The Diamond Market Size Research analysis presents estimations of growth, size, and projections for each market segment, accompanied by trends and forecasts based on revenue (in USD million). This report encompasses historical, current, and prospective analyses and appraisals for the Diamond Market. The global diamond market size was USD 90.92 billion in 2022 and is projected to grow from USD 94.19 billion in 2023 to USD 127.84 billion in 2030 at a CAGR of 4.5% during the forecast period.
Market Scope of the Report:
A thorough examination of statistical data pertaining to prevailing and evolving trends brings lucidity to the dynamics of the Diamond Market. The utilization of Porter’s five forces within the report underscores the significance of diverse facets, encompassing supplier and customer comprehension, risks stemming from various agents, competitive potency, and the identification of promising up-and-coming entrepreneurs for valuable insights. Moreover, the report encompasses a wealth of Diamond research data related to multiple companies, advantages, gross margins, global market strategic choices, and more, presented through tables, graphs, and illustrative infographics.
Market Segmentation:
The study offers detailed segmentation of the global Diamond market based on Type, End User, and region. The report provides in-depth discussions of these segments and their sub-divisions, supported by tables and figures. Market players and investors can strategize their approaches based on the high-revenue and rapidly growing segments highlighted in the report.
The natural diamonds segment dominated the market with a revenue share of 94.5% in 2022. They are rare and are primarily used for jewelry applications. Finding and processing them includes complex processes, which makes them costly in the jewelry industry. Despite the challenges imposed by cheaper lab-grown jewelry counterparts, the allure of natural diamonds still exists, and is predicted to remain in strong demand over the coming years.
The synthetic diamond segment is expected to advance at the fastest CAGR of 8.0% during the forecast period. These diamonds are produced using High-Pressure, High-Temperature (HPHT), and Chemical Vapor Deposition (CVD) processes. They are mainly used for industrial purposes such as drilling and cutting. In the past few years, the share percentage of synthetic jewelry has increased due to a substantial reduction in its cost of production. The cost of producing a lab grown diamond through CVD technique came down from USD 4,000 in 2008 to USD 300-500 in 2020.
Research Approach:
The report incorporates primary information collected directly from key stakeholders through quantitative and qualitative analyses utilizing the Porter Five Force model’s parameters. The report emphasizes macroeconomic indicators, trends within the parent market, and growth drivers. A comprehensive understanding of the market is achieved through both primary and secondary research. Rigorous checks were performed on the data used in the report to ensure its authenticity and quality. The credibility of evaluations and market segments is established using both bottom-up and top-down methodologies.
Industry Drivers:
North America led the diamond market, accounting for the largest revenue share of 51.3% in 2022. Ascending product demand for industrial applications is one of the key factors contributing to the penetration of synthetic diamonds in this region. Under industrial application, the major sectors include machinery manufacturing, construction, and mining services (drilling and exploration for natural gas, oil, and minerals).
Buildings, highways, stone cutting, and repair applications accounted for a majority of the consumption of synthetic diamonds for industrial purposes in 2022. Additionally, precision manufacturing of ceramic parts for the aerospace sector, laser radiation tools, and heat sinks in circuits are projected to contribute to the ascending demand for synthetic diamonds in industrial applications.
The industrial application segment is expected to witness a CAGR of 2.8% over the forecast period. In this segment, lab-grown products or synthetic ones have considerably higher penetration. Industrial diamond is mainly used as an abrasive, hence its demand from sectors such as construction, metal machining, and exploration drilling has been increasing continuously since the past few decades. In construction, it is particularly used in applications such as wire sawing, hand sawing and core drilling.
The rapid expansion of construction activities in developing countries is predicted to benefit the segment’s growth. The building & construction industry is expected to witness substantial growth over the coming years. According to Oxford Economics, the volume of global construction output is predicted to grow by 85% and reach USD 17.5 trillion by 2030. China, the U.S, and India are the major economies driving the construction industry across the globe.
Key Inquiries Addressed in the Diamond Market:
- What is the global market size for the Diamond market?
- Which screen size is most preferred by Diamond consumers?
- What distribution channel is preferred by Diamond manufacturers?
- Which age group is the target for Diamond manufacturers?
- What factors drive or hinder market growth, and how do these factors impact the market?
- How do regulations affect the growth of the Diamond market?
- Which region or country leads in market growth?
- How will emerging Diamond markets perform in the coming years, and how will consumption patterns evolve?
- Who are the major players in the global Diamond market? What is their current market position? Who are the emerging players in this industry?
