The global moissanite market is on a steadfast growth trajectory due to several reasons. For instance, the diamond-like physical characteristics of moissanite, increasing consumer awareness about the product, and the increasing inclination of consumers towards purchase of luxury jewelry products are cited as some prominent reasons for the same. These factors will result in the global moissanite market expanding at a CAGR of 6.2% between 2015 and 2025 and the market’s valuation increasing from US$26.8 bn in 2015 to US$48.8 bn by 2025.
However, the market faces several challenges, leading to impeded growth. The emergence of new technologies that have enabled the creation of higher-grade gemstones than moissanite is one of the major impediments to this market’s growth. Moissanites are silicon carbide compounds and are artificially created in a laboratory environment through a thermal process, which is patented by Charles & Colvard Ltd. It holds an exclusive patent on the thermal process and is the sole manufacturer of moissanite across the globe. Nevertheless, in spite of the creation of other gemstones that have better attributes than moissanite, the product held a fair share in the overall gemstones market. Moissanite held a share of close to 1.6% in the global gemstone market in 2015.
Rings Application Segment Dominated Moissanite Market in 2015
By application, the segments of the moissanite market are rings, bracelets, earrings, and pendants. In 2015, the rings application segment held a whopping 80.4% of the global market and will display a moderate 6.5% CAGR in terms of revenue from 2015 to 2025. In absolute numbers, in 2014, the valuation of the rings segment was US$20.4 bn and is expected to reach US$40.6 bn by 2025. Moissanite rings are significantly popular among consumers and are purchased either for self-use or for gift purposes.
On the other hand, earrings held a revenue share of 9.8% in the global market in 2015 and the application segment will register a 6.0% CAGR from 2015 to 2025. The increasing purchase of big-sized earrings that are studded with moissanite stones is the reason that will fuel the growth of this application segment.
North America to Display 6.3% CAGR 2015-2025
In terms of a geographical breakdown, North America, Asia Pacific, the Middle East and Africa, Latin America, and Europe are the regional segments of the global moissanite market. North America held the largest share of 88.2% in the global market in 2015. The region will display a CAGR of 6.3% in terms of value for the 2015-2025 period. This is mainly due to the increasing purchase of imitation jewelry that is easy on the pocket and proffers the luxury quotient as well.
Europe stands as the second largest market for moissanite in terms of revenue. In this region, consumers are exhibiting a growing preference for moissanite in place of other types of synthetic diamonds such as cubic zirconia, which will fuel growth of this regional market.
In matters of competition, Charles & Colvard Ltd. holds a complete monopoly on the global moissanite market, since the enterprise is the only manufacturer of moissanite in the world. Cree Inc. and Norsel AB are some of the major raw material suppliers in this market.
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