Editor’s Note
This article announces the release of a comprehensive market research report on the global synthetic diamond industry, covering key segments, manufacturing processes, and forecasts through 2031.
Market Research Center Co., Ltd. (Headquarters: Minato-ku, Tokyo; global market research report sales) has commenced sales of the “Global Synthetic Diamond Market 2022-2031: By Product (Bort, Dust, Grit, Powder, Stones), By Manufacturing Process (High Pressure High Temperature (HPHT), Chemical Vapor Deposition)” research report on October 18, 2022. The report contains information on synthetic diamond market size, trends, forecasts, and related companies.
Report Type: Global Market Research Report
Report Title: Global Synthetic Diamond Market 2022-2031: By Product (Bort, Dust, Grit, Powder, Stones), By Manufacturing Process (High Pressure High Temperature (HPHT), Chemical Vapor Deposition)
English Title: Synthetic Diamond Market [Product: Bort, Dust, Grit, Powder and Stones; Manufacturing Process: High Pressure High Temperature (HPHT) and Chemical Vapor Deposition] – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031
Publication Date: October 3, 2022
Publisher: Transparency Market Research
Report Format: PDF (delivered via email)
Natural diamonds were formed in the Earth’s mantle millions of years ago and were later brought explosively to the surface by kimberlite or lamproite volcanoes, often containing attractive inclusions. Laboratory-grown diamonds, the oldest of which are only decades old, are created in laboratories or large factories, typically using the High Pressure High Temperature (HPHT) method or the Chemical Vapor Deposition (CVD) method. Lab-grown diamonds appear identical to natural diamonds to the naked eye but usually require examination in a laboratory equipped with advanced instruments for identification.
Synthetic diamonds are manufactured diamonds. In the early 1950s, a chemist named H. Tracy Hall first succeeded in synthesizing diamonds under laboratory conditions. While often credited to General Electric, an LA Times article highlights that Hall’s personal pursuit and determination ultimately “sparked the creation of a multi-billion dollar industry.” Nearly 90% of synthetic diamonds are used for cutting, grinding, shaping, and polishing.
Synthetic diamonds are available in various forms such as bort, grit, dust, and powder, and are used for various applications across several end-user industries. Almost 99% of synthetic diamonds are used for various industrial applications. They are widely used in computer chip manufacturing, construction, machinery manufacturing, mining services (such as mineral drilling), gemstone exploration, stone cutting and polishing, surgery, astronomy, experimental physics, and electrical insulation.
Synthetic diamonds are also used in oil and gas drilling rigs because no other material can withstand the harsh conditions in oil and gas mines. Furthermore, synthetic diamonds are used in industrial and domestic water treatment. CVD diamonds have become a key component of high-performance speakers. Synthetic diamonds used as detectors for ultraviolet (UV) or high-energy particles in high-energy research facilities are also commercially available. CVD diamonds are widely used as abrasives in cutting and grinding tools. Thus, CVD diamonds are extensively utilized in many industrial applications. The increasing use of CVD diamonds is one of the ongoing trends in the synthetic diamond market.
Natural diamonds are buried deep underground, making the mining process complex and expensive. They also rely on finite resources. The capital intensity of new projects has increased severalfold for most minerals in recent years. Moreover, key input factors such as labor and energy costs have risen sharply. Therefore, the cost of natural diamonds is expected to rise per carat.
Synthetic diamonds are primarily manufactured via Chemical Vapor Deposition (CVD) or High Pressure High Temperature (HPHT) methods. The production of synthetic diamonds using these two technologies is relatively inexpensive compared to natural diamonds.
Colored synthetic diamonds are characterized by being more cost-effective and accessible than rare natural colored diamonds. Colored synthetic diamonds can offer jewelry designs at affordable prices that are impossible with fancy-colored mined diamonds. Synthetic diamonds can be assigned individual value using carat weight, cut, color, and clarity, similar to mined diamonds.
The prices of natural and synthetic industrial diamonds differ significantly. Generally, the price of synthetic diamonds ranges from USD 800 to USD 1,000 per carat. Currently, synthetic diamonds account for about 1% of the global diamond jewelry market. However, ongoing research and development in synthetic diamond manufacturing technology is expected to increase the use of synthetic diamonds in jewelry manufacturing.
The global synthetic diamond market is segmented by manufacturing process into High Pressure High Temperature (HPHT) and Chemical Vapor Deposition (CVD). HPHT is one of the major market segments in the synthetic diamond market, with a share of 73.99% in 2021. Synthetic diamonds manufactured using the high-pressure high-temperature process are used in various applications. HPHT is widely utilized because it is a relatively inexpensive process. Consequently, the market share of the HPHT segment in the synthetic diamond market is expected to rise significantly during the forecast period.
By application, the market is segmented into jewelry, heat sinks/exchangers, high-end electronics, lasers/X-rays, machining/cutting tools, surgical machinery, water treatment, quantum computers, optics, sensors/scanning, medical, and electrical.
In the global synthetic diamond market, the machining and cutting tools segment holds a significant share and is projected to expand at a CAGR of 7.21% during the forecast period. The most widely adopted diamond material for cutting tools is polycrystalline diamond (PCD), with a hardness of over 50 GPa (the next best cutting tool material, cemented carbide, is 20 GPa). It has been adopted for decades to improve productivity in aluminum alloy machining and woodworking in the automotive industry.
The Asia-Pacific region accounted for approximately 51% of the global synthetic diamond market share in 2021, driven by increased demand for synthetic diamonds due to the expansion of the jewelry industry in the region.
The market shares held by North America and Europe are projected to decline slightly as individual synthetic diamond processes are being implemented in countries within these regions. For example, Russia has developed and implemented its own High Pressure High Temperature (HPHT) method to produce diamonds.
The Middle East & Africa synthetic diamond market is also expected to expand during the forecast period, driven by the growth of the synthetic diamond industry in MEA and the adoption of synthetic diamond testing technologies by top African diamond-producing mines such as De Beers.