Synthetic diamonds are being manufactured as a solution to several key challenges that face the natural diamonds industry. The implementation of strict government regulations regarding the extraction of natural diamonds and the rising environmental concern about the mining process for exploring natural diamonds have greatly hampered the production of natural diamonds.
The global synthetic diamond market is anticipated to expand at a significant CAGR from 2015 to 2023, according to a recent market study. The value of this market was pegged at US$15.7 bn in 2014, which is projected to rise to US$28.8 bn by 2023.
Browse the full Report of Global Synthetic Diamond Market: http://www.mrrse.com/synthetic-diamond-market
Here’s a look at some of the key trends prevalent in synthetic diamond market.
- Synthetic diamonds are increasingly being used in a number of end-use applications such as electronics, healthcare, construction and mining, jewelry, and others. This has massively benefited the synthetic diamond market.
- Compared to natural diamonds, synthetic diamonds are much cheaper – a characteristic that continues to drive the synthetic diamond market.
- Strong research and development activities are being undertaken to come up with a much simpler manufacturing process for synthetic diamonds and this is likely to fuel the overall market in the coming years.
- Thanks to the physical properties such as high rigidity, synthetic diamonds are being used in the construction and mining industry in applications such as grinding, drilling, milling, cutting, and polishing.
- Synthetic diamonds possess good thermal, optical, chemical, and electrical properties and as a result are being used in the electronics industry to make conductors and wafer substrate.
- Driven by the upsurge in mining activities in India, China, and several ASEAN countries, Asia Pacific dominates the global synthetic diamond market with a share of more than 50% in 2014.
- Rise in synthetic diamond end-use applications is also a major factor driving the Asia Pacific market.
- The increasing use of synthetic diamond in construction activities has fueled the Middle East and Africa market, making it the most rapidly developing regional segment.
- Owing to the ongoing turbulence brought on by the economic crisis, Europe is anticipated to witness sluggish growth over the next seven years.
- The Latin America synthetic diamond market is projected to witness moderate growth in the coming years thanks to its recovery from the financial crisis.
- By nature, the competitive landscape of the global synthetic diamond market is extremely consolidated and the top three companies manufacturing synthetic diamonds hold the majority share in the overall market.
ILJIN, Crystallume, Sandvik AB, Applied Diamond Inc., New Diamond Technology, LLC, Scio Diamond Technology Corporation, Centaurus Technologies, Inc., Element Six, Pure Grown Diamonds, Tomei Diamond Co., Ltd., and Washington Diamonds Corporation are some of the most promising companies operating in the global synthetic diamond market.
Browse the full Press Release of Global Synthetic Diamond Market: http://www.mrrse.com/synthetic-diamond-industry