Lab-Grown Diamond Market Expected to Surpass $49.9 Billion by End of 2030 | ABD Diamonds, Clean Origin De Beers
Diamonds are widely used in industry and mechanical engineering operations in tools such as saws, drills, polishers and cutters
PORTLAND, 5933 NE WIN SIVERS DRIVE, #205, OR 97220, USA, October 19, 2022 /EINPresswire.com/ — According to a new report published by Allied Market Research, titled “Lab Grown Diamond Market By Manufacturing Method, Size, Nature and Application: Global Opportunity Analysis and Industry Forecast, 2021-2030”, the global lab-grown diamonds market size was valued at USD 19.3 billion in 2020 and is expected to reach $49.9 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.
Diamonds are widely used in industry and mechanical engineering operations in tools such as saws, drills, polishers and cutters. Diamond-tipped drill bits and diamond-coated saw blades make cutting and drilling operations faster and easier. Different grains of powdered diamonds are also used as industrial abrasives. Lab-grown diamonds with added boron have semiconductor-like properties that can surpass traditionally used silicone and replace silicone as a major component in electronic operations. Some polished diamonds are used for different optical applications such as particle accelerators, laser systems and other similar high-powered equipment. Research is being conducted to verify the usefulness of diamonds in the medical field as components in prostheses and high precision surgical equipment. It is now used by dermatologists for skin exfoliation in certain types of chemotherapy to help the absorption of drugs into the patient’s body. These industrial applications of lab-grown diamonds and further research on these applications are expected to drive the growth of the lab-grown diamonds market.
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Techniques for growing diamonds in laboratories and factories were first invented in the 1950s, in the form of HPHT. It has been used for the creation of small and mainly useful diamonds for industrial applications. CVD diamond-making technology was invented in the 1980s, and new innovations in diamond-making technology led to the creation of techniques for making diamonds larger and up to sizes of 10 carats and above. The use of renewable energy in the manufacture of diamonds is increasing and the use of laser technology for diamond cutting is also gaining popularity in the market. Further research and innovation can make the production of lab-grown diamonds easier and more efficient, which is expected to have a very positive impact on the lab-grown diamond market in the coming years, increasing the demand for the diamond market. grown in the laboratory.
The lab-grown diamond market was significantly impacted during the initial phase of the pandemic, however, the market began to rebound towards the end of 2020. Supply chain disruption across China and later in India has had a negative impact on the market, as these countries are the top exporters of lab-grown diamonds and hold a significant share of the lab-grown diamond market globally. Nonetheless, the market is expected to gain momentum in the coming years owing to emerging trends in the lab-grown diamond market.
The global lab grown diamond market is segmented on the basis of manufacturing method, size, nature, application and region. By manufacturing method, the global market is split into HPHT and CVD. By size, it is segmented into less than 2 carats, 2 to 4 carats and more than 4 carats. By nature, it is bifurcated into colorless and colored. Based on the application, it is studied across fashion and industry. The global lab grown diamonds market is also studied in North America, Europe, Asia Pacific, and LAMEA.
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Main results of the study
By manufacturing method, the chemical vapor deposition (CVD) segment leads in terms of market share and is expected to grow with the highest CAGR during the forecast period.
Depending on size, the segment below 2 carats is the most widely used diamond for industrial and fashion purposes.
By nature, the colorless segment leads in terms of market share, however, the colored segment is expected to gain popularity over the forecast period.
By application, diamonds find their predominant use in the fashion industry, occupying about three quarters of the market share in 2020.
By region, North America is leading, in terms of market share, however, Asia-Pacific is poised to grow with the highest CAGR during the forecast period.
Some of the key players profiled in the Lab Grown Diamonds Market analysis include ABD Diamonds, Clean Origin, De Beers Group, Diam Concept, Diamond Foundry Inc., Henan Huanghe Whirlwind Co., Ltd, Mittal Diamonds, New Diamond Technology LLC , Swarovski AG. , and WD Lab Grown Diamonds. Other important players analyzed in the report are Applied Diamond Inc., D.NEA Diamonds, Zhengzhou Sino-Crystal Diamond Co., Sahajanand Laser Technology Limited (SLTL Group), Finegrowndiamonds, Zhongnan Diamond Co. Ltd and Sumitomo Electric Industries Ltd.
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