The CVD lab-grown diamond market is projected to grow from USD 11.3 billion in 2022 to USD 15.9 billion by 2027, at a CAGR of 7.1% from 2022 to 2027. The research study report includes a competitor’s whole business graph that displays CVD lab-grown diamond market growth, value chains, supplier chains, and compound annual growth rates (CAGR). The growth of the market is driven by the rising awareness and demand for lab-grown diamonds in various industrial applications such as machine & cutting tools, heat sinks & exchangers, and electronics, among others.
CVD Lab-grown Diamonds Market Key Players
Companies such as De Beers Group (UK), Sumitomo Electric Industries Ltd. (Japan), Bhanderi Lab Grown Diamonds LLP (India), Hebei Plasma Diamond Technology Co., Ltd. (China), and SP3 Diamond Technologies (US) fall under the winners’ category. These are leading players in the CVD lab-grown diamond market, globally. These players have adopted the strategies of new product launch, acquisitions, and agreements to fulfill the rising demand for CVD lab-grown diamonds on the regional as well as global levels.
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De Beers Group is one of the leading diamond firms. The company has manufacturing units in China, Ireland, Germany, South Africa, and the UK. In 2000, the synthetic diamond and tungsten carbide supermaterials business of De Beers Group was rebranded as Element Six. The Company Produces CVD diamonds for aerospace, electronics, and optical applications. In 2020, the company launched the Diafilm ETC700 CVD diamond heat spreader which is designed to provide electrical conductivity in addition to the diamond’s exceptional thermal performance.
SP3 Diamond Technology is a US-based CVD diamond manufacturer. The company produces CVD diamonds for water & wastewater treatment, bio-electrochemical, and electro-synthesis, among other applications. The company also manufactures CVD diamond-coated cutting tools, wears, seals, wafers, and other products. In January 2021, MAPAL signed a agreement with sp3 Diamond Technology for the supply of diamond coatings required for their tools.
Goldiam International Ltd. is an OEM partner and exporter of diamond jewelry. The company offers rough and polished diamonds for jewelry application. The company operates in two segments such as jewelry manufacturing and investment activity. In June 2021, Goldiam International Ltd. acquired an 88% stake in Eco-Friendly Diamonds LLP, a CVD lab-grown diamond manufacturer.
By type, the rough segment accounted for the highest share of CVD lab-grown diamond market during 2022 to 2027.
The rough segment, by type, in the market accounted for the highest share. Rough diamond has properties such as of thermal conductivity, broadband optical transparency, and hardness which makes it suitable to be used in various industrial applications such as heat sinks, optical solutions, and cutting tools, among others.
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By color, the colorless segment accounted for the highest share of the CVD lab-grown diamond market from 2022 to 2027.
The colorless segment, by color, in this market accounted for the highest share. Colorless diamonds are used in heat sinks, exchangers, and jewelry applications. The demand for colorless diamonds is highest in the machine & cutting tools segment. These diamonds have a cost-effective manufacturing process, making them suitable for usage in abrasive industrial applications.
By application, the machine & cutting tools segment accounted for the highest share of the CVD lab-grown diamond market from 2022 to 2027.
The machine & cutting tools segment, by application, the market accounted for the highest share. As diamond is one of the hardest naturally available materials, it is largely being consumed for manufacturing machine & cutting tools. However, as CVD diamonds have identical properties to mined diamonds, they are swiftly replacing natural diamonds in these application areas. CVD diamond cutting tools are used in machining graphite, carbon fiber, and machining composite materials.
North America is the largest region in the CVD lab-grown diamond market.
North America accounted for the largest share in the CVD lab-grown diamonds market. The market of CVD lab-grown diamonds is driven by the growing demand from consumers in the US, majorly in the jewelry segment. Many consumers in North America region prefers lab-grown diamonds over natural diamond due to their eco-friendly characteristics.
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