[FURL=https://www.industryarc.com/Research/Synthetic-Diamond-Market-Research-503052?utm_source=briefingwire&utm_medium=pressrelease&utm_campaign=paidpressrelease]Synthetic Diamond Market[/FURL] size is forecast to reach $22.1 billion by 2026, after growing at a CAGR of 5.2% during 2021-2026. Globally, the increasing demand for synthetic diamond as the most common material for optical windows in high-power CO2 lasers and gyrotrons, due to its unusual combination of thermal and chemical stability, low thermal expansion, and high optical clarity over a wide spectral range, has raised the growth of the market.Key Takeaways
The Asia Pacific region dominated the synthetic diamond market due to the growing demand from packaging and automotive & transportation industries, in countries such as India, Japan, China, and South Korea.
Chemical inertness, anti-adhesion properties, low coefficient of friction, thermal conductivity, and improved abrasive wear resistance of polycrystalline diamond are expected to push up demand for synthetic diamond in the forecast period.
Synthetic diamonds have become a vital heat-enabling technology that prevents silicon and other semiconductor materials from overheating, thus this has raised the demand for synthetic diamond from the electronics industry and is anticipated to have a positive impact on the growth of the market in the short term.
Moreover, rising demand for super abrasives for dressing, cutting, grinding, and drilling equipment is also estimated to drive the growth of the synthetic diamond market over the projected period.
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Synthetic Diamond Market Segment Analysis- Geography
The Asia Pacific region held the largest share with 41% in the synthetic diamond market in 2020. Growing demand for synthetic diamond from emerging countries such as China, India, Japan, and South Korea in various end use industries are estimated to drive the market growth. India is the world's largest diamond polishing centre, followed by China, which has made significant progress in this region over the last two decades. China's synthetic diamond industry has grown in recent years in response to rising global demand for Chinese synthetic diamonds.
Synthetic Diamond Market Drivers
Rising demand for Synthetic Diamond as an Alternative for Natural Diamonds
Rising Demand for Synthetic Diamond Gem Quality and Industrial Applications
Market Landscape
Major players in the synthetic diamond market are Hyperion Materials & Technologies, Element Six UK Ltd, Sumitomo Electric Industries, Ltd., Pure Grown Diamonds, Applied Diamond Inc, Scio Diamond Technology Corporation, Krystal Grown Diamonds, Inc, Sandvik AB, Zhengzhou Sino-Crystal Diamond Co.,Ltd., and New Diamond Technology, among others.
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