Lab Grown Diamond Rough Market Expected to Reach $27.9 Billion by 2027

Lab Grown Diamond Market Expected to Reach $27.9 Billion by 2027
Global Lab Grown Diamonds Rough Market, By Value(USD Million)

In the past year of 2020, the global lab grown diamond rough market size was around US$17.8 billion. The CAGR (compound annual growth rate) is about 6.7% during the period from 2021 to 2027. The demand in the industrial sector will largely drive the lab grown diamond rough market upwards, including the electronics, automotive, construction, mining exploration, abrasives, medical, industrial water treatment, experimental physics, outer space exploration, and other industries.

In the field of fashion jewelry, lab grown diamonds rough will also play a larger role and become the symbol of a new generation of luxury goods. High-end fashion jewelry is a good industry, and lab grown diamonds rough will provide consumers with more "choices". The sensitivity of the younger generation to the cost of consumption will fuel the growth of lab grown diamonds rough in the jewelry industry in the coming years.

Applications in the field of electronic instruments will be the most important aspect of lab grown diamonds rough, including high-power optoelectronic devices, high-voltage electronic devices, light-emitting diodes, laser diodes, and high-frequency high-power devices, among others. In addition, the thermal conductivity of lab grown diamonds rough will also expand their applications in the semiconductor field. In short, the overall application volume of lab grown diamonds rough will take a leap in the coming years.

The regional market insight:

The Asia Pacific market will become a global center of gravity, and lab grown diamonds rough will be used in large quantities, especially in some countries with relatively fast industrial development, such as China. In smart manufacturing and high-end manufacturing industries, lab grown diamonds rough will show their strength.

In addition to China, the ASEAN region will also be an important application area for lab grown diamonds rough as it accounts for 25% of the region's total merchandise exports andwares, and the region even produces 80% of the world's hard disk devices.

There will be fierce competition among several world giants in lab grown diamond rough production, such as Applied Diamond Inc., Element Six, New Diamond Technology, Sandvik AB, Huajing, Huanghe, Zhongnan, Hydrya,etc. (among other names of companies, I won't bother to write here). There may be a certain phenomenon of mergers and acquisitions, or joint R&D cooperation, etc., so as to introduce lower cost lab grown diamond rough products.

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