Synthetic Diamonds Market Size and
Growth Rate:
The global
synthetic diamonds market was valued at US$ 16.04 billion in 2016 and is
predicted to grow at CAGR 7% between 2017 and 2023 to reach US$ 29.15 billion.
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Synthetic Diamonds Market Overview:
Synthetic
Diamonds are produced by a creatednon-natural process. These are basically the alternatives
of natural diamonds. The global Synthetic Diamond market has beengrowing with a
rapid speed due to various factors such as the increasing demand of the diamond
for its application which has vastly increased in the field of healthcare,
construction & mining, electronics, and jewellery. Synthetic Diamonds are
also a great substitute of a natural diamond with a comparatively lesser price
that contributesto the progress of the market as a whole. Amongst its various
other applications, the market for electronics is anticipated to have major
share due to increasing demand for consumer electronics such as smartphone,
washing machine, refrigerators, and HVAC.
Synthetic Diamonds Market Growth Drivers
and Restraints:
Moreover, a
growing rapid pace of urbanization across the globe and increasing number of
jewellery industries are also everchanging towards the cost effective and high
quality products such as lab grown diamonds for various applications. Although,
lab grown diamonds helps various enduser industry to increment the profit in
near future on account of growing popularity and wide scale applications of
synthetics diamonds in enduser industries. It also profits the consumers in
terms of design according to the necessities at low cost.
However, slow
implementation of lab grown diamonds and negative impact on economy in many
nations are the major trials for the market of lab grown diamonds which is
likely to affect the market in years to come.
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Synthetic Diamonds Market Geographical
Segmentation:
Geographically, the
market is divided into North America, Europe, Asia Pacific, and Rest of the
world. The Asia Pacific region is currently considered as the fastest growing
market with growing industrialization, manufacturing investment, and growingalertness
among people about fashion. North America and Europe regions covers a huge
market share due to better infrastructural facilities, development of new
technology and a stable manufacturing sector, along with strong study and
development activities.
Key Players of the Synthetic Diamonds
Market:
Some of the
major companies contributing to the global synthetic diamond market with their capacity
of proving new advance in products and product development are Element Six,
Applied Diamond Inc., Sandvik AB, Crystallume, Scio Diamond Technology, D.NEA,
Industrial Abrasives Ltd., Novatek Inc, Heart in Diamond, Henan Huanghe
Whirlwind Co.Ltd., Worldwide Diamond Manufacturer Pvt. Ltd., Washington
Diamonds, and Forevermark.
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