The North America Lab Grown Diamonds Market is projected to witness at a considerable CAGR during 2022-27, says MarkNtel Advisors in their research report. The market growth owes prominently to the growing inclination toward eco-friendly & sustainable products and the rapidly increasing adoption of lab-grown diamonds in the fashion & industrial sectors, owing to its lower price than and similar physical & chemical properties to natural diamonds.
Moreover, rapid advances in technologies, coupled with the constant research on manufacturing diamonds, which have enabled several manufacturers to grow these premium-quality diamonds rapidly & cheaply, is another prominent factor projected to drive the market in the years to come, further states the research report, "North America Lab Grown Diamonds Market Analysis, 2022."
According to the research report, the North America Lab Grown Diamonds Market, based on Application, segments into:
Of both, the Industrial application of lab-grown diamonds is anticipated to demonstrate mounting demand in the coming years. Industrial diamonds are known widely for their extreme hardness, but they have many flaws & irregular shapes and therefore have not as high value as gems. However, they are crucial in the mining & metalworking industries and are used for cutting & polishing materials & other diamonds like sapphires.
Moreover, Nissan's 'mirror bore' process involves drill bits & various other components that contain bits of diamonds to reduce friction inside the engine & enhance overall efficiency. Hence, the mounting use of industrial diamonds during the vehicle manufacturing process is expected to contribute significantly to the overall market growth in the coming years.
United States to Dominate the Market with the Largest Share through 2027
The US is one of the largest producers & consumers of lab-grown diamonds in North America. It is anticipated to transform its industrial diamond utilization from natural to lab-grown diamonds and attain the largest market share in the forecast period. According to the American Society of Civil Engineers, the US infrastructure currently grades at C- where some cities with a D+.
As a result, the government is investing substantially in several construction projects to transform the country's infrastructure. It, in turn, is significantly propelling the demand for lab-grown diamonds for various purposes like equipment manufacturing, drilling holes in materials that are difficult to machine, cutting curved profile holes, etc. Hence, the aspects cited above indicate that the US is projected to dominate the regional market in the coming years, reveals MarkNtel Advisors in their research report, "North America Lab Grown Diamonds Market Analysis, 2022."
Key Market Competitors
According to MarkNtel Advisors, the leading players in the North America Lab Grown Diamonds Market are Apollo Diamond, ALTR Created Diamonds, De Beers, Scio Diamond Technology Corporation, WD Lab Grown Diamonds, Green Rocks, Brilliant Earth, ADA Diamonds, and Applied Diamond Inc.
Key Questions Answered in the Study