Moissanite is a lab-created gemstone that is generally perceived as a diamond substitute by consumers. Moissanite is composed of silicon carbide and is created through a thermal process that is patented by Charles & Colvard Ltd, the only manufacturer of Moissanite across the globe. Moissanite has a refractive index of 2.65. Its hardness on Mohs scale is 9.5, which makes Moissanite highly scratch-resistant. Moissanite is available at one-tenth price of the diamond. The differences between the two stones are pretty difficult to spot and can only be detected by a trained eye. Moissanite is also more durable and does not exhibit a yellowish color, unlike other diamond substitutes after a definite period of time.
The global moissanite market is anticipated to grow from US$ 25.5 Mn in 2014 to US$ 48.83 Mn by 2025, expanding at a CAGR of 6.2% during the forecast period (2015–2025). Rising disposable income, coupled with increasing the inclination of consumers towards pocket-friendly luxurious jewelry products is expected to drive the global market growth over the forecast period. In addition, rising consumer adoption of moissanite as a gemstone similar to diamond is further expected to fuel the market growth.
In 2014, the rings segment was valued at US$ 20.42 Mn and is expected to account for US$ 40.60 Mn by the end of 2025. The earrings segment is also expected to expand at a favorable growth rate over the forecast period. The earrings segment was valued at US$ 2.52 Mn in 2014 and is expected to reach US$ 4.47 Mn at the end of 2025. The rise in an adoption of bigger and multi-colored moissanite stone studded earrings is expected to drive the segment growth over the forecast period.
In 2014, the North America moissanite market was valued at US$ 22.46 Mn and is expected to reach US$ 43.56 Mn by the end of 2025. In terms of value, the market in the region is expected to account for the highest CAGR of 6.3% over the forecast period, followed by the Europe market. Unlike moissanite, other synthetic diamonds such as cubic zirconia lose their luster after a certain period of time, due to which consumer preference in Europe is shifting towards the moissanite stone, which is expected to fuel the market growth across the region further over the forecast period.
Currently, Charles & Colvard, Ltd. is the only player operating in the market. Meanwhile, Cree Inc. and Norstel AB are the key raw material suppliers in the global moissanite market.
The global moissanite market is witnessing a favorable growth, due to its similar properties and characteristics to diamond. It is available for about one-tenth price of a standard diamond, which is the most important factor driving its market growth currently. Besides, the increasing inclination of the people towards luxurious jewelry products is also fueling the market growth.
To understand and assess the opportunities in this market, the report is categorically split into two sections, namely market analysis by application and region. The report analyzes the global moissanite market in terms of market value (US$ Mn).
The report starts with an overview of the global moissanite market and its growth factor impact analysis. In the same section, PMR covers the global moissanite market performance in terms of revenue. This section includes PMR’s analysis of the key trends, drivers, opportunities, and restraints in the global market. Impact analysis of the key growth drivers and restraints, based on the weighted average model, is included in this report to better equip clients with crystal clear decision-making insights.
Rising awareness, coupled with the strengthening of the distribution network, is expected to fuel the growth of the global moissanite market over the forecast period.
The section that follows analyzes the market on the basis of region and presents the market size in terms of value for the forecast period (2015–2025).
Regions covered in the report are as follows:
Of the aforementioned segments, the North America market is expected to expand at the highest CAGR of 6.3% during the forecast period in terms of value. However, Asia-Pacific market is expected to grow at the faster rate during the forecast period. Moreover, in terms of value share, North America is expected to account for the highest value share of the overall market, followed by Asia-Pacific.
The next section of the report analyzes the market on the basis of application and evaluates the market size in terms of value for the forecast period.
On the basis of application, the market is segmented into:
Of the aforementioned application, the rings segment is expected to expand at the highest CAGR of 6.5% during the forecast period in terms of value. The earrings segment is expected to expand at a promising growth rate during the forecast period. In terms of value, the ring segment is expected to account for the highest share of the global market, followed by the earrings segment.