Global Lab Grown (Synthetic) Diamonds Market to Grow with a CAGR of 8.74% During 2021-2028; Market to Grow on Account of Growing Demand for These Diamonds in the End-Use Industries

Kenneth Research published a report titled Lab Grown (Synthetic) Diamonds Market: Global Demand Analysis & Opportunity Outlook 2028which delivers detailed overview of the global lab grown (synthetic) diamonds market in terms of market segmentation by product, manufacturing process, application, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The global lab grown (synthetic) diamonds market is anticipated to grow with a CAGR of 8.74% over the forecast period, i.e., 2021 – 2028. The market is segmented by application into jewelry, electronics, optics, construction, satellite, data storage, semi-conductors, and others, out of which, the construction segment is projected to display the largest revenue of USD 9756.67 Million by the end of 2028. Moreover, in the year 2019, the segment registered a revenue of USD 6403.25 Million.

The global lab grown (synthetic) diamonds market is estimated to garner a revenue of USD 32743.34 Million in the year 2028, up from a revenue of USD 19145.33 Million in the year 2019. Surge in use of these diamonds in various end-use industries for different purposes is one of the major factors anticipated to drive the growth of the market in the coming years. Lab grown diamonds possesses numerous characteristics which makes it usable in different end-use industries, such as electronics and machineries.

Geographically, the global lab grown (synthetic) diamonds market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Out of these, the market in the Asia Pacific is anticipated to drive the largest market revenue of USD 24603.35 Million by the end of 2028. Moreover, in the year 2019, the market in the region generated a revenue of USD 14904.64 Million.

The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.

Growing Trade of Diamonds to Accelerate the Market Growth

The value of imports of diamonds worldwide grew from USD 117264482 Thousand in the year 2015 to USD 130562696 Thousand in the year 2018, according to the statistics by the International Trade Center (ITC).

The demand for natural as well as synthetic diamonds around the globe is increasing at a steady pace. This can be attributed to the increasing demand for diamonds as gems and jewelry, and for the rise in awareness for synthetic diamonds over natural diamonds. Synthetic diamonds are often less costly as compared to the other, and also can be produced sustainably. These diamonds also possess several properties which makes it usable in different end-use industries. Such factors are expected to drive the growth of the global lab grown (synthetic) diamond market.

However, the complex manufacturing process of lab grown diamonds is expected to operate as key restraint to the growth of global lab grown (synthetic) diamonds market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the global lab grown (synthetic) diamonds market which includes company profiling of Element Six UK Ltd. (De Beers Group), Sumitomo Electric Industries, Ltd., Swarovski AG, NEW DIAMOND TECHNOLOGY LLC, Pure Grown Diamonds, Sarine Group of Companies, Applied Diamond Inc., Iljin Diamond Co., Ltd., D.NEA, APPSILON ENTERPRISE, Eco Lab Diamonds, Nova Diamonds Pty Ltd., Parker Diamonds, Rio Tinto, De Beers Group, Charles & Colvard, Ltd., Blue Nile Inc., and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global lab grown (synthetic) diamonds market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.     

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Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision in order to avoid future uncertainties.

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