Global Synthetic Industrial Diamond Market Report and Forecast 2024-2032

Global Synthetic Industrial Diamond Market Outlook

The global synthetic industrial diamond market is supported by the growth of global industrial diamond market, which reached a value of about USD 2.02 billion in 2023. The industrial diamond industry is further expected to grow at a CAGR of about 2.9% in the forecast period of 2024-2032 to reach a value of around USD 2.62 billion by 2032.   

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Lower Commercial Value of Synthetic Industrial Diamond Boosting the Market Growth

The cost of synthetic diamonds is lower than that of natural diamonds. Industrial diamonds have various applications, and the rising demand for optical instruments is driving up the demand for industrial grade diamonds. Consumer demand is also being driven by lower commercial diamond costs. Geographically, North America is projected to expand rapidly, with the United States leading and controlling the largest global share in the region. Synthetic diamonds are produced and consumed in large quantities in the world. One of the main growth factors is the increasing use of industrial diamonds in the oil and gas sector. Diamond is an excellent cutting medium due to its extreme hardness and poor thermal conductivity. The rising demand for synthetic industrial diamond from various applications, such as construction tools, mining, and water treatment, is aiding the market growth.

Synthetic Industrial Diamond: Market Segmentation

Diamond is widely used as a gemstone and for industrial purposes, owing to its physical and chemical properties. Wire drawing, computing, heat sinks, corrosion-resistant coatings, polishing, and cutting are only a few of the industrial uses for diamond. Industrial diamonds are used as a heat sink in electronic thermal control processes, as catalysts in the chemical industry, as abrasive in the manufacturing, automobile, aerospace, and defence sectors, and as catalysts in the chemical industry.

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The global synthetic industrial diamond industry can be divided on the basis of manufacturing process into:

• High Pressure, High Temperature (HPHT)
• Chemical Vapour Deposition (CVD)

The market can be categorised by form as follows:

• Bort 
• Grit
• Powder
• Stone
• Others

Based on product type, the market can be segmented into:

• Sawgrit
• Wheelgrit
• Micron Powders
• Cubic Boron Nitride (CBN) Powders
• Others

The differentiation by application can be done as follows:

• Construction Tools
• Mining
• Water Treatment
• Automotive and Aerospace
• Electronics
• Glass and Ceramics
• Others

The regional markets for synthetic industrial diamond can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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End-Use Industrial Expansion Bolstering the Market Growth

The potential of synthetic diamonds to serve as a heat sink has increased their use in the electronics industry. Synthetic diamond avoids the overheating of silicon and other semiconductor materials, making it a vital heat-enabling technology. As semiconductors have become more integrated in an ever-increasing range of products, demand is projected to rise over the forecast period (IoT). During the forecast period, the growing use of semiconductors by various end-users is expected to boost demand for synthetic industrial diamonds in the electronics industry. Technological advancements in the field will help wider applications for synthetic industrial diamonds across different industries.

Key Industry Players in the Global Synthetic Industrial Diamond Market

The report gives a detailed analysis of the following key players in the global synthetic industrial diamond market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Henan Huanghe Whirlwind Co.,Ltd
• Zhengzhou Zhongnan Jete Superabrasives Co.,Ltd.
• Element Six (UK) Ltd 
• Sumitomo Electric Industries, Ltd.
• Iljin Diamond Co., Ltd.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report