The CVD lab-grown diamonds market is projected to grow from USD 11.3 billion in 2022 to USD 15.9 billion by 2027, at a CAGR of 7.1% from 2022 to 2027
The global market for CVD lab-grown diamonds is driven by the considerably low cost of these gems along with the lower environmental impact caused during the CVD manufacturing process as compared to the mining of natural diamonds.
New York, Feb. 21, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "CVD Lab-grown Diamonds Market by Type, Color, Application And Region - Global Forecast to 2027" - https://www.reportlinker.com/p06422857/?utm_source=GNW
• By type, the rough diamonds segment is projected to be the largest through the forecast period.
Based on type, the rough segment is projected to hold the largest share through the forecast period.This dominance is attributed to the identical properties of CVD diamonds as compared to mined diamonds, making them suitable for the development of industrial tools for cutting and abrasive applications.
In fact, according to the US Geological Survey, about 99% of the industrial diamond tools manufactured in the US are developed using CVD lab-grown diamond technology.Rough diamonds are not only used in abrasive applications but are also utilized in electronics and healthcare applications.
With the demand growing in the nanoelectronics and quantum electronics sectors, the market prospects of this segment are projected to brighten through the forecast period.
The colored segment is projected to grow at the highest CAGR during the forecast period.
Based on the color, the colored segment is projected to grow at the highest CAGR during the forecast period.Colored diamonds are sought by consumers for differentiating their jewelry from commonly available colorless counterparts.
Thus. colored CVD lab-grown diamonds are swiftly gaining popularity as gemstones. As greater control could be exerted during the production of CVD lab-grown diamonds, these diamonds could be rightly colored as per the requirement of the client. Some optic companies require specifically colored diamonds for state-of-the-art applications, which shall further lead to a push in demand for colored CVD diamonds in the global market.
The machine & cutting tools segment shall account for maximum demand for CVD lab-grown diamonds.
Based on the application, the machine & cutting tolls segment is estimated to account for the largest share through the forecast period.Diamond classifies as one of the strongest naturally available materials to mankind, with a score of 10 on Mohs hardness scale.
Hence, it is largely being used for machining and cutting other high-strength materials such as metals, plastics, and ceramics. However, as CVD lab-grown diamonds are considerably cheaper and are produced with higher control on quality in about 2-3 months as compared to the centuries required for natural diamonds, they are swiftly replacing mined diamonds in abrasive application areas.
North America is projected to be the largest regional market for CVD lab-grown diamond during the forecast period.
North America is projected to hold the dominant share in the CVD lab-grown diamond market through the forecast period.The US is the largest consumer of CVD lab-grown diamonds owing to rising demand from both industrial as well as gemstone sectors.
The US is one of the largest manufacturing countries for cutting & machine tools.Also, the automotive and aerospace industries in the region have presented large demand for diamond tools for cutting and shaping materials such as carbon fiber-reinforced plastics (CFRP).
On the other hand, owing to their lower cost, the millennial generation in the US has started considering the purchase of CVD diamonds for their jewelry products.According to a survey by Natural Diamond Council (NDC), about 70% of the millennials and gen Z are considering buying lab-grown diamonds for their engagement rings and jewelry creations.
Thus, it is projected that the demand for CVD lab-grown diamonds shall further inflate through the forecast period.
Profile break-up of primary participants for the report:
• By Company Type: Tier 1 – 50%, Tier 2 – 35%, and Tier 3 – 15%
• By Designation: C-level Executives – 38%, Directors – 45%, and Others – 17%
• By Region: North America – 30%, Europe – 24%, Asia Pacific – 34%, Middle East & Africa – 8%, and South America – 4%
The CVD lab-grown diamonds market is quite fragmented with a large number of regional players operating in the market. Key players operating in the market include De Beers (UK), Sumitomo Electric Industries Ltd. (Japan), Goldiam (India), and Adamas One Corp. (US). A few other key players operating in the market are Bhanderi Lab-grown Diamonds LLP (India), Hebei Plasma Diamond Technology Co., Ltd. (China), SP3 Diamond Technologies (US), Delaware Diamond Knives, Inc. (US), EDP Corporation (Japan), Tomei Diamond Corporation (Japan), Heyaru (Belgium), Beijing Worldia Diamond Tools Co., Ltd. (China), Ritani (US), and Shanghai Zhengshi Technology Co., Ltd. (China).
The report defines, segments, and projects the size of the CVD lab-grown diamonds market based on type, color, application, and region.It strategically profiles the key players and comprehensively analyzes their market share and core competencies.
It also analyzes competitive developments, such as agreements, acquisitions, and new product developments undertaken by them in the market.
Reasons to Buy the Report:
This report is expected to help market leaders/new entrants by providing them with the closest approximations of revenue numbers of the CVD lab-grown diamond market and its segments.The report is also expected to help stakeholders obtain an improved understanding of the competitive landscape of the market, gain insights to improve the position of their businesses and devise suitable go-to-market strategies.
It also enables stakeholders to understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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