(MENAFN- Ameliorate Digital Consultancy)
The global moissanite market is estimated to be valued at over US$ 68 Mn by the end of 2031, progressing at a CAGR of 6.2% from 2021 to 2031. The industry recorded a CAGR of 5.2% over the past 5 years.
Moissanite is a lab-created gemstone that is generally perceived as a diamond substitute by consumers. Moissanite is composed of silicon carbide and is created through a thermal process that is patented by Charles & Colvard Ltd., the only manufacturer of moissanite across the globe.
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Currently, the global moissanite market across the world is mainly driven by factors, such as resemblance of the product as diamond, rising consumer awareness about the product, and increasing consumer inclination towards luxurious jewelry products. However, factors such as the emergence of new technologies for creating other similar gemstones may restrain the market growth over the forecast period.
On the basis of application, the moissanite market has been segmented into rings, earrings, bracelets, and pendants. There has been a stupendous rise in adoption of moissanite in rings, which are the most preferred products among consumers, who buy them as gifts for their partners or mothers, in turn driving the segment growth in the near future.
On the basis of region, the moissanite market is segmented into North America, Latin America, Asia-Pacific, Europe, and the Middle East & Africa. Among these, North America is expected to account for majority of value share of the global moissanite market by 2031 end. The market in the region is expected to expand at healthy CAGR in terms of value during the forecast period. Increasing consumer preference for pocket-friendly luxurious jewelry products is expected to fuel the growth of the market in the North America region over the forecast period.
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The report provides detailed information about the various trends driving each market segment and offers analysis and insights into the potential of the global moissanite market in specific regions.
Currently, Charles & Colvard, Ltd is the only player operating in the market. Meanwhile, Cree Inc. and Norstel AB are the key raw material suppliers in the global moissanite market.
Moissanite Market Segmentation:
Rings Earrings Pendants Bracelets
North America Latin America Europe Asia Pacific The Middle East and Africa
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