ALBANY, New York, November 23, 2017 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Synthetic Diamond Market for Gem, Heat Sinks / Exchangers, High-end Electronics, Laser & X-ray, Machining and Cutting Tools, Surgical Machinery, Water Treatment, Quantum Computing, Optical, Sensors & Scanning, Medical, and Electricals - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2017-2025." According to the report, the global synthetic diamond market was valued at US$ 16,041.0 Mn in 2016 and is estimated to reach US$ 29,150.4 Mn by 2025, expanding at a CAGR of 7.0% between 2017 and 2025.
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Synthetic diamonds are manufactured in the laboratory by using CVD (chemical vapor deposition) or HPHT (high pressure high temperature) processes. Synthetic diamonds exhibit properties similar to natural diamonds; hence, they are utilized in wide applications such as gem, heat sinks/exchangers, high-end electronics, laser & x-ray, machining and cutting tools, surgical machinery, water treatment, quantum computing, optical, sensors & scanning, medical, and electrical. In terms of type, the synthetic diamond market can be segmented into polished and rough. Rough synthetic diamond is widely used in Industrial application. Based on product, the market is split into bort, dust, grit, powder, and stone. In terms of value, the stone segment accounted for more than 90% share of the global synthetic diamond market in 2016 and is anticipated to grow continue during the forecast period. Demand of stone is high due to high degree of application. This type of diamond can be incorporated in single or multiple point diamond tools, diamond saws, diamond wheels, and diamond wire dies.
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Synthetic Diamond Market has been segmented on the basis of region. It is split into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. Currently, Asia Pacific leads the global synthetic diamond market, followed by North America and Europe. Increasing consumption of synthetic diamond in gem, heat sinks/exchangers, high-end electronics, laser & x-ray, machining and cutting tools, surgical machinery, water treatment, quantum computing, optical, sensors & scanning, medical, and electrical applications across globe is likely to fuel the demand for synthetic diamond market over the forecast period. China is the key manufacturer and consumer of synthetic diamond in Asia Pacific, mainly in the machining and cutting tools application.
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Synthetic diamond demand would continue to increase in Asia Pacific region over forecast period. In terms of value, Asia Pacific is accounted for more than 45% share in 2016. North America and Europe are also developed countries for synthetic diamond markets led to expand at a moderate pace during the forecast period. Middle East & Africa is likely to provide lucrative opportunities for the synthetic diamond market owing to the rise in infrastructure development activities and growing oil & gas exploration activities.
Key players in the synthetic diamond market include Element Six (E6), Applied Diamond Inc., New Diamond Technology, LLC, HEYARU GROUP, Sandvik AB, ILJIN co., ltd., Henan Huanghe Whirlwind, and Zhengzhou Sino-Crystal Diamond Co.LTD.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company's exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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SOURCE Transparency Market Research