Albany, NY -- (SBWIRE) -- 09/13/2017 -- Dominated by ElementSix, ILJINCo. Ltd., and SandvikAB, the global market for synthetic diamond demonstrates a highly consolidated structure, finds a new study by Transparency Market Research (TMR). In 2014, more than 75% of the overall market was held by these enterprises. With forward integration, these players have held their positions in this market over the last few years. However, in the future, their focus is expected to be on heavy investments in research and development of products, notes the market study.
The research report estimates that the global synthetic diamond market will rise at a CAGR of 7.0% during the period from 2015 to 2023, with its opportunity surging from US$15.7 bn in 2014 to US$28.8 bn by the end of the period of the forecast. Rough synthetic diamond is more popular among consumers than its polished counterpart. With a share of nearly 99%, the rough synthetic diamond segment led the global market in 2014. Researchers predict the demand for polished synthetic diamond to remain low over the next few years.
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Regionally, in the worldwide market for synthetic diamonds, Asia Pacific has been on the top of the game and, thanks to the augmenting demand for imitation jewelries in emerging countries in this region, the Asia Pacific market for synthetic diamonds expected to retain its dominance over the forecast period. The increasing number of players, building their manufacturing units here is also projected to boost this regional market over the forthcoming years, states the research report.
Rising Demand for Synthetic Diamonds in High-energy Research Units to Boost Market
Since synthetic diamonds are extensively utilized in various industrial applications, such as construction, stone cutting and polishing, oil and gas exploration, computer chip production, and mining activities, any development in these activities influence the demand for these diamonds across the world. "The ability to remain intact in extreme conditions makes synthetic diamonds a preferred choice for these activities," states a TMR analyst.
Over the coming years, the increasing demand for these diamonds in high-energy research units and for extremely abrasive works, such as cutting and polishing, is expected to propel this market substantially, reports the study.
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Complex Production Process to Act as Restraint in Market's Growth
In spite of these forward-looking trends, the global synthetic diamond market may face obstacles in its growth trajectory in the near future, owing to the complex procedure involved in the production of a large-sized synthetic diamond as attaining a good-sized product with the desired color, cut, and clarity is extremely difficult. Apart from this, the time-consuming process of synthetic diamond production will also create hurdles for the steady growth of this market.
Nevertheless, the increasing demand for synthetic diamonds in semiconductors and electronic products is anticipated to ease out the circumstances for vendors over the next few years, states the research report.
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