Garnet Market to Witness Steady Growth at 4.5% CAGR During 2018-2026
Persistence Market Research (PMR) delivers key insights on the global garnet market in its upcoming outlook titled, “Garnet Market: Global Industry Analysis 2013-2017 and Forecast 2018-2026”. In terms of value, the global Garnet market is projected to register a healthy CAGR of 4.5% during the forecast period due to various factors, regarding which PMR offers vital insights in detail.
Scope of the Report
The garnet market is segmented on the basis of type, application, and region. On the basis of the type, the global garnet market is segmented into almandine, andradite, grossular, pyrope, spessartine, and uvarovite. The almadine segment is expected to dominate the global garnet market in terms of both value and volume resulted by the ease of availability and low cost of production for almadine related products. On the basis of application, the garnet market is segmented into jewelry, industrial, and others. The industrial segment is further sub-segmented into water jet cutting, abrasive blasting, water filtration, abrasive powder, and others. The industrial segment is expected to dominate the global garnet market owing to the versatile application and comparatively larger volume demand for garnet.
APAC Region Critical for Key Players in the Garnet Market
The garnet market in Middle East and Africa region is expected to register high growth rates between 2018 and 2026. APAC is expected to remain the largest market through 2026, followed by the Middle East and Africa. North America and Europe are anticipated to express mature market dynamics. ASEAN region is expected to account for a significant growth within Asia Pacific. China is also expected to account for a significantly high market share in terms of volume in the global garnet market.
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Industrial Garnet to Remain the Most Common Application in the Garnet Market
The demand for garnet has increased considerably over the last decade owing to its versatile application in abrasive and fabrication industry. Inertness, hardness, and resistance to degradation properties of garnet make it commercially viable. These properties offer superior performance when compared to other minerals. As a result, garnet finds application as an abrasive and filtration raw material among others, which is a major factor driving the growth of the global industrial garnet market. Owing to its environmental friendliness and excellent recyclability of the garnet products major initiatives are underway to replace traditional abrasive products and media’s with garnet. Governments in certain countries such as Australia, India, and Canada are encouraging mining exploration activities by initiating various schemes aimed at attracting foreign investments. This, in turn, is expected to drive the growth of the global industrial garnet market to a certain extent. Various abrasive manufacturers lay emphasis on designing and introducing new equipment for the recycling of used garnet in order to reduce disposal volumes and provide maximum cost saving through repeated usage. These manufacturers also focus on recycling used or disposed garnet from various industries in order to retain good-quality garnet that can be resold.
Increasing per capita spending for luxury goods in developing region supported by strong economic growth is expected to drive the jewellery segment over the forecast period hence, a higher growth rate is expected to be expressed by the segment over the forecast period. The new application is expected to attract manufacturers to diversify their product offering leading to the quick adoption of the same in the product portfolio driving the global garnet market over the forecast period.
Global Garnet Market: Competition Dashboard
This report covers trends driving each segment and offers analysis and insights into the potential of the Garnet market in specific regions. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the Garnet space. Garnet key players include GMA Garnet Pty Ltd., Indian Ocean Garnet Sands Company Pvt. Ltd., Barton International, V.V. Mineral, Industrial Mineral Company, Indian Rare Earths Limited., Sibelco, Zircon Mineral Company, Trimex Sands Pvt Ltd., and Dev International.
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Global Garnet Market: Key Insights
The growth of the garnet market is supported by the benefits of garnet as a substitute to a number of synthetic and inefficient products. Manufacturers are expected to establish a number of long-term contracts with major consumers, owing to the fact that, garnets are recyclable, and same business entities are taking care of the recycling of garnet, which is more cost-effective to both parties in a long-term contract. This has been attributed to a number of players offering recycling services with their existing garnet product portfolio to attract such long-term users.