Synthetic diamonds are laboratory-developed or research center created diamond, its chemical and physical properties look like to those of actual diamonds. Synthetic diamonds (laboratory -developed diamonds) are otherwise called cultured or cultivated diamonds. These are fabricated in the research facility by utilizing chemical vapor deposition (CVD) or high pressure high temperature (HPHT) forms.
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The synthetic diamond market is divided based on the manufacturing process, product, application, type, and region. In terms of product, the market is segmented into dust, powder, bort, grit, and stone. On the basis of manufacturing process, the market is categorized as chemical vapor deposition (CVD) and high pressure high temperature (HPHT). According to the type, market is classified into rough and polished. On the basis of application, the market is segmented as heat sinks / exchangers, gem, high-end electronics, machining and cutting tools, laser & X-ray, surgical machinery, quantum computing, medical, water treatment, optical, sensors & scanning, and electrical.
Rise in Industrial Usage of Synthetic Diamonds to Contribute in Market Growth
Synthetic diamonds display properties like real diamonds; thus, they are generally used in end-use enterprises which utilized diamonds. Surging demand regarding synthetic diamond in industrial usage will help the market of synthetic diamond. Synthetic 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, space science, and electronics. Synthetic diamonds are additionally known for the utilization in oil and gas drills, since no other compound is fit for dealing with harsh situations. Synthetic diamond-based items are being utilized in household and industrial water treatment as well. Polycrystalline CVDs are a main segments in high-end amplifiers. Synthetic diamond locators of bright light particles are utilized at high-energy analysis services and are industrially accessible.
Rising Emphasis on Gem-Quality to Bolster Demand in Market
In 2016, Asia Pacific accounted for the highest share of the global synthetic diamond market. Development of the region is fundamentally attributed to the advancement of industrial and gem sector, particularly in Japan, China, and India. As far as value is concerned, in 2016, Asia Pacific region was assessed to hold for over 45% of the share of the global synthetic diamond market. Purchasers in India principally go around gem-quality diamonds for adornments, while the shoppers China are increasing analysis for using synthetic diamonds in advanced innovations. In Japan, diamond wafer group delivers thin yet wide CVD diamond plates. These plates can turn into the reason for future electronic gadgets. As a result of these factors, Asia Pacific is anticipated to be among the most developing market during the forecast period.
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The synthetic diamond market in the Middle East and Africa is foreseen to grow within the forecast period because of the development of the synthetic diamond sector in the region, and usage of innovation to test synthetic diamonds by the best diamond delivering mines in Africa, for example, De Beers. However, Asia Pacific records the maximum share of the global synthetic diamond market, trailed by Europe and North America. This pattern is foreseen to keep going in the future years as well.
Some of the major players operating in the synthetic diamond market are Applied Diamond Inc., Element Six (E6), New Diamond Technology, LLC, Sandvik AB, HEYARU GROUP, ILJIN co., ltd., Zhengzhou Sino-Crystal Diamond Co.Ltd., and Henan Huanghe Whirlwind.
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Synthetic Diamond Market to Touch US$29,150.4 Mn By 2025 | CAGR 7.0% - MRRSE
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