ALBANY, New York, December 16, 2015 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Synthetic Diamond Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023." According to the report, the global synthetic diamond market was valued at US$15.7 billion in 2014 and is anticipated to reach US$28.8 billion by 2023, expanding at a significant CAGR between 2015 and 2023.
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Synthetic or cultivated diamonds are man-made diamonds, but possess characteristics similar to natural diamonds. Synthetic diamonds can be grown in the laboratory or commercially at a comparatively low cost. Properties of synthetic diamonds can be amended as per requirements of end-user industries. Cost of synthetic diamond is based on cut, clarity, color, and carat. There are various processes of manufacturing synthetic diamond out of which HPHT (High Pressure High Temperature) and CVD (Chemical Vapor Deposition) are widely used. On the basis of product segment, synthetic diamonds are divided into bort, grit, dust, powder, and stone segments. Synthetic diamonds are widely used in end-user industries such as mining and construction, electronics, and healthcare. They are also used as gem in jewelry. Synthetic diamonds can be further classified based on type into polished and rough diamonds. Rough diamond is the major type of synthetic diamond with its strong presence in the industrial diamond segment.
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In terms of revenue, polished diamond accounted for majority share of the synthetic diamond market in 2014. However, in terms of volume, rough diamond held key market share in 2014. This trend is projected to continue during the forecast period. In 2014, jewelry was the fastest and largest end-user segment of the synthetic diamond market in terms of revenue. In 2014, HPHT manufacturing process accounts for more than two-third of the total manufacturing practices employed in the production of synthetic diamond. Stone form of synthetic diamond is widely used in various applications such as gems.
Rising demand for synthetic diamond in various applications is projected to act as a driver for the synthetic diamond market in the near future. Growth in the electronics industry is likely to act as an opportunity for the synthetic diamond market. Complex manufacturing methods are expected to hamper the synthetic diamond market during the forecast period. Efforts are being taken to develop new techniques to manufacture synthetic diamond. Key players in the synthetic diamond market include Element Six, Applied Diamond Inc., Scio Diamond Technology Corporation, Tomei Diamond Co., Ltd., Pure Grown Diamonds, New Diamond Technology, LLC, Washington Diamonds Corporation, Centaurus Technologies, Inc., Crystallume, Sandvik AB, and ILJIN. The synthetic diamond market is highly consolidated; the top three manufacturers accounted for majority of the market share in 2014.
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The report segments the global synthetic diamond market as follows:
Synthetic Diamond Market: Manufacturing Process Analysis
- High Pressure High Temperature (HPHT)
- Chemical Vapor Deposition (CVD)
- Synthetic Diamond Market: Type Analysis
Synthetic Diamond Market: Product Segment Analysis
Synthetic Diamond Market: End-user Analysis
- Construction and Mining
Synthetic Diamond Market: Regional Analysis
- Rest of North America
- Rest of Europe
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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