CHICAGO, Feb. 15, 2023 /PRNewswire/ -- The report "CVD Lab-grown Diamonds Market by Type (Rough, Polished), Color, Application (Machine & Cutting Tools; Heat Sinks & Exchangers; Optical, Laser, & X-ray; Electronics; Healthcare Instruments; Gemstone), and Region - Global Forecast to 2027", 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. Major factors driving the growth of the CVD lab-grown diamond include increasing adoption among consumers, and demand from various growing applications such as electronics, machine & cutting tools, and others.
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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.
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.
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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.
De Beers Group (UK), Sumitomo Electric Industries Ltd. (Japan), Goldiam (India), Adamas One Corp (US), Bhanderi Lab Grown Diamonds LLP (India), Hebei Plasma Diamond Technology Co., Ltd. (China), SP3 Diamond Technologies (US), Delaware Diamond Knives, Inc. (US), EDP Corporation (Japan), Tomei Diamond Corporation (Japan), Heyaru (Belgium), Beijing Worldia Diamond Tools Co., Ltd. (China), Ritani (US), and Shanghai Zhengshi Technology Co., Ltd. (China) are the key players in CVD lab-grown diamond market.
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