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CVD Lab-Grown Diamonds Market to Reach $15.9 Billion by 2027: Growth Drivers and Key Applications

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Danny Briggs
CVD Lab-Grown Diamonds Market to Reach $15.9 Billion by 2027: Growth Drivers and Key Applications

The CVD lab-grown diamond market is projected to grow from USD 11.3 billion in 2022 to USD 15.9 billion by 2027, at a CAGR of 7.1% from 2022 to 2027.  Shifting consumer preference, especially among millennials, towards lab-grown diamonds is expected to drive the CVD lab-grown diamond market.

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CVD lab-grown diamonds find application in machine & cutting tools, heat sinks & exchangers, electronics, optical, healthcare, and various other applications. CVD diamond's hardness, chemically inert characteristics, and affordability have increased its demand in various industrial applications. The polished type of CVD lab-grown diamond market is projected to be the fastest-growing segment from 2022 to 2027. Polished CVD diamonds are used in jewelry making. Currently, the demand for CVD diamonds is increasing in the jewelry segment.

The colored segment of by color segment of CVD lab-grown diamond market is projected to be the fastest-growing segment from 2022 to 2027. Colored CVD diamonds are used in jewelry, optical & laser, and electronic applications. The growth of these applications is expected to drive the growth of colored lab-grown diamonds.

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The gemstones application segment of the CVD lab-grown diamond market is projected to be the fastest-growing segment during 2022 to 2027. The number of engagement rings sold with lab-grown diamonds is increasing. Factors such as affordability, and eco-friendliness have increased the consumption of lab-grown diamonds such as CVD diamonds in gemstone application.

Asia Pacific is projected to be the fastest-growing market for CVD lab-grown market during the forecast period. The region is one of the major exporters of CVD lab-grown diamonds. India and China are two major CVD lab-grown diamond manufacturers in the Asia Pacific region.

Companies such as De Beers Group (UK), Sumitomo Electric Industries Ltd. (Japan), Bhandari Lab Grown Diamonds LLP (India), Hebei Plasma Diamond Technology Co., Ltd. (China), and SP3 Diamond Technologies (US) fall under the winners’ category. These are leading players in the CVD lab-grown diamond market, globally. These players have adopted the strategies of new product launch, acquisitions, and agreements to fulfill the rising demand for CVD lab-grown diamonds on the regional as well as global levels.

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