The synthetic diamond market is expected to register a CAGR of more than 7%
NEW YORK, Feb. 20, 2020 /PRNewswire/ --
Market Overview
The synthetic diamond market is expected to register a CAGR of more than 7%, during the forecast period. One of the major factors driving the market studied is the increasing demand from the electronics industry, as synthetic diamonds have become a critical heat-enabling technology, which prevents silicon and other semiconductor materials from overheating.
Read the full report: https://www.reportlinker.com/p05865897/?utm_source=PRN
- Synthetic diamonds are also widely used in superabrasive tools, such as grinding wheels, cutting tools, and drilling and dressing tools, among others, for manufacturing products in the automotive, medical, aerospace, and electronics industries. Hence, increasing demand for superabrasives is also likely to boost the demand for synthetic diamonds.
- Asia-Pacific dominated the synthetic diamond market across the world, owing to the rapid growth of electronics manufacturing in countries, like China, India, and Japan.
Key Market Trends
Growing Demand for Polished Diamonds from the Electronics Industry
- The usage of synthetic diamond in the electronics industry has been increasing, due to its ability to act as a heat sink. Synthetic diamond prevents silicon and other semiconductor materials from overheating, and thus, has become a critical heat-enabling technology.
- The demand is expected to further increase during the forecast period, as semiconductors have become more embedded in the ever-increasing product number, from cars to coffee makers, and nascent technologies, such as artificial intelligence, virtual reality, and the Internet of Things (IoT).
- Synthetic diamond is unmatched in its ability to diffuse heat. When used as a semiconductor, synthetic diamond is used to manufacture smaller and more powerful electronics, thereby increasing its usage in radio frequency (RFs) and power device types.
- This increasing usage of semiconductors by various end-users is expected to boost the demand for a synthetic diamond from the electronics industry, during the forecast period.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region dominated the global market share. Owing to the high manufacturing activities by numerous end-user industries in the country, synthetic diamonds have a huge market in China. The electronic manufacturers in China are making attempts for intelligent manufacturing and upgrading to high-end manufacturing. Apart from China, the ASEAN region is the largester exporter of electronics, which is equivalent to about 25% of the region's total exports in goods. According to the ASEAN Secretariat, the bulk of the world's consumer electronics comes from the ASEAN region. Moreover, over 80% of the world's hard drives are produced in the ASEAN region. Owing to these factors, Asia-Pacific is likely to dominate the global market during the forecast period.
Competitive Landscape
The global synthetic diamond market is highly fragmented, with various large, mid-sized, and small players focusing heavily on research and innovation, to cater to the rising demand. The market is demand-oriented, due to which, products are manufactured depending upon the specifications from the end-user industry. The major players in the market include Element Six, Sumitomo Electric Industries, Pure Grown Diamonds, and New Diamond Technology, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05865897/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article