Synthetic Diamonds Market: Global Prospects and Challenges

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Synthetic Diamonds Market Global Prospects
Challenges Chemicals and Material 17, November
2022
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. Addition
ally, 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.
• 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

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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.