Synthetic Diamonds Market Size To Reach USD 28.26 Billion By 2024

The global synthetic diamonds market is estimated to be worth USD 28.26 billion by 2024 as a result of its increasing demand for cutting, polishing, and drilling. Increasing utilization of these functions for development of infrastructure coupled with the growing spending on the sector is likely to propel market growth over the projected period.

Expansion of the electronics and healthcare production base in countries including India and China is expected to provide new opportunities for the development of the market. Presence of manufacturing bases of companies including Samsung, Apple, Sony, Abbott, and GSK in Asia Pacific is expected to drive the demand for synthetic diamonds in various industrial applications.

North America synthetic diamond market was valued at USD 3.89 billion in 2016 and is expected to witness above-average growth in light of rebound of the manufacturing sector. However, the presence of a stringent regulatory framework for the mining sector is likely to deter growth. Nonetheless, usage of synthetic diamonds in the existing mining processes is expected to support the market.

Asia Pacific is likely to witness the fastest growth at a 9.1% CAGR over the projected period owing to the tremendous untapped potential of the manufacturing sector in the region. Increasing use of synthetic diamonds in various manufacturing processes owing to their relatively low cost and ease of availability.

The polished synthetic diamond market is anticipated to grow at a CAGR of 8.3% over the projected period on account of their relatively low demand in industrial application. However, the increasing use of these stone in jewelry coupled with the rising consumer awareness regarding fashionable accessories is expected to open new avenues for the growth of the market.

Electronics was the largest application segment and is expected to witness growth at a CAGR of 8.7% over the projected period. Increasing demand for consumer electronics including washing machines, refrigerators, HVAC, smartphone, and tablets is expected to drive the market for synthetic stones subsequently.

Centaurus Technologies Inc., Applied Diamond Inc., Element Six, New Diamond Technology, and ILJIN are some of the prominent players in the market. These companies are focusing on R&D to develop stones with a higher carat. For instance, using the HPHT process, New Diamond Technology (NDT) unveiled a 10.07 carat blue stone in September 2016.

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Hexa Research has segmented the global synthetic diamonds market based on operating process, type, application, and region:

Segmentation by the process, 2014 - 2024 (USD Million)

• HPHT (High-Pressure High Treatment)
• CVD (Chemical Vapor Deposition)

Segmentation by type, 2014 - 2024 (USD Million)

• Rough
• Polished

Segmentation by application, 2014 - 2024 (USD Million)

• Construction & Mining
• Electronics
• Jewelry
• Healthcare
• Others

Segmentation by region, 2014 - 2024 (USD Million)

• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)

Key players analyzed

• Applied Diamond Inc
• Centaurus Technologies Inc.
• Crystallume
• Element Six

Demand for synthetic stones in jewelry has risen tremendously over the past few years

The global synthetic diamonds market is estimated to be worth USD 28.26 billion by 2024 as a result of its increasing demand for cutting, polishing, and drilling. Increasing utilization of these functions for development of infrastructure coupled with the growing spending on the sector is likely to propel market growth over the projected period.

Expansion of the electronics and healthcare production base in countries including India and China is expected to provide new opportunities for the development of the market. Presence of manufacturing bases of companies including Samsung, Apple, Sony, Abbott, and GSK in the Asia Pacific is expected to drive the demand for synthetic diamonds in various industrial applications.

North America synthetic diamond market was valued at USD 3.89 billion in 2016 and is expected to witness above-average growth in light of rebound of the manufacturing sector. However, the presence of a stringent regulatory framework for the mining sector is likely to deter growth. Nonetheless, usage of synthetic diamonds in the existing mining processes is expected to support the market.

Asia Pacific is likely to witness the fastest growth at a 9.1% CAGR over the projected period owing to the tremendous untapped potential of the manufacturing sector in the region. Increasing use of synthetic diamonds in various manufacturing processes owing to their relatively low cost and ease of availability.

The polished synthetic diamond market is anticipated to grow at a CAGR of 8.3% over the projected period on account of their relatively low demand in industrial application. However, the increasing use of these stone in jewelry coupled with the rising consumer awareness regarding fashionable accessories is expected to open new avenues for the growth of the market.

Electronics was the largest application segment and is expected to witness growth at a CAGR of 8.7% over the projected period. Increasing demand for consumer electronics including washing machines, refrigerators, HVAC, smartphone, and tablets is expected to drive the market for synthetic stones subsequently.

Centaurus Technologies Inc., Applied Diamond Inc., Element Six, New Diamond Technology, and ILJIN are some of the prominent players in the market. These companies are focusing on R&D to develop stones with a higher carat. For instance, using the HPHT process, New Diamond Technology (NDT) unveiled a 10.07 carat blue stone in September 2016.

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Hexa Research has segmented the global synthetic diamonds market based on operating process, type, application, and region:

Segmentation by a process, 2014 - 2024 (USD Million)

• HPHT (High-Pressure High Treatment)
• CVD (Chemical Vapor Deposition)

Segmentation by type, 2014 - 2024 (USD Million)

• Rough
• Polished

Segmentation by application, 2014 - 2024 (USD Million)

• Construction & Mining
• Electronics
• Jewelry
• Healthcare
• Others

Segmentation by region, 2014 - 2024 (USD Million)

• North America
• Europe
• Asia Pacific
• Rest of the World (RoW)

Key players analyzed

• Applied Diamond Inc
• Centaurus Technologies Inc.
• Crystallume

High production of steel using EAF and demand from construction to boost Graphite electrode market.

The global graphite electrode market is expected to reach USD 5.68 billion by 2024 and is expected to grow on account of its increasing use for production of steel. The Asia Pacific emerged as the fastest growing market and is projected to continue dominating as a result of the presence of robust steel manufacturers. The usage of a graphite electrode has increased due to rigorous competition in the steel industry.

Rapid steel production and increasing spending on infrastructure in developing economies across the globe are expected to boost the demand for high-grade steel that is manufactured using electric arc furnaces (EAF). Adoption of advanced technology for steel production with the purpose of saving time and energy is expected to augment the demand for graphite electrodes.

The demand for electric arc furnace is expected to grow significantly as it offers several advantages such as production flexibility and low CO2 emission. It also saves raw material and energy due to its efficiency. The segment is likely to grow at a 4.1% CAGR over the projected period.

Graphite electrodes offer excellent thermal resistance and high current carrying capacity which makes them a suitable choice in electric arc furnaces (EAF) steel, refinement of steel and similar smelting processes. Besides EAF and LF, graphite electrodes are also used for electrolytic aluminum smelting and electrical discharge machining (EDM). The development of these non-steel applications is also anticipated to provide an opportunity for market growth over the forecast period.

Ultra-high power graphite electrode is expected to grow at the highest volume CAGR of 4.1% over the forecast period. Despite the high price of the product, the demand for these products is anticipated to be high in line with the rising demand for superior steel quality in various niche applications within the aerospace, automotive and electronics sectors.

A specially prepared flux pitch used in graphite electrodes helps to increase the durability and density of the final product. Ultra-high bending resistance, low electrical resistivity, and high-temperature resistance properties will increase the demand for UHP graphite electrode over the forecast period. In compliance with the driving factors, companies are focusing on mergers & acquisitions and capacity upgrades to expand their presence in the global market. For instance, in January 2014, Kaifeng Carbon Co., Ltd.’s completed its Phase II expansion and can produce 50,000 tons of UHP graphite electrodes.

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Hexa Research has segmented the global graphite electrode market based on product, application, and region:

Segmentation by Product, 2014 - 2024 (Kilo Tons) (USD Million)

• Ultra-high power (UHP)
• High power (HP)
• Regular power (RP)

Segmentation by Application, 2014 - 2024 (Kilo Tons) (USD Million)

• Electric Arc Furnace (EAF)
• Ladle Furnace (LF) & Others

Segmentation by Region, 2014 - 2024 (Kilo Tons) (USD Million)

• North America
• Europe
• Asia Pacific   
• Central & South America
• Middle East & Africa

Key players analyzed

• Graphite India Limited
• Beijing Great Wall Co., Ltd.
• Nippon Carbon Co Ltd
• GrafTech International
• Ameri-Source Specialty Products

Antibacterial glass is used as screens consumer electronics such as smartphones, tablets, and laptops

The global antibacterial glass market size was USD 160 million in 2015 and it is expected to go beyond USD 270 million by 2024. Growing number of Hospital Acquired Infections (HAIs) is said to spur the demand during the forecast period (from 2016 to 2024). Growing demands for antimicrobial coatings along with the rapid technological improvements is projected to positively impact the market growth.

However, strict rules & regulations about the antimicrobial coatings production are said to negatively affect the demand over the next few years. On the other hand, the extensive product implementations in different consumer electronics like phablets, tablets, etc. are expected to fuel the revenue. The global market is divided into applications and regions.

The applications sector of the antibacterial glass market comprises food & beverages, hospitals, military equipment, and residential /household. The hospital sector is anticipated to be the leading sector over the estimated years. The sector is expected to grow at a CAGR of over 7 % over the forecast period. This can be attributed to the rising product implementations in isolation rooms including oncology units, burn units, and hematology units as these dedicated critical facilities need 100 % germ-free environment and significant sanitation.

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The food & beverages sector is said to witness huge growth prospects growing at a CAGR of over 7 % during the estimated years. Major usage of these products for storing and packaging the food and beverage products is said to boost the growth. In addition to this, the increasing installations in restaurants, canteens, food displays etc. are also likely to push the market growth.

The North American antibacterial glass market is expected to grow at a CAGR of over 7 % during the forecast period due to rapidly growing hospitals sector. The Europe region is said to be the lucrative and dominant regional market during the next eight years. Plus, the presence of major global product manufacturers in the region is likely to positively impact the growth.

Some of the companies in the market are Corning Inc.; AGC Glass Europe; Glas Trosch Holding A. G.; Nippon Sheet Glass Co. Ltd. (NSG); Vetraria Bergamasca Tecnovetro Srl. (VBT); and Saint-Gobain S. A.