CVD Lab-Grown Diamonds Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The CVD Lab-Grown Diamonds Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s CVD Lab-Grown Diamonds Global Market Report 2024, The cvd lab-grown diamonds market size has grown rapidly in recent years. It will grow from $11.72 billion in 2023 to $12.92 billion in 2024 at a compound annual growth rate (CAGR) of 10.3%. The growth in the historic period can be attributed to ethical and sustainable consumer choices, cost-effective alternative, advancements in manufacturing processes, shift in consumer perception, jewelry industry adoption.

The cvd lab-grown diamonds market size is expected to see strong growth in the next few years. It will grow to $18.34 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to sustainability concerns, marketing and branding strategies, innovations in design and customization, increasing acceptance by mainstream retailers, regulatory support for sustainability. Major trends in the forecast period include educational initiatives on diamond origins, affordability and price competitiveness, growing investment interest in lab-grown diamonds, technological innovations in diamond color enhancement, collaborations and partnerships across the industry.

Increasing demand for electronics and semiconductors is expected to propel the growth of the CVD lab-grown diamond market going forward. Electronics refers to the field of research concerned with the movement and control of electrons (electricity) and the behavior and effects of these particles in semiconductors, gases, and vacuums. A semiconductor refers to a material with specific electrical characteristics that make it suitable for the base of computers and other electronic devices. Due to the outstanding qualities of CVD diamonds, such as their wide bandgap and the highest electron and hole mobilities at room temperature, single-crystal CVD diamonds are considered the ideal semiconductor for high-power electronics. Hence, the CVD lab market will support the demand for semiconductors and electronics. For instance, in October 2021, according to the Semiconductor Industry Association (SIA), a US-based national association for semiconductors, global semiconductor industry sales in August 2021 totaled $47.2 billion, up 3.3% from July 2021’s $45.7 billion total and 29.7% from August 2020 $36.4 billion total. Furthermore, in June 2023, according to the Census 2021 by the Office for National Statistics, a UK-based official statistics producer, consumer electronics for domestic market value climbed from 102.9 in May 2020 to 107.7 in May 2023 in the UK. Therefore, increasing demand for electronics and semiconductors is driving the growth of the CVD Lab-Grown diamond market.

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The cvd lab-grown diamonds market covered in this report is segmented –

1) By Type: Polished, Rough

2) By Color: Colorless, Colored

3) By Size: 2-4 Carat, Above 4 Carat, Below 2 Carat

4) By Application: Machine And Cutting Tools, Heat Sinks And Exchangers, Optical, Laser And X-Ray, Electronics, Healthcare Instruments, Gemstones, Other Applications

Technological advancements are a key trend gaining popularity in the CVD Lab-Grown diamond market. Major companies operating in the CVD Lab-Grown diamond market are adopting new technologies to sustain their position in the market. For instance, in May 2021, Diamond Works Technology Inc., a US-based retail luxury goods and jewelry company, launched its U.S.-based lab-grown diamond production using an innovative technology called the OneStep chemical vapor deposition (CVD) diamond growth process. The One-Step method can create enormous, high-quality diamonds that can be carved into fanciful forms, which are highly sought-after products. Further, the OneStep growth process could set the stage for Diamond Works Technology to address many other potential applications for high-quality diamond materials, such as diamond electronics, energy storage, and water purification, by enabling repeatable and scalable production of lab-grown diamond gemstones.

The cvd lab-grown diamonds market report table of contents includes: