According to a new report published by Allied Market Research, titled, “Lab Grown Diamonds Market by Manufacturing Method, Size, Nature, and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global lab grown diamonds market size was valued at $19.3 billion in 2020, and is projected reach $49.9 billion by 2030, registering a CAGR of 9.4% from 2021 to 2030.
Last few years have seen a tremendous increase in sales and adoption of lab grown diamonds. Increase in disposable incomes and improving standards of living of consumers in developing countries along with increase in adoption of luxury goods in developed countries propel its adoption, especially in the diamond jewelry. The use of different shapes, sizes, and colors of lab grown diamonds in jewelry with unique designs has augmented sales of lab grown diamonds.
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Novel innovations and increase in expenditure on research and development across industries have resulted in high demand for industrial diamonds. Optics, electronics, radiation, thermal, and quantum, are some of the applications which are now witnessing high demand for industrial diamonds, with rapidly transforming industries and high expenditure on research and developments will result in increased demand for diamonds and lab grown diamonds will play and impactful role for fulfilling increased demand in a more sustainable, economic, and environmental friendly way.
The lab grown diamonds market was significantly impacted during the initial phase of the pandemic, however, the market has started rebounding toward the end of 2020. Disruption in supply chain across China and later from India negatively impacted the market, as these countries are the top exporters of lab grown diamonds and hold a significant lab grown diamonds market share across the world. Nevertheless, the market is expected to gain high momentum in upcoming years due to emerging lab grown diamonds market trends.
The global lab grown diamonds market 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 carat, 2–4 carat, and above 4 carat. By nature, it is bifurcated into colorless and colored. On the basis of application, it is studied across fashion and industrial. The global lab grown diamonds market is also studied across North America, Europe, Asia-Pacific, and LAMEA.
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Key Findings Of The Study
- By manufacturing method, the chemical vapor deposition (CVD) segment leads in terms of market share and is projected to grow with the highest CAGR during the forecast period.
- Depending on the size, the below 2 carat segment is the most widely used diamond across both industrial and fashion purposes.
- By nature, the colorless segment leads in terms of market share, however, the colored segment is expected to gain high popularity during the forecast period.
- By application, diamonds find its prominent use in the fashion industry occupying about three-fourths of market share in 2020.
- By region, North-America leads, in terms of market share, however, Asia-Pacific is poised to grow with highest CAGR during the forecast period.
The research provides answers to the following key questions:
1️⃣ What is the estimated growth rate of the market for the forecast period 2022-2028?
2️⃣ What will be the market size during the estimated period?
3️⃣ What are the key driving forces responsible for shaping the fate of the Lab Grown Diamonds Market during the forecast period?
4️⃣ Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Lab Grown Diamonds Market?
5️⃣ What are the prominent market trends influencing the development of the Lab Grown Diamonds Market across different regions?
6️⃣ What are the major threats and challenges likely to act as a barrier to the growth of the Lab Grown Diamonds Market?
7️⃣ What are the major opportunities the market leaders can rely on to gain success and profitability?
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Reason to Buy:
✅ Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global Lab Grown Diamonds Market.
✅ Highlights key business priorities in order to guide the companies to reform their business strategies and establish themselves in the wide geography.
✅ The key findings and recommendations highlight crucial progressive industry trends in the Lab Grown Diamonds Market, thereby allowing players to develop effective long-term strategies in order to garner their market revenue.
✅ Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
✅ Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those restraining the growth to a certain extent.
✅ Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
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