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Synthetic Diamonds Market: Global Prospects & Challenges

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Title: Synthetic Diamonds Market: Global Prospects & Challenges


1
Synthetic Diamonds Market Global Prospects
Challenges The staggering ramifications of the
COVID-19 pandemic affected the global
distribution system of major countries producing
synthetic diamonds. However, post-pandemic, the
diamond industry was stimulated through digital
platforms. With reduced operations, companies
relied heavily on digital activities while
focusing on their B2C online business. Sale of
synthetic diamonds was expected to increase as
manufacturers gave more importance to environment
friendliness and sustainability in the production
of lab-grown diamonds. Thus, due to the rising
branding and marketing, along with increasing
industrial uses, the global synthetic diamonds
market is anticipated to advance with a CAGR
of 8.26 during the forecasting period
2022-2028. Additionally, major countries such as
India and China have become a hub for the
production and processing of lab-grown
diamonds as a result of technological
breakthroughs, cost-efficient production of
gem-quality stones and growing consumer
awareness. The rising production is because
synthetic diamonds make an ideal window material
for many industrial, RD, defense and laser
applications.
Rising Industrial Demand - Key Driver
2
  • Modern technology resembles the conditions
    under which diamonds naturally develop by
    using either of the two manufacturing methods
    high pressure-high temperature (HPHT) or chemical
    vapor deposition (CVD). Our study estimates that
    the high pressure-high temperature will dominate
    the manufacturing method segment, capturing a
    share of 59.59 during the forecast period
    2022-2028. These processes produce synthetic
    diamonds with the same chemical properties
    as earth-mined diamonds, allowing them to be
    used in a variety of industry applications
  • Construction
  • Synthetic diamonds such as HPHT diamonds are used
    in the construction industry due to their
    physical hardness for cutting, sawing, and
    drilling, making them a highly significant
    commercial material. The markets demand in the
    sector is driven by the need to reduce
    construction times while delivering economical
    and effective performance. For instance, North
    Americas construction industry is anticipated to
    develop with a CAGR of 8.73 during the forecast
    period. The region has experienced substantial
    expansion owing to the repairing and building of
    roads and highways and other construction
    activities.
  • Mining
  • Mining is anticipated to dominate the industry
    vertical with a 19.30 share throughout the
    forecast period. Mining tools are subjected to
    severe wear during extraction, conveying, and
    services in drilling for minerals, oil and gas
    exploration, or processing natural rocks.
    Synthetic
  • diamonds increase the durability of mining tools,
    making them operationally efficient. Furthermore,
    China holds the highest share in rare minerals
    production, followed by
  • Australia and the United States, thus increasing
    the use of synthetic diamonds. The country will
    also witness numerous gas exploration projects
    over the long run, which may create a
  • market for synthetic diamonds.
  • Healthcare
  • Lab-grown diamonds are used in therapeutic and
    curative laser applications due to their superior
    optical and thermal characteristics. Synthetic
    diamonds designed with nitrogen-
  • vacancy (NV) centers can detect changes in
    magnetic fields. These are powerful tools for
    biosensing technologies used in the medical
    detection and diagnosis of diseases. For
    instance, magnetoencephalography (MEG) is a
    neuroimaging technique used to map brain activity
    and trace pathological abnormalities, such as
    epileptic tissue. Thus, the expanding healthcare
    sector will likely enhance the demand for
    synthetic diamonds from instruments such as laser
    devices.

3
4) Defense Synthetic diamonds have superior
carrier mobility, break down electric field and
thermal conductivity thus, they are emerging as
one of the most versatile materials for defense.
They have a variety of applications in defense,
such as high-power radars, communication and
electronic warfare systems, directed energy
weapons, etc. Additionally, AKHAN Semiconductor
and Lockheed Martin demonstrated the capability
of a new diamond-based coating technology. This
technology acts as a new solution to increase the
survivability of manned and unmanned military
aircraft systems. Future Prospects Even though
lab-grown diamonds are an inexpensive alternative
to earth-mined ones, the high cost of production
can result in a setback for the synthetic
diamonds market. For instance, a perfect CVD
diamond can take 400 hours of hatching time and
specialized reactors to culture the diamonds.
These reactors consume approximately 10000 units
of power monthly, thereby increasing operational
costs. However, the ongoing research around
quantum computing, simulation, communication and
sensing, with potential impacts in healthcare and
the automotive industry, is expected to increase
synthetic diamonds applications and reduce the
overall production cost. For instance, in 2021, a
German-Australian start-up Quantum Brilliance
announced the installation of a diamond-based
quantum accelerator leveraging synthetic diamond
technology. The start-up stated promising
applications, leading to major benefits for drug
design, chemical synthesis, energy storage and
nanotechnology.
FAQs Q1) Which is the leading region in the
synthetic diamonds market? Asia-Pacific is
likely to be the fastest-growing region globally,
developing at a CAGR of 8.34 throughout the
forecasting period 2022-2028. Q2) What are the
segments covered in the synthetic diamonds
market? Coloration, manufacturing method,
industry vertical and sales channel are the
segments covered in the synthetic diamond market.
4
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