SYNTHETIC DIAMOND MARKET ANALYSIS

Market Challenges And Opportunities

Global Synthetic Diamond Market Drivers:

• Growing demand from electronics and semiconductors In the electronics and semiconductor industry, synthetic diamonds are used as heat spreaders, high-power switches, and as a substrate for electronic devices. The high thermal conductivity and excellent electrical insulation properties of synthetic diamonds make them ideal for these applications. Additionally, synthetic diamonds are also used in cutting and polishing tools for the semiconductor industry, where precision and accuracy are critical.
• Increasing demand for super abrasives: Increasing demand for super abrasives is again projected to augment the market growth. Synthetic diamonds are mainly used in super abrasive tools such as drilling, cutting, and dressing tools and grinding wheels, to produce products in the automotive, aerospace, medical, and electronics industries. Super abrasives are commonly used due to characteristics such as longevity, hardness, resistance to abnormal temperatures, and chemical inertness.

Global Synthetic Diamond Market Opportunities:

• Increasing use of synthetic diamond in additive manufacturing: Increasing applications in additive manufacturing are expected to provide lucrative growth opportunities in the market. Rapid industrialization worldwide is expected to fuel demand for additives. It is widely used in industries ranging from aerospace to textiles, buildings, medicine, and metals. It has the ability to print custom designs such as complex grid structures.
• Usage of synthetic diamond in various applications: Diamond’s durability, low friction, and biological inertness make it suitable for orthopedic medical devices such as joint replacements. Thus, the adoption of synthetic diamonds in such applications is creating lucrative opportunities for the growth of the market.

Global Synthetic Diamond Market Restraints:

Complex manufacturing process

• The manufacturing process of synthetic diamonds is a complex and intricate process that involves several stages. One of the most commonly used methods for producing synthetic diamonds is the High Pressure High Temperature (HPHT) method.
• In this method, a small diamond seed is placed in a metal capsule along with a carbon source and a catalyst. The capsule is then subjected to extremely high pressure and temperature conditions, typically around 1,500 degrees Celsius and 5-6 GPa, which mimics the natural conditions under which diamonds are formed in the Earth's mantle.
• As the temperature and pressure are gradually increased, the carbon atoms in the capsule start to crystallize around the diamond seed, forming a larger diamond crystal. The process can take several hours to several days, depending on the desired size and quality of the diamond.
• Counterbalance: The most effective way to develop synthetic diamond is by HPHT process in which the carbon is contained in a containment cube, which is pressed to enforce the same pressure a diamond faces under the earth’s surface. And then the cube is intensely heated through electric pulses.

Unfavorable condition arising due to negative impact COVID-19

The global synthetic diamond market has been negatively impacted by the COVID-19 pandemic, as it has disrupted the supply chain and led to a decline in demand from end-use industries such as automotive, electronics, and construction. The lockdowns and travel restrictions imposed by governments have also affected the production and distribution of synthetic diamonds, leading to delays and cancellations of orders. However, the market is expected to recover gradually as the restrictions are lifted and the demand from end-use industries picks up. The growing adoption of synthetic diamonds in various applications, such as cutting, polishing, drilling, and grinding, is also expected to drive the market growth in the post-pandemic period.