The synthetic diamond industry has seen significant growth in recent years, with the market valued at $19.21 billion in 2024. Projections indicate the market will grow to $20.56 billion in 2025, reflecting a compound annual growth rate (CAGR) of 7.1%.
Several factors have contributed to the industry’s expansion, including the development of high-pressure high-temperature (HPHT) techniques, increased use in industrial cutting and drilling, and growth in sectors like electronics, semiconductors, and medical equipment. Lab-grown gemstones have also played a key role in boosting market demand.
Looking ahead, the synthetic diamond market is expected to see continued growth, reaching a value of $28.14 billion by 2029, with a CAGR of 8.2%. This surge is driven by advancements in aerospace technology, quantum computing, and medical equipment, as well as the continued rise in industrial applications.
Key trends shaping the market’s future include customized applications, innovations in manufacturing processes, AI-driven cutting precision, and the development of advanced diamond cutting tools.
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