properties, synthetic diamond is similar to natural diamond, retaining the extreme hardness, high thermal conductivity, large transparency (when pure), and high electrical resistivity that make diamond so valuable. Thus, the rising demand for synthetic diamond as an alternative to natural diamonds is anticipated to boost the growth of the market over the forecast period.

Rising Demand for Synthetic Diamond Gem Quality and Industrial Applications

Gem production is of the utmost importance. As a result, jewelers are selective about the diamonds they acquire. Synthetic diamonds have a higher purity than natural diamonds. On the other hand, several countries are finding new uses for synthetic diamond. Currently, extremely fine HPHT diamond and CVD diamond plates are being made, that can be extremely useful in the production of electronics. Synthetic diamonds have properties that are similar to those of natural diamonds. As a result, they have essentially replaced diamonds in most industries. These diamonds are also used in the production of computer chips, mining, machine manufacturing, building, medical procedures, space science, theoretical physics, stone cutting and cleaning, and electronics, among others. Synthetic diamonds are also used in gas and oil drills since no other material has the same hardness. In addition, synthetic diamonds are used to treat both industrial and domestic water. Thus, owing to such factors the market for synthetic diamond is estimated to rise in the forecast period.

Synthetic Diamond Market Challenges

Specific Manufacturing Techniques and Lack of Awareness

The production of synthetic diamonds is a complicated process. Although various approaches have been established, the majority of them necessitate high temperatures and high pressure. It also entails the use of additives which, in some situations, generates a lot of noise. These complicated procedures can reduce market interest among companies. People’s lack of awareness, on the other hand, is an obstacle. Synthetic diamonds are a comparatively new addition to the industry. People in both developed and developing countries are gradually becoming more knowledgeable of the commodity. However, a sizable portion of the industry is also ignorant of its many assets and applications. Thus, this could pose a threat to the global synthetic diamonds market’s expansion over the forecast period.

Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the synthetic diamond market. Major players in the synthetic diamond market are Hyperion Materials & Technologies, Element Six UK Ltd, Sumitomo Electric Industries, Ltd., Pure Grown Diamonds, Applied Diamond Inc, Scio Diamond Technology Corporation, Krystal Grown Diamonds, Inc, Sandvik AB, Zhengzhou Sino-Crystal Diamond Co.,Ltd., and New Diamond Technology, among others.

Acquisitions/Technology Launches

In January 2021, Hyperion Materials & Technologies announced the acquisition of NanoDiamond Products, a synthetic diamond solution provider, this acquisition would help the company expand its synthetic diamond business. 

Key Takeaways

The Asia Pacific region dominated the synthetic diamond market due to the growing demand from packaging and automotive & transportation industries, in countries such as India, Japan, China, and South Korea.

Chemical inertness, anti-adhesion properties, low coefficient of friction, thermal conductivity, and improved abrasive wear resistance of polycrystalline diamond are expected to push up demand for synthetic diamond in the forecast period.

Synthetic diamonds have become a vital heat-enabling technology that prevents silicon and other semiconductor materials from overheating, thus this has raised the demand for synthetic diamond from the electronics industry and is anticipated to have a positive impact on the growth of the market in the short term.

Moreover, rising demand for super abrasives for dressing, cutting, grinding, and drilling equipment is also estimated to drive the growth of the synthetic diamond market over the projected period.

Relevant Reports

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B. Diamond Tools Market

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