The global Synthetic Diamond Market is estimated to be valued at US$ 24.22 Mn in 2023 and is expected to exhibit a CAGR of 7.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Synthetic diamonds are manufactured diamonds produced by a diamond-making process that simulates the conditions found deep in the earth where natural diamonds were formed. Synthetic diamonds have the same chemical, physical and optical properties as natural diamonds. They find applications in the electronics industry for manufacturing power devices, thermoconductors, cutting tools, optics, heat spreaders and in the medical industry.
Market key trends:
Synthetic diamonds find wide usage in applications such as heat spreaders, semi-conductors, electronics and metrology due to advantages like high thermal conductivity, low coefficient of thermal expansion, superior hardness and strength. The growing electronics and semiconductor industries are creating significant demand for synthetic diamonds that are commonly used for manufacturing laptop and computer chips, and other microelectronics. Further, increasing adoption of cloud computing technologies is driving demand for data centers which require efficient heat dissipation solutions such as synthetic diamond heat spreaders to prevent overheating of server racks. This will fuel growth of the synthetic diamond market over the forecast period.
The global synthetic diamond market is segmented based on product, application and region. Based on product, the market is categorized into polished, roughened and others. The polished segment dominates the market and accounts for the largest revenue share. Polished synthetic diamonds have industrial as well as jewelry applications and are preferred for their higher brilliance and fire compared to natural diamonds.
The global Synthetic Diamond Market is expected to witness high growth, exhibiting CAGR of 7.0% over the forecast period, due to increasing demand from electronics and semiconductor industries.
The global synthetic diamond market size is expected to reach US$ 24.22 Mn in 2023. The Asia Pacific region dominates the synthetic diamond market with over 35% share of the global market revenue in 2023, owing to presence of large electronics industries in countries like China and Taiwan.
Key players operating in the synthetic diamond market are Adamas One Corp., Applied Diamond Inc., Element Six UK Ltd, Henan Huanghe Whirlwind Co. Ltd, ILJIN Diamond Co. Ltd, New Diamond Technology, Pure Grown, Diamonds (PGD), Sumitomo Electric Industries Ltd, Swarovski, Zhengzhou Sino-Crystal Diamond Co., and Zhongnan Diamond Co. Ltd. Element Six UK Ltd., ILJIN Diamond Co. Ltd. and Sumitomo Electric Industries Ltd dominate the market with over 30% revenue share in 2023.