0

Lab Grown Diamonds Market Expected to Reach $59.2 Billion by 2032

 
2022
Lab Grown Diamonds Market

Report Code : A13694

quote Technological innovations and an increase in expenditure on research and development across industries have resulted in high demand for industrial diamonds. Increasing demand for industrial diamonds in optics, electronics, radiation, thermal, and quantum applications is driven by transformative industries and substantial research spending. Lab-grown diamonds are vital for meeting this demand sustainably and economically. quote

Roshan Deshmukh - Manager
Consumer Goods at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Lab Grown Diamonds Market," The lab grown diamonds market was valued at $24.0 billion in 2022, and is estimated to reach $59.2 billion by 2032, growing at a CAGR of 9.6% from 2023 to 2032.

Techniques for growing diamonds in labs and factories were first invented in the 1950s, in the form of HPHT. It was used for the creation of diamonds that were small and mostly useful for industrial applications. CVD technology of creating diamonds was invented in the 1980s, and further innovation in diamond manufacturing technology led to the creation of techniques for making diamonds that were bigger and could reach sizes of 10 carats and more. Use of renewable energy in the making of diamonds is increasing and use of laser technology for cutting diamonds is also increases the lab grown diamonds market demand.

Diamonds are heavily used in the industrial sector and mechanical engineering operations in tools such as saws, drills, polishers, and cutters. Diamond tipped drill bits and diamond coated saw blades make cutting and drilling operations faster and easier. Different grits of powdered diamonds are also used as industrial abrasives. Lab grown diamonds with added boron have semiconductor-like properties that can exceed traditionally used silicone and replace silicone as a major component in electronic operations. Some polished diamonds are used for different optic applications such as particle accelerators, laser systems, and other similar high-powered equipment.

Continuous technological advancements in lab-grown diamond production contribute significantly to increased lab grown diamonds industry demand. These innovations lead to more efficient and cost-effective manufacturing processes, improving the overall quality surge the lab grown diamonds market growth. As technology evolves, it allows to produce larger, high-quality stones, making lab-grown diamonds more appealing to consumers. The constant improvement in techniques also fosters confidence among buyers, driving a surge in demand as lab-grown diamonds become recognized for their technological precision, competitive pricing, and ethical appeal in comparison to natural diamonds results in lab grown diamonds market trends.

The cost-effectiveness of lab-grown diamonds is a significant growth factor for the market, as these diamonds offer quality and clarity comparable to natural diamonds at a lower price range. This affordability appeals to consumers seeking value without compromising on beauty or ethics. As people become more budget-conscious and aware of the cost savings associated with lab-grown diamonds, they increasingly choose lab based over natural diamonds. This surge in demand for cost-effective alternatives reshapes the diamond market landscape towards lab grown diamonds market share.

Shifting consumer preferences towards ethical and sustainable choices have propelled the demand for lab-grown diamonds. Increasing awareness of the environmental and social impact of traditional diamond mining has prompted a significant portion of consumers to opt for the more sustainable and conflict-free alternative offered by lab-grown diamonds. This evolving mindset aligns with the desire for responsible consumption, thus boosting the market demand for lab-grown diamonds as an ethically conscious and environmentally friendly choice in fine jewelry.

Increase in adoption of lab grown diamonds in the fashion and jewelry sector along with increase in application of these diamonds in the industrial sector have spurred the demand for lab grown diamonds across myriad of industry verticals. This lab grown diamonds can also be customized and personalized as per requirement, which further adds advantages apart from them being highly economical, sustainable, and environment friendly results in lab grown diamonds market opportunities.

Moreover, advancements in market transparency play a pivotal role in boosting the market demand for lab-grown diamonds, as consumers become more informed about the labeling and certification processes associated with these diamonds, their confidence and trust in the product increase. The clear and transparent information regarding the origin and characteristics of lab-grown diamonds addresses concerns related to ethical and environmental factors. This heightened transparency contributes to a positive shift in the market landscape.

The lab grown diamonds market size is segmented on the basis of manufacturing method, size, nature, application, and region. By manufacturing method, the global market is bifurcated into HPHT and CVD. By size, it is segmented into below 2 carats, 2–4 carats, and above 4 carats. By nature, it is bifurcated into colorless and colored. On the basis of application, it is studied across fashion and industrial. Region wise, the lab grown diamonds market is studied across North America, Europe, Asia-Pacific, and LAMEA.

Some of the major players profiled in the lab grown diamonds market analysis include WD Lab Grown Diamonds, Mittal Diamonds, ABD Diamonds, De Beers Group, Diam Concept, Diamond Foundry Inc., Henan Huanghe Whirlwind Co., Ltd, New Diamond Technology LLC, Element Six UK Ltd, Bhanderi Prime Lab Grown CVD Diamonds.

Key Findings

  • By manufacturing method, the chemical vapor deposition (CVD) segment led in terms of market share in 2022 and is projected to grow with the highest CAGR during the forecast period.
  • Depending on the size, the below 2 carats segment held the major share of the market in 2022.
  • By nature, the colorless segment led in terms of market share in 2022, however, the colored segment is expected to gain high popularity during the forecast period.
  • By application, the fashion industry held the major share of the market in 2022.
  • By region, North America dominated in terms of market share in 2022, however, Asia-Pacific is projected to grow at the highest CAGR during the forecast period in the lab grown diamonds market statistics.
 

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Lab Grown Diamonds Market by Manufacturing Method (HPHT, CVD), by Size (Below 2 carat, 2-4 carat, Above 4 carat), by Nature (Colorless, Colored), by Application (Fashion, Industrial): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Jul 2024

Home Healthcare Market

Download Sample
rep-img

Published Date Jul 2024

Genotyping Market

Download Sample

Buy Full Version
"Lab Grown Diamonds Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers