Synthetic Diamond Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)


Posted April 23, 2021 by Statzyreports

The Global Synthetic Diamond Market size was valued at around USD 18 billion in 2020 and the market is projected to register a CAGR of over 7% during the forecast period (2021-2026).
 
The Global Synthetic Diamond Market size was valued at around USD 18 billion in 2020 and the market is projected to register a CAGR of over 7% during the forecast period (2021-2026). The market was negatively impacted by COVID-19 in 2020. Synthetic diamond finds its major application in the construction industry. Considering the pandemic scenario, the construction activities were on temporary halt during the lockdown, thus led to a decrease in the demand of synthetic diamond-based cutting, grinding, and sawing blades, which had negatively impacted the market demand for the synthetic diamond.

- Over the short term, increasing demand from the electronics industry will positively influence the market, as synthetic diamonds have become a critical heat-enabling technology, which prevents silicon and other semiconductor materials from overheating.
- Moreover, growing demand for for grinding, cutting, dressing, and drilling tools are expected to drive the marketâ growth.
- Consumers perception toward original diamond and unfavorable conditions arising due to the impact of COVID-19 are the factors hindering the market growth.
- Asia-Pacific dominated the synthetic diamond market across the world, owing to the rapid growth of electronics manufacturing in countries, like China, India, and Japan.

Key Market Trends

For sample report please visit: https://www.statzyreports.com/report/sr496939/synthetic-diamond-market

Growing Demand for Polished Diamonds from the Electronics Industry

- The usage of synthetic diamonds in the electronics industry has been increasing, due to its ability to act as a heat sink. Synthetic diamond prevents silicon and other semiconductor materials from overheating, and thus, has become a critical heat-enabling technology.

- The demand is expected to further increase during the forecast period, as semiconductors have become more embedded in the ever-increasing product number, from cars to coffee makers, and nascent technologies, such as artificial intelligence, virtual reality, and the Internet of Things (IoT).
- Synthetic diamond is unmatched in its ability to diffuse heat. When used as a semiconductor, synthetic diamond is used to manufacture smaller and more powerful electronics, thereby increasing its usage in radio frequency (RFs) and power device types.


- Moreover, due to the high refractive index of the diamond, it is used in telecommunication information transmissions as it minimizes the information loss during high- level-security signal transmission. It also increases the transmission capacity.
- Total global production by the electronics and IT industries were valued at about USD 2,930 billion in 2019 which is anticipated to grow further and in turn stimulate the market demand for synthetic diamond.
- This increasing usage of semiconductors by various end-users is expected to boost the demand for a synthetic diamond from the electronics industry, during the forecast period.

Asia-Pacific Region 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.
- The electronic manufacturers in China are making attempts for intelligent manufacturing and upgrading to high-end manufacturing. Apart from China, the ASEAN region is the largest exporter of electronics, which is equivalent to about 25% of the region’s total exports in goods.

- Japan also has significant contributions to the electronics and IT industries. Japanese electronics and IT industries were valued at about USD 327 billion in 2020 and is estimated to reach about USD 340 billion in 2021, with a growth rate of about 4%, which in turn stimulates the market demand for synthetic diamond.
- 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.
- China was leading in the construction industry with a market size of USD 1092.9 billion in the year 2019, registering a growth rate of 14.71% compared to the previous year.

- Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%, thus led to a decrease in consumption of synthetic diamond used in the construction industry.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.

Competitive Landscape

The global synthetic diamond market is highly fragmented, with various large, mid-sized, and small players focusing heavily on research and innovation, to cater to the rising demand. The market is demand-oriented, due to which, products are manufactured depending upon the specifications from the end-user industry. Some of the key players in the market include Element Six UK Ltd, Sumitomo Electric Industries, Ltd., Pure Grown Diamonds, Scio Diamond, and NEW DIAMOND TECHNOLOGY LLC, among others.

Reasons to Purchase this report:

- The market estimate (ME) sheet in Excel format
- 3 months of analyst support

For sample report please visit: https://www.statzyreports.com/report/sr496939/synthetic-diamond-market
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Statzy Market Research
Phone +918484035727
Business Address 204, 2nd Floor, Gauri Commercial Complex, Plot No - 19,
SECTOR 11, C B D Belapur, Navi Mumbai, Maharashtra,400614
Country India
Categories Industry , Manufacturing
Tags covid19 impact , synthetic diamond market , synthetic diamond market forecast , synthetic diamond market growth , synthetic diamond market share , synthetic diamond market size , synthetic diamond market trends
Last Updated April 23, 2021