In today's competitive business landscape, understanding market drivers, trends and opportunities is crucial for informed decision-making. This is particularly evident in the rapidly evolving synthetic diamond market. Investing in our comprehensive market research report will arm you with essential insights to formulate effective strategies and gain a competitive edge.
The report provides an in-depth understanding of the critical aspects of the synthetic diamond market. It uncovers key market drivers, including the rising demand from electronics and semiconductor applications, and the growing requirement for super abrasives. It also highlights potential obstacles, such as the complexities in the manufacturing process of synthetic diamonds. Additionally, the report identifies emerging opportunities like applications in additive manufacturing and orthopedic medical devices, and thin and wide CVD diamond plates. Finally, it emphasizes the prominence of the Asian-Pacific region in terms of market dominance and potential growth. Don't stay in the dark; illuminate your business path with our authoritative synthetic diamond market report.
The COVID-19 pandemic affected the synthetic diamond market because of supply chain and market disruption. Various end-user activities were temporarily stopped during the government-imposed lockdowns. However, the market rebounded back in 2021.
- Over the short term, increasing demand from electronics and semiconductors applications and growing demand for super abrasives are some driving factors stimulating the market demand.
- The complex manufacturing process of synthetic diamonds is hindering the market's growth.
- Applications in additive manufacturing and orthopedic medical devices and the introduction of thin and wide CVD diamond plates are likely to create opportunities for the market in the future.
- The Asian-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Synthetic Diamond Market Trends
Construction Segment to Dominate the Rough Type
- Synthetic diamonds are widely used in the stone and construction industry. They are used in cutting blade solutions for all abrasive surfaces. Other applications of synthetic diamonds in the construction industry include sawing, cutting, grinding, diaphragm wall cutting, tunneling, etc.
- The extreme hardness of synthetic diamond makes it particularly apt for cutting dimension stones, such as granite and marble. Synthetic diamonds can also be used for boring applications, which help rapidly drill holes.
- The construction industry in Asia-Pacific is expected to become the largest and fastest-growing industry in the world, with approximately 45% share of global construction spending ion.
- For instance, the Chinese government rolled out massive construction plans, including making provisions for the movement of 250 million people to new megacities over the next ten years, creating a major scope for construction materials in the future to enhance the building properties.
- The Japanese construction industry is expected to bloom due to events that will be hosted in the country. Osaka will host the World Expo in 2025. Construction is mostly driven by redevelopment and recovery from natural disasters. Two high-rise towers for Tokyo Stations, a 37-story, 230m tall office tower, were expected to be completed in 2021, and a 61-story, 390m tall office tower is due for completion in 2027.
- Apart from Asia-Pacific, the United States has one of the world’s largest construction industries. According to the United States Census Bureau, the annual value for new construction put in place in the United States accounted for USD 1,626,444 million in 2021, compared to USD 1,499,570 million in 2020.
- Owing to all these factors, the market for synthetic diamonds is likely to grow globally during the forecast period.
Asia-Pacific Region to Dominate the Market
- The Asian-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.
- According to China’s five-year plan unveiled in January 2022, the construction industry in the country is estimated to register a growth rate of approximately 6% in 2022. China plans to increase the construction of prefabricated buildings to reduce pollution and waste from construction sites.
- The country serves the domestic demand for electronics and exports electronic output to other countries. With an increase in disposable incomes of the middle-class population, the demand for electronic products is projected to increase. This factor is expected to drive the market studied. China is a net importer of semiconductor chips, manufacturing less than 20% of the semiconductors used. As part of the country’s ambitious “Made in China 2025” plan, the Chinese government has announced its decision to reach an output of USD 305 billion by 2030 and meet 80% of its domestic demand.
- The rising electronics sector is driving the demand for synthetic diamonds for heat sinks. India is also expected to become the fifth-largest consumer electronics and appliances industry globally by 2025.
- Moreover, the domestic production by the Japanese electronics industry was estimated to witness a growth rate of 11% Y-o-Y in 2021 to reach JPY 10,932.2 billion (~USD 99.76 billion). Domestic industry production is estimated to reach JPY 11,161.4 billion (~USD 90.22 billion) in 2022, with a growth rate of 2% Y-o-Y, which may enhance the demand for synthetic diamonds from the country's electronics sector.
- Due to all such factors, the market for synthetic diamonds in the Asian-Pacific region is expected to have steady growth during the forecast period.
Synthetic Diamond Market Competitor AnalysisThe synthetic diamond market is fragmented in nature. Some of the major players in the market include Zhongnan Diamond Co. Ltd, Henan Huanghe Whirlwind Co. Ltd, Zhengzhou Sino-Crystal Diamond Co. Ltd, Element Six UK Ltd, and Sumitomo Electric Industries, Ltd, amongst others (not in any particular order).
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Table of Contents1 INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Increasing Demand from Electronics and Semiconductors Applications
4.1.2 Growing Demand for Super Abrasives
4.2.1 Complex Manufacturing Process
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5 MARKET SEGMENTATION (Market Size in Value)
220.127.116.11 Other Polished Types
18.104.22.168 Oil and Gas
22.214.171.124 Other Rough Types
5.2 Manufacturing Process
5.2.1 High Pressure, High Temperature (HPHT)
5.2.2 Chemical Vapor Deposition (CVD)
126.96.36.199 ASEAN Countries
188.8.131.52 Rest of Asia-Pacific
5.3.2 North America
184.108.40.206 United States
220.127.116.11 Rest of North America
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
5.3.4 South America
126.96.36.199 Rest of South America
5.3.5 Middle-East and Africa
188.8.131.52 GCC Countries
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers, Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Adamas One Corp.
6.4.2 Applied Diamond Inc
6.4.3 Element Six UK Ltd
6.4.4 Henan Huanghe Whirlwind Co. Ltd.
6.4.5 ILJIN DIAMOND CO. LTD.
6.4.6 New Diamond Technology
6.4.7 Pure Grown Diamonds (PGD)
6.4.8 Sumitomo Electric Industries, Ltd.
6.4.10 Zhengzhou Sino-Crystal Diamond Co. Ltd.
6.4.11 Zhongnan Diamond Co. Ltd.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Applications in Additive Manufacturing
7.2 Applications in Orthopedic Medical Devices
7.3 Introduction of Thin and Wide CVD Diamond Plates
A selection of companies mentioned in this report includes:
- 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.
- Zhengzhou Sino-Crystal Diamond Co., Ltd.
- Zhongnan Diamond Co., Ltd.