(MENAFN – iCrowdNewsWire) Lab-Grown Diamonds Market is Expected to Cross USD 27.9 Billion By 2027
iCrowdNewswire Jan 14, 2021 10:20 AM ET
According to BlueWeave Consulting , the global Lab-Grown Diamonds market is estimated to have reached USD 17.8 billion in 2020 and is further projected to reach USD 27.9 billion by 2027, growing at a CAGR of 6.7% during 2021-2027 (forecast period). Surging demand regarding lab-grown diamonds in industrial usage will help the market of synthetic diamonds. Lab-grown diamonds are generally used in PC chip creation, machine production, construction, mining activities, (for example, boring for minerals), stone cleaning and cutting, gem exploration, medical procedure, experimental physics,0020space science, and electronics. Lab-grown diamonds are additionally known for the utilization in oil and gas drills. Lab-grown diamonds -based items are being utilized in household and industrial water treatment as well.
Growing demand from the fashion industry would also accelerate the market growth
Diamonds make a fashion statement beyond level. Diamonds are used in the fashion industry as a diamond is considered as the symbol of luxury & elegance in some countries such as India. Even diamonds are used for engagements, weddings, and anniversaries. Fine fashionable diamond jewelry is a wonderful choice, and diamonds come in a variety of shapes, sizes, cuts, and colors. But because diamonds are so often associated with the romance and symbolism of lives joined forever. Thus, popularity & cost-effectiveness are fueling the growth of the lab-grown diamond market. The growing fashion consciousness among teens and cost-effective fashionable jewelry is likely to boost the overall market in the coming years.
Versatile properties of lab-grown diamonds would provide a lucrative growth opportunity during the forecasting period
The versatile properties of synthetic diamonds are one of the key factors fueling market growth. Lab-grown diamonds possess a unique combination of thermal, optical, mechanical, electronic, electrochemical, and acoustic properties that provide several economic and performance advantages in industrial applications. Also, they are preferred for their exceptional hardness and low friction coefficient which is advantageous for applications such as high-precision cutting, precision dressing, and cutting tools. Owing to such advantages, synthetic diamonds find their significance in applications across various industries, including electrical and electronics, which, in turn, would fuel the growth of the lab-grown diamond market growth.
The electronics industry occupies the major share of the global lab-grown diamonds market
Lab-grown diamonds are widely used in several electronic devices such as high-power optical-electronic devices, high-voltage power electronics, light-emitting diodes, laser diodes, and high-frequency high-power devices and are also used in diodes and high-power switches. Additionally, the thermal management property of lab-grown diamonds influences its use in semiconductor applications. As a result, the coming years will witness an increase in the demand for synthetic diamonds from emerging applications such as electronics and semiconductors, which will be one of the latest labs grown diamond market trends driving its growth.
Global Lab Grown Diamonds market: Regional insights
The Asia-Pacific region dominated the global market share. Owing to the high manufacturing activities by numerous end-user industries in the country, synthetic diamonds have a huge market in China. The electronic manufacturers in China are making attempts for intelligent manufacturing and upgrading to high-end manufacturing. Apart from China, the ASEAN region is the largest exporter of electronics, 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 the ASEAN region. Owing to these factors, Asia-Pacific is likely to dominate the global market during the forecast period.
The leading players in the global lab-grown diamonds market include Applied Diamond Inc., Element Six (E6), New Diamond Technology, LLC, Sandvik AB, HEYARU GROUP, ILJIN co., ltd., Zhengzhou Sino-Crystal Diamond Co., Ltd., Henan Huanghe Whirlwind., Pure Grown Diamonds, Scio Diamond Technology Corporation, Sumitomo Electric Industries, Ltd. & SWAROVSKI. Key players in the lab-grown diamonds market are engaged in mergers and acquisitions, extensive R & D activities, the launch of cost-effective synthetic diamond products, and collaborative partnerships.