Global Lab Grown Diamonds Market, By Manufacturing Process (High-Pressure High Temperature (HPHT) & Chemical Vapor Deposition (CVD)), By Application (Construction and Mining, Jewelry, Healthcare, Electronics & Others), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America); Trend Analysis, Competitive Market Share & Forecast, 2020-2026
- Published Date: January 2021
- Report ID: BWC20236
- Available Format: PDF
- Page: 180
Report OverviewThe global Lab-Grown Diamonds market is estimated to have reached USD 17.8 billion in 2020 and is further projected to reach USD 27.9 billion by 2027, growing at a CAGR of 6.7% during 2021-2027 (forecast period).
Global Lab Grown Diamonds Market Size – Industry Trends & Forecast Report 2026
The global Lab-Grown Diamonds market is estimated to have reached USD 17.8 billion in 2020 and is further projected to reach USD 27.9 billion by 2027, growing at a CAGR of 6.7% during 2021-2027 (forecast period). Diamonds are employed in manufacturing electronic goods such as flat screens, medical equipment, and the production of abrasive. Demand for synthetic stones in jewelry has exhibited a great upsurge. Increasing awareness and trends regarding fashion, particularly in terms of adorned accessories, has resulted in driving the growth of the segment. The availability of relatively low-cost jewelry with stones has shifted the consumer purchasing choice from natural to synthetically manufactured.
Source: BlueWeave Consulting
Global Lab Grown Diamonds Market Overview:
Lab-grown is also known as synthetic, culture, or cultivated diamonds. The rising acceptance of lab-grown diamonds among the population in developing nations is the major market-driven factors for the growth of lab grown diamonds. Moreover, rapid pace urbanization across the globe and an increasing number of jewelry industries are shifting toward cost-effective and high-quality products such as lab-grown diamonds for various applications. Although, lab-grown diamonds help the various end-user industry to increase profit in near future on account of rising popularity and wide-scale applications of synthetics diamonds in end-use industries such as electronics, mining & construction, etc. It also benefits the consumers in terms of design according to the requirements at a low cost.
Global Lab Grown Diamonds Market Forecast and Trends
Rapid growth of the construction and automotive sectors
The rapid growth of the construction & automotive sectors is the major factor in boosting the market. In the construction industry, lab-grown diamond is used for drilling, cutting, grinding & polishing purposes. Increasing urbanization is driving the growth of the construction industry as the government is focusing on infrastructure development, such as transportation, water supply, telecommunication & energy networks. Hence, the rising construction activities, especially in the Asia Pacific, such as ‘Smart City Mission’ and ‘Housing for All’, are likely to fuel the product demand over the forecast period. In the union budget of 2021-19, the Indian government allocated USD 92.2 billion to push the infrastructure sector, which in turn would assist to boost the overall market development.
Cost advantages of lab-grown diamonds are boosting the market
The market is driven by the cost advantage of lab-grown diamonds. Lab-grown diamonds are inexpensive as compared to natural diamonds. All the physical and chemical properties of a lab-grown diamond are almost the same in comparison with natural diamonds. Also, one cannot differentiate a lab-grown diamond from a natural diamond by sight, touch, or any other physical means. Moreover, synthetic diamonds are free from any kind of unethical mining issues that are usually associated with mined diamonds. Hence, all of the aforementioned factors are boosting the growth of the market.
Lack of awareness among the population about lab-grown diamond can impede the market growth
The consumers are generally not aware of the lab-grown diamonds as people resonating feelings are attached with the diamond as diamond is considered as the symbol of prestige & luxury. While in ceremonies marriages & anniversaries people are gifting diamonds. The popularity of natural diamonds can’t be replaced by synthetic diamonds as people's perception is that natural diamonds are better than synthetic diamonds. Apart from this, people use diamonds as a source of investment, so they purchase more diamonds more gaining more money by replacing them which is not possible with natural diamonds. Hence, all these factors are hampering the growth of the lab-grown diamonds market.
Impact of COVID-19 in the industry
The mining industry accounts for a vital share of the global economy and is responsible for supplying key raw materials for several applications and end-use industries, thus being a key sector of focus amidst the ongoing pandemic outbreak. Mining industries in China are expected to return to normal operations by Q1 of 2021 as enterprises indicated towards the returning of their workers soon. Moreover, synthetic diamond producers are known to be the least impacted. Major players such as Swarovski & Sumitomo Electric Industries, LTD. Reported experiencing no major influence on their operations due to the COVID-19 virus. The synthetic diamond reached above USD 90 per ton amidst the pandemic situation which may negatively impact the end-use industries.
Global Lab Grown Diamonds Market: By Manufacturing Process
Based on the manufacturing process, the market is categorized as chemical vapor deposition (CVD) and high-pressure high temperature (HPHT). Amidst this category, chemical vapor deposition has a major share in the lab-grown diamonds market. The advantages of CVD diamond growth include the ability to grow diamond over large areas and on various substrates, and the fine control over the chemical impurities and thus properties of the diamond produced. Unlike HPHT, the CVD process does not require high pressures, as the growth typically occurs at pressures under 27 kPa. Thus, these advantages are boosting the lab-grown diamond market growth.
Source: BlueWeave Consulting
Global Lab Grown Diamonds Market: By Application
Based on application, the global lab-grown diamonds market has been divided into construction and mining, jewelry, healthcare, electronics & others. The usage of lab-grown diamonds in the electronics industry has been increasing, due to their ability to act as a heat sink. The demand is expected to further increase during the forecast period, as semiconductors have become more embedded in the ever-increasing product number, from cars to coffee makers, and nascent technologies, such as artificial intelligence, virtual reality, and the Internet of Things (IoT). The increasing usage of semiconductors by various end-users is expected to boost the demand for lab-grown diamonds from the electronics industry, during the forecast period.
Global Lab Grown Diamonds Market: Regional insights
The global lab-grown diamonds market is segmented into five regions including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Amidst this category, the Asia Pacific region has a major share in the lab grown diamonds market. Purchasers in India principally go around gem-quality diamonds for adornments, while the shopper's China is increasing analysis for using synthetic diamonds in advanced innovations. In Japan, the diamond wafer group delivers thin yet wide CVD diamond plates. These plates can turn into the reason for future electronic gadgets. As a result of these factors, Asia Pacific is anticipated to be among the most developing market during the forecast period.
Source : BlueWeave Consulting
- In 2020, De Beers Group has planned to open a facility in Oregon with a goal to produce 500,000 synthetic carats a year by the end of 2021.
- In December 2018, Heyaru Engineering announced that the company has invested USD 31.5 million in a company that would make synthetic diamonds in Lommel. The company also planned to expand its site in Lommel over the next five to ten years to make it the largest ‘diamond factory’ in Europe.
- In September 2017, several companies had begun offering synthetic or man-made diamond options, including Brilliant Earth, Clean Origin, and Vrai.
Key players for global lab-grown diamonds market includes: Applied Diamond Inc., Element Six (E6), New Diamond Technology, LLC, Sandvik AB, HEYARU GROUP, ILJIN co., ltd., Zhengzhou Sino-Crystal Diamond Co., Ltd., Henan Huanghe Whirlwind., Pure Grown Diamonds, Scio Diamond Technology Corporation, Sumitomo Electric Industries, Ltd. & SWAROVSKI.
The market is highly competitive as top companies are focusing on the production of synthetic diamonds. They are working on the improvement of production capacity and R&D activities for the manufacturing of lab-grown products.
Scope of the Report
Historical data – 2016-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
U.S, Canada, UK, Spain, Germany, Italy, France, Brazil, GCC Countries, South Africa, China, India, Japan, South-Korea, Brazil, Mexico, Saudi Arabia, GCC, UAE, South Africa
By manufacturing process & application
Key players for global lab grown diamonds market include: Applied Diamond Inc., Element Six (E6), New Diamond Technology, LLC, Sandvik AB, HEYARU GROUP, ILJIN co., ltd., Zhengzhou Sino-Crystal Diamond Co., Ltd., Henan Huanghe Whirlwind., Pure Grown Diamonds, Scio Diamond Technology Corporation, Sumitomo Electric Industries, Ltd. & SWAROVSKI.
By Manufacturing Process
Ø High Pressure High Temperature (HPHT)
Ø Chemical Vapor Deposition (CVD)
Ø Construction and Mining
Ø Asia Pacific
Ø North America
Ø Middle East & Africa
Ø Latin America
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