Lab grown (Synthetic) diamonds market growth led by rough lab grown diamonds segment
Lab grown diamonds market is one of the growing markets across the globe. Absence of mining and fewer complexities related to manufacturing of synthetic diamonds makes it cost effective for the various end-use industries.
According to a recent research report by Research Nester on “ Lab Grown (Synthetic) Diamonds Market: Global Demand, Growth Analysis & Opportunity Outlook 2023 ” delivers a detailed overview of the global Lab grown (synthetic) diamonds market in terms of market segmentation by product, by manufacturing process, by diamond type, by end user and by region.
The global lab grown (synthetic) diamonds market is segmented into diamond type such as rough and polished. Among these segments, rough lab grown diamonds segment is expected to occupy the top position in global lab grown (synthetic) diamonds market. The demand for rough lab growth diamond is increasing due to their wide scale application in construction, cutting, mining, optics and electronics industry. Further, rapid growth of electronic industry in the world is providing immense growth opportunities to the rough lab grown diamond market.
Global lab grown (synthetic) diamonds market is expected to flourish at a significant CAGR of 7.4% over the forecast period. Moreover, the global lab grown (synthetic) diamonds market is expected to garner USD 27.6 Billion by the end of 2023. Increasing disposable income coupled with rising demand for jewelries are expected to drive the growth of the global lab grown (synthetic) diamonds market. Further, increasing demand in various end use industries is envisioned to strengthen the growth of the market.
Asia Pacific is slated to account for a leading share by 2024 in the lab grown diamond market. The growth in the region is anticipated to be fostered by the flourishing construction industry in the emerging economies of the region. Besides, growth in industrialization and increasing demand for jewelry are also expected to impel the growth of lab grown diamond market in the Asia Pacific. China and India are two of the prominent markets in the region as most of the leading players. Moreover, increasing setup of manufacturing companies in the region due to low operational cost is expected to strengthen the growth of the market.
High Demand for Synthetic Diamonds in Jewelry Industry
Increasing popularity and demand for synthetic diamond jewelries from price sensitive consumers is expected to drive the growth of the lab grown (synthetic) diamond market. Further, factors such as large scale availability, introduction of colored synthetic diamonds which can be used as gems in jewelry industry and similar appearance of lab grown diamonds as natural diamonds are some of the major growth drivers of lab grown diamonds.
Increasing Adoption of Lab Grown Diamond in End-Use Industries
Massive adoption and wide scale application of lab grown diamond in various end use industries such as electronics and others is one of the key growth drivers of global lab grown diamond market. Additionally, technological advancement in electronic industry is resulting in increased adoption of lab grown diamonds for conductors and wafer substrates due to its cost effectiveness and huge availability. These factors are anticipated to intensify the growth of the lab grown diamond market.
However, high cost of lab grown (synthetic) diamonds is expected to hamper the growth of the global lab grown (synthetic) diamonds market.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the global lab grown (synthetic) diamonds market which includes company profiling of Applied Diamond Inc., Tomei Diamond Co. Ltd., Element Six, Scio Diamond Technology Corporation, Washington Diamond Corporation, Sandvik AB, Heyaru Group, WD Lab Grown Diamonds, Advanced Optical Technologies Corporation and New Diamond Technology. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Lab grown (synthetic) diamonds market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities,