Global Moissanite Market - WishTree Insight

Global Moissanite Market by Source (Natural and Synthetic), Application (Jewellery and Others), and Regions, The Asia Pacific, Middle East Africa, Europe, North America, and Latin America) - Global Industry Analysis, Share, Growth, Trends, Size, and Forecast 2021 – 2031

The moissanite market size was valued at USD 38.2 million in 2021 and is expected to surpass USD 1.9 billion by 2031, expanding at a CAGR of 6.9 % during the forecast period, 2021–2031. The market's growth is attributed to technological advancements, product innovation, and design enhancements.

INTRODUCTION

Moissanite occurs as silicon carbide. It is a rare mineral, its chemical equation is SiC. It is used in the creation of LED light bulbs. A French Chemist Henri Moissan discovered moissanite in 1893. Due to its optical, hardness, and thermal conductivity property it is valuable for industrial and other commercial applications. It is used as an alternative to diamond as it has low cost and does not exhibit yellow over a period of time. In electronic devices, moissanite is used as an energy storage system, for the protection of circuits of motors, and actuators. It is also used in crucibles, furnaces, and turbine blades where temperature and chemical resistance is required. It is used in forensic dosimetry, experiments involving high-pressure cells or high-pressure press in the form of gasket material, employed in optical windows of anvils used in high-pressure applications, and others.

Market Trends, Drivers, Restraints, and Opportunities

• Due to low cost, it is used as an alternative to diamonds, which is driving the market.
• Covid-19 outbreak has impeded the demand for moissanite in the market.
• Rise in the trend of precious stones and jewelry as a status symbol has appealed to customers and has created lucrative growth in the market.
• The demand for moissanite in various industries is expected to create growth in the moissanite market.

Scope of the Report

Market Segment Insights

The synthetic segment is projected to register a considerable CAGR

Based on the source, the moissanite market is divided into natural and synthetic. The synthetic segment is expected to expand rapidly during the forecast period. However, the natural segment is anticipated to hold a key share of the market in the coming years.

The jewelry segment is expected to expand at a rapid pace

Based on application, the moissanite market is divided into jewelry and others. The jewelry segment is expected to expand rapidly during the forecast period.

The North American region is anticipated to constitute a key market share

In terms of regions, the moissanite market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market of the North American region is expected to constitute a key share of the market during the projected period. The market is driven by growth and sales in the region. The increase in demand for moissanite as a substitute for diamonds and increased disposable income have created lucrative growth in the market. However, the market of the Asia Pacific and Europe is anticipated to expand at a rapid pace during the forecast period.

Competitive Landscape

Key players competing in the Moissanite market are Moissanite International (Australia); Norstel AB (Sweden); Charles & Colvard (U.S.); Wuzhou Changsheng Gems (China); Cree Inc (U.S.)

FAQs

How much is the market worth?

The moissanite market size was valued at USD 38.2 million in 2021 and is expected to surpass USD 1.9 billion by 2031.

During the forecast period, what is the CAGR of the market?

During the forecast period, the CAGR of the market is expected to be 6.9%.

What are the key drivers of the market?

The market's growth is attributed to technological advancements, product innovation, and design enhancements.

What segments are covered in the moissanite report?

The segments covered in the report are the source (natural and synthetic), and application (jewellery and others).

Mention which region is expected to hold the highest share of the moissanite market.

The North American region is expected to hold the highest share of the moissanite market.

Which segment holds the largest market share in the moissanite by 2031?

The jewelry segment holds the largest market share in moissanite by 2031.