Increasing Usage of Synthetic Diamond in Electronic Devices to Boost Market’s Growth
Synthetic diamonds finds significant application on account of their low friction properties and remarkable sturdiness, which make them a perfect match to applications, such as, precision dressing, cutting tools, and high-precision cutting. This factor has led to the increasing usage of synthetic diamonds in electrical and electronics appliances across the world, which is expected to propel this market significantly in the years to come.
As of now, synthetic diamonds are significantly utilized in electronic devices, such as high-power optical electronics devices, high-voltage power electronics, high-frequency high-power devices, light-emitting diodes, and laser diodes. Apart from this, they also find application in high-power diodes and switches. In addition to this, synthetic diamonds are extensively utilized in in the semiconductor industry on account of their thermal management property, which is likely to surface as the leading factor behind the growth of the global synthetic diamonds market in the near future.
Asia Pacific Synthetic diamond Market to Retain Dominance
Latin America, North America, Europe, Asia Pacific, and the Middle East and Africa are the key regional markets for synthetic diamond. Asia Pacific has ranked first in the global synthetic diamond market, thanks to the development of synthetic diamond business as an industry in India, China, and Japan. In 2016, this regional market acquired more than 45% of the overall market
Gem-quality synthetic diamonds is preferred in India, while Chinese are more interested to use these diamonds in cutting-edge technologies. In Japan, these diamonds are utilized to produce wafer thin yet wide CVD diamond plates, which become the base for electronic devices. Asia Pacific is likely to remain the leading regional market for synthetic diamonds over the years to come.
North America Synthetic diamond Market to Exhibit Prominent Growth Rate
Asia Pacific is closely followed by North America and Europe, thanks to the increasing interest of consumers. The synthetic diamond market in Middle East and Africa is also witness steady growth, owing to the deployment of state-of-art technology for the testing of synthetic diamonds by the leading diamond producing mines in Africa, one of them being De Beers. Egypt, GCC, and South Africa are concentrating on polished products on account of the easy availability and low cost. The preference for synthetic diamonds in artificial jewelry, due to its durability, is likely to boost the Middle East and Africa market for synthetic diamonds in the near future.
Companies Preferring Partnerships for Business Expansion
The global market for synthetic diamond demonstrates a competitive and fragmented structure. Leading companies are increasingly engaging into mergers and acquisitions, as well as partnerships, to strengthen their presence in this market. Continual introduction of novel designs is the latest trend among players in the worldwide synthetic diamond market. Zhengzhou Sino-Crystal Diamond Co. Ltd., Henan Huanghe Whirlwind Co. Ltd., SedKrist GmbH, Diamond Foundry Inc., New Diamond Era, Heyaru Group, ILJIN co. Ltd., Sandvik AB, Crystallume, CENTAURUS Technologies Inc., Washington Diamonds Corp., New Diamond Technology LLC, and Pure Grown Diamonds are some of the key vendors of synthetic diamond in the global arena.