The diamond substrate market has been negatively affected during the coronavirus outbreak. Halted businesses, lockdowns, and disruptions in supply chain have caused tremendous losses for the market players in the diamond substrate market across the globe. It is a challenge for market contributors to survive and create value-grab opportunities to increase revenue. Companies in the diamond substrate market are trying to manage supply chain interruptions. The strong presence of companies operating in the diamond substrate market is contributing to the market growth amid COVID-19 pandemic. With the subsiding coronavirus cases in most of the countries, manufacturers are increasing their efforts to ensure business continuity.
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Increasing applications of synthetic diamond in different end-use industries is due to its unmatched chemical, physical, and mechanical properties such as high strength, thermal conductivity, resistance to chemical corrosion, high electrical resistivity, and low thermal expansion. Superior dielectric properties of diamond make it excellent material for electronic component. Diamond being one of the hardest metals on earth is used for various industrial applications, and this demand is continuously rising. Increasing applications of synthetic diamond in electronics & semiconductor industry, optical components, and cutting tools drive the global market. Applications in diamond detectors and optical systems creating lucrative revenue streams for manufacturers.
Lab grown diamonds using CVD and HPHT methods are increasing popular among various end-use industries. Chemical Vapor Deposition (CVD) is a technique wherein diamonds can be grown in a controlled environment from a hydrocarbon gas mixture. In a vacuum chamber, a thin seed diamond is placed, filled with gases such as hydrogen and methane, and then subjected to high temperatures. This heat turns the gases into plasma, which help in binding the layers of the diamonds. The increasing demand for CVD diamond substrate from the optical industry is creating income sources for the market players. The CVD diamond is an important component for manufacturing infrared windows, lenses, X-ray windows, cutting tools, machineries, etc. due to its outstanding properties.
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The diamond substrate market is expected to expand at a CAGR of 12.9% during the forecast period. The diamond substrate market is projected to reach the valuation of US$ 282.38 Mn by 2031. This growth is due to the increasing adoption of diamond substrate in various end-use industries such as healthcare, telecommunication, power electronics, defense & aerospace, semiconductor industries, etc. The adoption of diamond substrate in thermal applications, heat spreaders, and ionizing radiation detectors is also contributing to the diamond substrate market growth.
The increasing adoption of diamond substrate in various end-use industries in the U.S. and Canada creates growth opportunities for the manufacturers in the diamond substrate market in North America. The increasing R&D activities in diamond is expected to witness significant growth in the diamond substrate market. Industrialization, well-established market players, technological advancements, and the widespread acceptance of diamond substrate in the aerospace & defense sector, power electronics, health care, mechanical applications, etc. is further driving the diamond substrate market in the region. The diamond substrate market is also driven by the increasing government initiatives by investing in manufacturing units in North America.
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