The Europe synthetic diamonds market is set to rise with a CAGR of 8.85% across the forecasted years of 2022 to 2030. The regional market’s growth is fuelled by key factors such as the development of the automobile and aerospace sector as well as the rapidly emerging mining and construction industry.
The Europe synthetic diamonds market growth evaluation includes the analysis of the United Kingdom, Spain, Italy, Belgium, Germany, France, and Rest of Europe. As the third-largest economy in Europe. France recorded a gross domestic product (GDP) growth of 1.5% in 2019. The nation has also become an appealing destination for international investments, on account of the significant and emerging market, in addition to the financial support from its government. Furthermore, following Brexit, Paris is also anticipated to become the new center for the European Union (EU).
In the French oil & gas industry, synthetic diamond is primarily used in exploration and drilling activities. In April 2021, as per the National Institute of Statistics and Economic Studies (INSEE), the country’s mining production rose by 128% compared to the previous year. This figure is expected to continue rising due to the growing need for construction-related materials as well as commodities minerals, consequently fueling the demand for synthetic diamonds utilized in excavation and other mining equipment and tools. Therefore, such factors are set to reinforce the market growth in Europe over the projected years.
LabGems, Diam Concept, etc., are among the top firms operating in the market.
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