Report: Synthetic Diamond Market to Grow Almost 8% Annually Until 2024
A new report published by Absolute Reports and quoted by Rough & Polished projects that the synthetic diamond market will grow at a compound annual growth rate (CAGR) of 7.85% between 2019 and 2024.
The report claims that the major driver of growth is the electronics industry “as synthetic diamonds have become a critical heat-enabling technology which prevents silicon and other semiconductor materials from overheating”. The rapid growth of electronics manufacturing in the Asia-Pacific region, specifically in China, India and Japan, dominate “the synthetic diamond market”.
The adds that synthetic diamonds “are also widely used in super abrasive tools, such as grinding wheels, cutting tools, drilling and dressing tools, among others for manufacturing products in the automotive, medical, aerospace, and electronics industries”.