Global Lab Grown (Synthetic) Diamonds Market Outlook 2019-2028

Global Lab Grown (Synthetic) Diamonds Market Analysis 2019-2028

The global lab grown (synthetic) diamonds market is anticipated to grow with a CAGR of 8.74% over the forecast period, i.e., 2021 - 2028. Factors such as the growing use of diamonds in various end-use industries for different purposes, followed by the numerous beneficial properties associated with these synthetic diamonds, are projected to drive the market growth. Moreover, factors such as the growing trade of diamonds worldwide, and the fact that synthetic diamonds can be produced more sustainably, are expected to accelerate the market growth in the coming years. The global lab grown (synthetic) diamonds market is estimated to garner a revenue of about USD 32740 Million in the year 2028, up from a revenue of close to USD 19145 Million in the year 2019.

The global lab grown (synthetic) diamonds market is segmented by numerous segments, which include segmentation by product, manufacturing process, application, and by region. By application, the market is segmented into jewelry, electronics, optics, construction, satellite, data storage, semi-conductors, and others. Amongst these, the construction segment is projected to display the largest revenue of more than USD 9760 Million by the end of 2028, up from a revenue of near to USD 6400 Million in the year 2019.

The global lab grown (synthetic) diamonds market is segmented by region into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Amongst these, the market in the Asia Pacific is anticipated to drive the largest market revenue of near to USD 24600 Million by the end of 2028, up from a revenue of more than USD 14900 Million in the year 2019.

Some of the prominent industry leaders in the global lab grown (synthetic) diamonds market that are included in our report are Element Six UK Ltd. (De Beers Group), Sumitomo Electric Industries, Ltd., Swarovski AG, NEW DIAMOND TECHNOLOGY LLC, Pure Grown Diamonds, Sarine Group of Companies, Applied Diamond Inc., Iljin Diamond Co., Ltd., D.NEA, APPSILON ENTERPRISE, Eco Lab Diamonds, Nova Diamonds Pty Ltd., Parker Diamonds, Rio Tinto, De Beers Group, Charles & Colvard, Ltd., Blue Nile Inc., and others.