Synthetic Diamonds Market Size and Growth Rate:
The global synthetic diamonds market was valued at US$ 16.04 billion in 2016 and is predicted to grow at CAGR 7% between 2017 and 2025 to reach US$ 29.15 billion
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Synthetic Diamonds Market Overview:
Synthetic Diamonds are produced by a created non-natural process. These are basically the alternatives of natural diamonds. The global Synthetic Diamond market has been growing with a rapid speed due to various factors such as the increasing demand of the diamond for its application which has vastly increased in the field of healthcare, construction & mining, electronics, and jewellery. Synthetic Diamonds are also a great substitute of a natural diamond with a comparatively lesser price that contributes to the progress of the market as a whole. Amongst its various other applications, the market for electronics is anticipated to have major share due to increasing demand for consumer electronics such as smartphone, washing machine, refrigerators, and HVAC.
Synthetic Diamonds Market Growth Drivers and Restraints:
Moreover, a growing rapid pace of urbanization across the globe and increasing number of jewellery industries are also ever changing towards the cost effective and high quality products such as lab grown diamonds for various applications. Although, lab grown diamonds helps various end user industry to increment the profit in near future on account of growing popularity and wide scale applications of synthetics diamonds in end user industries. It also profits the consumers in terms of design according to the necessities at low cost.
However, slow implementation of lab grown diamonds and negative impact on economy in many nations are the major trials for the market of lab grown diamonds which is likely to affect the market in years to come.
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Synthetic Diamonds Market Geographical Segmentation:
Geographically, the market is divided into North America, Europe, Asia Pacific, and Rest of the world. The Asia Pacific region is currently considered as the fastest growing market with growing industrialization, manufacturing investment, and growing alertness among people about fashion. North America and Europe regions covers a huge market share due to better infrastructural facilities, development of new technology and a stable manufacturing sector, along with strong study and development activities.
Key Players of the Synthetic Diamonds Market:
Some of the major companies contributing to the global synthetic diamond market with their capacity of proving new advance in products and product development are Element Six, Applied Diamond Inc., Sandvik AB, Crystallume, Scio Diamond Technology, D.NEA, Industrial Abrasives Ltd., Novatek Inc, Heart in Diamond, Henan Huanghe Whirlwind Co.Ltd., Worldwide Diamond Manufacturer Pvt. Ltd., Washington Diamonds, and Forevermark.
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