Growing Demand from Electronics & Semiconductors Industry Drives Synthetic Diamond Market Growth
According to our latest study on "Synthetic Diamond Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Manufacturing Process, Application, and Geography," the market is expected to grow from US$ 18.9 billion in 2022 to US$ 30.0 billion by 2028; it is estimated to record a CAGR of 6.8% between 2022 and 2028.
Source: The Insight Partners Analysis
Synthetic diamonds have characteristics like natural diamonds, such as strength, hardness, thermal conductivity, electrical resistivity, and other optical properties. These diamonds are often manufactured by High Pressure High Temperature (HPHT) process or Chemical Vapor Deposition process. HPHT is a widely used production method for synthetic diamonds due to the low manufacturing cost. It has wide applications such as laser optics production, advanced healthcare applications, consumer diamond gemstones, surgical scalpel in neurosurgery, electronics, and semiconductors.
Based on application, the synthetic diamond market is segmented into machining and cutting tools, electronics and semiconductors, medical, and others. In the coming years, the machining and cutting tools segment is expected to hold the largest share of the synthetic diamond market. Synthetic diamonds are used in aluminum alloy machining and metal cutting due to their high performance, hardness, and high thermal conductivity properties. Polycrystalline Diamond (PCD) is widely used in cutting tools owing to its properties such as hardness (more than 50 GPa). Moreover, the high thermal and chemical stabilities of diamond cutting tools provide high durability and enhanced Ultra-Precision Machining (UPM) performance. They are used in cutting blade solutions for all abrasive surfaces. Also, cutting, grinding, diaphragm wall cutting, and tunneling can be achieved by synthetic diamonds, especially in the construction industry. The strength and hardness of synthetic diamonds make them suitable for application in cutting granite and marble. Synthetic diamonds are also widely used in drilling applications.
Distinct properties of synthetic diamond, including broad optical spectrum, thermal conductivity, and inertness, make it suitable for mechanical and abrasive applications. High thermal conductivity of synthetic diamonds enables advanced material development in electronics and semiconductor manufacturing. Moreover, the critical heat-enabling technology of these diamonds prevents semiconductor materials from overheating. Thus, the ability of the diamonds to act as a heat sink is a key factor driving the demand for synthetic diamonds. High-voltage power electronics, optical electronics, high-power diodes and switches, light-emitting diodes, high-frequency devices, and laser diodes utilize synthetic diamonds on a broad scale. These devices are expected to deliver exceptional performance because of the material's optimum intrinsic properties.
The growing adoption of artificial intelligence; rising demand for electric vehicles; and increasing use of consumer electronics such as smartphones, electronic wearables, television, computers, and appliances propel the demand for electronic components and semiconductors. Digital revolution and advancements in integrated circuit chips and electronic components in the US, the UK, China, South Korea, and Japan have resulted in increased investments in manufacturing facilities by Original Equipment Manufacturers. Synthetic diamonds are used in the production of rectifier diodes, avalanche transit-time diodes, photodetectors, temperature-sensitive resistors, and ionizing radiation detectors. Furthermore, during the forecast period, the rising demand for high power densities in electronic parts is expected to boost the need for synthetic diamonds owing to their heat management capabilities. Synthetic diamonds are also anticipated to be adopted in semiconductors, optics, sensors, and water treatments for several nonabrasive applications. The abrasive utilization of synthetic diamonds is expected to grow in the machining or cutting of composite materials. The reduced cost and enhanced operational efficiency determine the increased utilization of synthetic diamonds in the electronics & semiconductor industry. Moreover, technological developments and rising research in the electronics industry are expected to boost the utilization of synthetic diamonds during the forecast period.
Sumitomo Electric Industries Ltd, WD Lab Grown Diamonds, Element Six (UK) Ltd, Diamond Foundry, Vibranium Lab, Hyperion Materials & Technologies Inc, Heyaru Group, Scio Diamond Technology Corporation, Zhongnan Diamond Co Ltd, and Henan Huanghe Whirlwind Co Ltd are among the players operating in the global synthetic diamond market. Market players are focusing on providing high-quality products to fulfill customer demand. Several other major companies were studied and analyzed during this research study to get a holistic view of the market and its ecosystem.
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