WILMINGTON, DE / ACCESSWIRE / August 19, 2022 / Transparency Market Research Inc. - Rise in use of synthetic diamond-based products in residential & industrial water treatment applications will generate sizable streams of revenue of synthetic diamond market. Growing application in manufacture of microelectronics and semiconductor manufacturing pivots on the rise in production of laptops and mobile phones over the past few years. The global synthetic diamond market to advance at CAGR of 7.2% during the forecast period of 2019-2027.
The introduction of chemical vapor deposition (CVD) diamond plates has enriched the value chain of players in the synthetic diamond market. Rise in sales of electronic devices will help Asia Pacific market emerge as fastest growing market for synthetic diamond during the forecast period. In recent years, worldwide sales of semiconductors have soared, which fostered the demand for products in the synthetic diamond market. Furthermore, acceptability of synthetic diamonds in gems sector will propel profitable opportunities.
Key Findings of Synthetic Diamond Market Study
Massive Application of Synthetic Diamond in Electronics Manufacturing Steer Revenue Growth: Electrical and electronic applications that require prevention of build-up of heat is impelling the demand for synthetic diamonds. Of note, they are gaining popularity as heat sink for sensitive components in microelectronic devices stridently, widespread use of products in chip designs especially in Asia Pacific will expand the avenue of the synthetic diamond market.
Rise in Demand in Oil & Gas Industry to Generate Sizable Revenue Streams: Multiple industries have benefitted from the commercialization of synthetic diamond. Apart from the substantial use in electronics and electrical applications, synthetic diamonds are growing in applications in gas & oil drilling. Use of synthetic diamond is rising in construction, mining, oil & gas, and electronics, mainly due to remarkable mechanical, chemical, and physical properties.
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Synthetic Diamond Market: Key Drivers
Low cost of production than natural diamond and several unique characteristics similar to natural one, synthetic diamond is being utilized in diverse range of applications. Rise in use of products in construction, machine production, experimental physics, mining, electronics, and medical procedures will propel growth prospects for firms in the synthetic diamond market.
Advancements in manufacturing technologies have led to the production of synthetic diamond in unique shapes and sizes so as to make them useful in new applications in various industries. Of note, CVD diamonds are gathering traction in electronics and microelectronics manufacturing.
Synthetic Diamond Market: Regional Growth Dynamics
Asia Pacific held a major share-- more than 45%--of the global synthetic diamond market in 2018. The region is anticipated to remain remarkably lucrative during the forecast period. Rise in demand for gems made of synthetic diamonds and enormous utilization of the products in electronics industry have propelled the revenue streams. The chip manufacturing is likely to emerge as largest opportunity for synthetic diamond market, with ASEAN members being key chip exporters. In addition, firms in China are keen on exploring innovative use of synthetic diamonds in next-gen technologies. In Japan, rise in use of synthetic diamond is driven by the adoption of thin and broad CVD diamond plates in next-gen electronics.
Synthetic Diamond Market: Key Players
Some of the key players in the synthetic diamond market are Henan Huanghe Whirlwind, New Diamond Technology, LLC, ILJIN co., HEYARU GROUP, Applied Diamond Inc., Element Six (E6), Sandvik AB, and Zhengzhou Sino-Crystal Diamond Co. Ltd.
Synthetic Diamond Market Segmentation
High Pressure High Temperature (HPHT)
Chemical Vapor Deposition (CVD)
Laser & X-ray
Machining and Cutting Tools
Sensors & Scanning
Middle East & Africa
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