The North America synthetic diamonds market is predicted to grow with a 9.04% CAGR during the forecasted period of 2022 to 2030, acquiring a revenue share of $9293.20 million by 2030.

The rapid growth in the industrial sector, such as increased construction as well as mining activities, the developing automobile and aerospace sector, and the increasing inclination towards jewelry made from synthetic diamonds, including special occasion and casual jewelry, are among the key factors attributed to the market growth of the region. However, the North America synthetic diamonds market is likely to be negatively impacted by the declining demand for synthetic diamonds due to the presence of substitutes.

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The North America synthetic diamonds market growth assessment comprises a detailed study of the United States and Canada. The healthcare sector in North America utilizes synthetic diamonds primarily for radiotherapy dosimetry detectors, surgical usage, and laser procedures. Moreover, it is also used in methods associated with disease diagnostics, including biosensing as well as neuroimaging. As the medical device industry is one of the most technically-advanced sectors in the United States, this factor is anticipated to propel the use of synthetic diamonds for varied medical purposes. In addition, the country’s medical device sector also holds a strong reputation for the production of cutting-edge goods globally, thus facilitating the demand for synthetic diamonds.

On the other hand, the manufacturing industries in Canada are expanding at a robust rate, owing to the strong R&D infrastructure as well as attractive business policies for local and international markets. Synthetic diamonds are predominantly utilized for cutting and drilling asphalt, concrete, and building materials across the construction sector in the country. In this regard, as per the Canadian Construction Association, the sector accounts for 70% of Canada’s small- and medium-sized enterprises (SMEs), generating nearly 7% of its gross domestic product (GDP). As businesses continue focusing on novel solutions, the demand for synthetic diamonds is expected to rise further. Hence, these factors are anticipated to augment the North America synthetic diamonds market growth during the estimated years.

The North America synthetic diamonds market is segmented into manufacturing process, color, distribution channel, and application. The manufacturing process segment includes high pressure high temperature (HPHT) and chemical vapor deposition (CVD). The manufacturing of synthetic diamonds using the process of high pressure high temperature (HPHT) replicates the formation process of organic diamonds. The process begins with a tiny diamond fragment, termed a seed crystal, placed in a cell inside a press with a metal catalyst. Moreover, a block of pure carbon, like graphite, is seated on top. While the pressure is under 55Kbar, the temperature ranges between 1400 to 1500°C.

Conversely, chemical vapor deposition (CVD) involves the introduction of a gas, such as methane, into a vacuum chamber, then activating as well as breaking down the gas molecules with microwaves. This leads to carbon atoms accumulating on a substrate. The CVD method is relatively less expensive since it works at moderate temperatures and low pressure, thus necessitating smaller and affordable equipment.

Some of the key companies operating in the North America synthetic diamonds market are Brilliant Earth LLC, WD Lab Grown Diamonds, etc.

Brilliant Earth LLC, headquartered in the United States, specializes in ethically sourced fine jewelry. With multiple showrooms across the country, the company provides lab-grown as well as natural gemstones and diamonds.

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