Synthetic Diamonds Market: Global Prospects & Challenges

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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
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• 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.

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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.
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