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Report: Synthetic Diamond Market to Grow Almost 8% Annually Until 2024

The main driver of growth is the global electronics industry
LGD seed lab diamonds
Credit: Lightbox Jewelry

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.

 

Synthetic Diamonds
Credit: Sergei Lazon

 

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”.

 

Synthetic diamonds
Credit: Hayahalom

 

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”.



Tags: Diamonds News, Diamond Industry News, Synthetic Diamonds News

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