Synthetic Diamond Market Worth $22.1 Billion By 2027 At A Growth Rate Of 5.2% - Industryarc

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The Rising Demand For Synthetic Diamond as an Alternative to Natural Diamonds is Anticipated to Boost the Growth of the Synthetic Diamond Market.

HYDERABAD, TELANGANA, INDIA, September 22, 2022 / / -- IndustryARC, in its latest report, predicts that The Synthetic Diamond Market size is forecast to reach $22.1 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. Globally, the increasing demand for synthetic diamond as the most common material for optical windows in high-power CO2 lasers and gyrotrons, due to its unusual combination of thermal and chemical stability, low thermal expansion, and high optical clarity over a wide spectral range, has raised the growth of the market. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.

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Key takeaways :

1. The Asia Pacific region dominated the synthetic diamond market due to the growing demand from packaging and automotive & transportation industries, in countries such as India, Japan, China, and South Korea.

2. Chemical inertness, anti-adhesion properties, low coefficient of friction, thermal conductivity, and improved abrasive wear resistance of polycrystalline diamond are expected to push up demand for synthetic diamond in the forecast period.

3. Synthetic diamonds have become a vital heat-enabling technology that prevents silicon and other semiconductor materials from overheating, thus this has raised the demand for synthetic diamond from the electronics industry and is anticipated to have a positive impact on the growth of the market in the short term.

4. Moreover, rising demand for super abrasives for dressing, cutting, grinding, and drilling equipment is also estimated to drive the growth of the synthetic diamond market over the projected period.

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Segmental Analysis :

1. Polished diamond held the largest share in the synthetic diamond market in 2020. Polished diamonds are diamonds that undergo processing and has no relation to the size, shape, or other characteristics. After the diamond has been cut and faceted, it is typically polished to bring out the shine and smooth finish.

2. High Pressure High Temperature (HPHT) manufacturing process held the largest share in the synthetic diamond market in 2020. The HPHT method involves exposing carbon and graphite to high pressure and temperature, similar to the natural geologic factors that form diamonds.

3. Electronics sector held the largest share the synthetic diamond market in 2020 and is projected to grow at a CAGR of 4.7% during the forecast period 2021-2026. The thermal conductivity of synthetic diamond is about five times that of copper and about 22 times that of silicon, which is inexpensive and commonly used in heat sinks for computer and electronics.

4. The Asia Pacific region held the largest share with 41% in the synthetic diamond market in 2020. Growing demand for synthetic diamond from emerging countries such as China, India, Japan, and South Korea in various end use industries are estimated to drive the market growth.

Competitive Landscape :

The top 5 players in the Synthetic Diamond Industry are -

1. Hyperion Materials & Technologies

2. Element Six UK Ltd

3. Sumitomo Electric Industries, Ltd.

4. Pure Grown Diamonds

5. Applied Diamond Inc

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B. Diamond Tools Market

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