Global Lab Grown Diamonds Market is predominantly boost by rising applications of lab grown diamonds in various end-use industries, according to our research report “Global Lab Grown Diamonds Market Outlook 2023”.
The global lab grown diamonds market is segmented into rough type and polished type on the basis of diamond type. Among this segment, rough type segment is estimated to generate the highest revenue share in overall lab grown diamonds market over the forecast period i.e. 2016-2023. Wide-scale applications in end-use industries and excellent physical and chemical properties of rough type lab grown diamonds are the factors spurring the demand for lab grown diamonds across the globe.
The market of lab grown diamonds is estimated to garners USD 27.6 Billion by 2023 from USD 16.2 Billion in 2016. Furthermore, the market is anticipated to register a CAGR of 7.4% over the forecast period i.e. 2016-2023. The market of lab grown diamonds is likely to experience the maximum growth over the forecast period owing to rising demand of synthetic diamonds in electronic industries and introduction of strict regulations on the extraction of natural diamonds from mining.
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. Moreover, the market of Asia-Pacific region has accounted the largest revenue share of 51.2% in 2015 and it is expected to remain its dominance over the forecast period i.e. 2016-2023. Although, Middle-East and Africa is expected to be the fastest growing market in near future on the back of rapid growth in infrastructural facilities and rising demand of lab grown diamonds for construction activities.
Wide-scale application in end-use industries:
The market is majorly driven on the back of rapid expansion of electronics industry across the globe. The electronic and construction industries have established the importance of lab grown diamonds on account of its brilliant properties of electrical conductivity and physical properties such as rigidity. Moreover, advancement in electronic industry is adopting lab grown diamonds for conductors and wafer substrates due to its cost effectiveness and huge availability.
Introduction of strict regulation on mining:
Introduction of stringent regulation along with complexities on extraction of natural diamonds from mining is hampering the growth of natural diamond market, hereby giving rise to the market of lab grown diamonds. Rising environmental concerns across the globe and disastrous effects from excess mining are shifting the industries towards lab grown diamonds which are easy to manufacture at comparatively low cost. These factors are further expected to propel the demand for lab grown diamonds in near future.
Although, presence of complexities related to the manufacturing of lab grown diamonds and negative outlook towards the lab grown diamonds are some of the major factors hindering the growth of lab grown diamonds globally. Also, slow adoption of lab grown diamonds due to lack of awareness in various end-use industries is expected to hamper the market growth for lab grown diamonds.
The report titled “Global Lab Grown Diamonds Market Outlook 2023” delivers detailed overview of the Global Lab Grown Diamonds Market in terms of market segmentation by product, by manufacturing process, by diamond type and by end-user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the Global Lab Grown Diamonds Market which includes company profiling of Applied Diamond Inc., Tomei Diamond Co. Ltd, Element Six, Scio Diamond Technology Corporation, and Washington Diamonds Corporation, etc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Global Lab Grown Diamonds Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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