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Synthetic Diamond Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)
The synthetic diamond market is estimated at around USD 20,277. 90 million in 2022, and the market is projected to register a CAGR of over 7% during the forecast period (2022-2027). The COVID-19 pandemic affected the synthetic diamond market because of supply chain and market disruption.
New York, Sept. 05, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Synthetic Diamond Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)" - https://www.reportlinker.com/p06134951/?utm_source=GNW
However, the market has rebounded back in 2021. Synthetic diamonds offer the highest known thermal conductivity, have a wide electronic band gap, and are biologically and chemically inert. As a result, the high thermal conductivity of the material enables innovative advances in electronics and semiconductor manufacturing.
Key Highlights
Over the short term, increasing demand from electronics and semiconductors applications, and growing demand for super abrasives are some of the driving factors which are 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 introduction of thin and wide CVD diamond plates are likely to create opportunities for the market in the coming years.
Asia-Pacific region is expected to dominate the market and is also likely to witness the highest CAGR during the forecast period.
Key Market Trends
The Construction Segment is Expected 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 in the rapid drilling of 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-storey, 230m tall office tower was expected to be completed in 2021, and a 61-storey, 390m tall office tower is due for completion in 2027.
Owing to all these factors, the market for synthetic diamonds is likely to grow globally during the forecast period.
The Asia-Pacific Region is Expected to Dominate the Market
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.
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 is planning 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 in the future. This factor is expected to drive the market studied.? China is a net importer of semiconductor chips, with the country manufacturing less than 20% of 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 therefore meet 80% of its domestic demand.
Also, in the Pradhanmantri Awas Yojana, the Indian government has decided to provide interest subvention of 3% and 4% for loans of up to INR 12 lakhs and INR 9 lakhs, respectively, for the lower strata of the society concerning buying and building homes.
The rising electronics sector is driving the demand for synthetic diamonds for use as heat sinks. India is also expected to become the fifth-largest consumer electronics and appliances industry in the world 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, and the domestic industry production is estimated to reach JPY 11,161.4 billion in 2022, with a growth rate of 2% Y-o-Y, which may enhance the demand for synthetic diamonds from the electronics sector of the country.
Due to all such factors, the market for synthetic diamonds in the Asia-Pacific region is expected to have steady growth during the forecast period.
Competitive Landscape
The 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., Sumitomo Electric Industries, Ltd., and among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
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