Lab grown diamonds market is one of the growing markets across the globe. These diamonds are called as synthetic, culture or cultivated diamonds. Lab grown diamonds are manufactured in laboratories using various technological processes. Synthetic diamonds can be designed and modified according to the requirements or users. Manufacturing of lab grown diamonds is associated with low cost cultivation techniques as compared to cost of natural diamonds.
Market size and forecast
The market of lab grown diamonds was valued at USD 16.2 Billion in 2015. Moreover, by the end of 2023, the global market of lab grown diamonds is expected to garner USD 27.6 Billion by registering a CAGR of 7.4% during the forecast period i.e. 2016-2023. Adoption of synthetic diamonds in various industries on account of their properties and rising acceptance of lab grown diamonds among the population in developing nations are the major market driven factors for the growth of lab grown diamonds.
Asia-Pacific region has appeared as the largest market for lab grown diamonds on the back of rapid urbanization which gives rise to rapid expansion of construction and mining industries. Further, these industries are adopting cost-effective and advanced products for various applications which are fulfilled by the lab grown diamonds. Moreover, the market of Asia-Pacific region accounted the largest revenue share of 51.2% in 2015 and it is expected to maintain its dominance over the forecast period i.e. 2016-2023 on account of rising demand in end-use industries.
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Growth Drivers and challenges
Rapid development of electronics industry across the globe is assisting as a major opportunity for the synthetic diamond market. Lab grown diamond grows importance in various industries on account of various excellent properties such as electrical chemical, thermal and optical. Moreover, the physical property of rigidity in lab grown diamonds establishes the significance in various cutting and manufacturing industries.
Additionally, rising popularity of lab grown diamonds, large scale availability, introduction of colored synthetic diamonds which can be used as gems in jewelry industry and similar appearance of lab grown diamonds as natural diamonds are some of the major growth drivers for the industry of lab grown diamonds. Furthermore, the market is majorly driven on the back of emerging coal and mining industry and growing demand of synthetic diamonds in various end-use industries.
Research report categorizes the lab grown diamonds market into the following segments:
By Manufacturing Process
High Pressure High Temperature (HPHT)
Chemical Vapor Deposition (CVD)
By Diamond Type
Construction and Mining
Global Lab Grown Diamonds Market is further classified on the basis of region as follows:
North America (United States /U.S. & Canada)
Latin America (Brazil, Mexico, Rest of Latin America)
Western and Eastern Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Rest of Western Europe)
Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of Asia)
Contact Key extracts from the Table of Content of Lab Grown Diamonds Market 2016-2023 report:
Lab Grown Diamonds Market Size and Forecast, 2016-2023
Lab Grown Diamonds Market CAGR for the Period 2016-2023
Lab Grown Diamonds Market Y-O-Y for the Period 2016-2023
Lab Grown Diamonds Market Demand & Supply Analysis
Lab Grown Diamonds Market Investment Attractiveness
Lab Grown Diamonds Market BPS Analysis
Lab Grown Diamonds Market Dynamics – Trends, Drivers, Challenges, and Opportunities
Lab Grown Diamonds Market Competitive Landscape Analysis
Lab Grown Diamonds Market Investment Proposition, by Geography
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