Garnet Market Set to Soar, Predicted to Reach $1.18 Billion by 2033 with 5.5% CAGR Growth

The global Garnet Market (Granatmarked) is valued at approximately USD 688.6 million in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 5.5% from 2023 to 2033. While the global economy is currently grappling with inflation and disruptions in supply chains, there are also favorable trends that are anticipated to bolster the demand for garnets in the short run. Long-term forecasts for the global garnet market are optimistic, with growth expected to be driven by several factors. These include rising demand for renewable energy technologies, leading to increased garnet usage in solar panels and wind turbines, as well as expanding application of garnets in the automotive industry, particularly in brake pads and clutch discs.

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Key Takeaways from Market Study

The global garnet market (Margadh Garnet) is set to grow at a compound annual growth rate (CAGR) of 5.5%, reaching an estimated value of USD 1.18 billion by the end of 2033. In 2022, the market was valued at USD 652.7 million, having grown at a CAGR of 4.5% from 2018 to 2022. This steady growth highlights the increasing demand for garnet across various industries, such as waterjet cutting, abrasive blasting, and water filtration. The rise in infrastructure development and manufacturing activities worldwide is further propelling the market's expansion. Key players driving this growth include GMA Garnet Group, Indian Ocean Garnet Sands Company Ltd., Trimex Sands Private Limited, Barton International, Zircon Mineral Co., Mohawk Garnet Inc., Opta Minerals Inc., V.V. Mineral Pvt. Ltd., Beach Minerals Company, and Rizhao Garnet Ltd., each contributing significantly to the market through innovative products and strategic partnerships.

The United States garnet market is particularly noteworthy, with projections estimating it will reach a valuation of USD 153 million by the end of 2033. This anticipated growth is attributed to the country's robust industrial sector and the increasing application of garnet in various high-precision and heavy-duty industrial processes. The strategic presence of prominent market players and the continuous advancements in garnet extraction and processing technologies are enhancing the market's potential. As the demand for high-quality abrasive materials continues to rise, the garnet market is poised for substantial growth, reflecting broader trends in industrial development and technological innovation across the globe.

List of Key Companies Profiled in The Report

GMA Garnet Group
Indian Ocean Garnet Sands Company Ltd.
Trimex Sands Private Limited
Barton International
Zircon Mineral Co.
Mohawk Garnet Inc.
Opta Minerals Inc.
V. Mineral Pvt. Ltd.
Beach Minerals Company
Others

The water jet cutting sector is projected to dominate the market from 2023 to 2033, accounting for approximately 37% of the market by the end of 2033. The global water-jet cutting market is anticipated to advance at a CAGR of 4.6% from 2022 to 2033. In this market, garnet abrasives are predicted to make up about 70% of the abrasives used in water jet cutting.

Water jet cutting, an unconventional machining technique, employs a high-pressure stream of water to cut through various materials. This versatile process can effectively cut metals, plastics, and composites, among other materials. The utilization of water jet cutting is on the rise across industries such as automotive, aerospace, and manufacturing. Given these factors, the demand for garnets is expected to experience a significant surge in the upcoming years.

More Valuable Insights on Offer

Fact.MR, in its new offering, provides an unbiased analysis of the garnet market, presenting historical market data for 2018 to 2022 and forecast statistics from 2023 to 2033.

The study reveals essential insights based on product type (almandine, andradite, grossular, pyrope, spessartine, uvarovite) and application (water-jet cutting, abrasive blasting, water filtration, abrasive powder, others), across regions of the world (North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa).

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Market Growth Stratagems

Strategies employed by companies to enhance their profits include acquiring smaller competitors, conducting ongoing research and development for new applications, introducing and marketing new garnet products, forming lasting partnerships and collaborations, exploring innovative approaches to garnet formulations, prioritizing sustainability, expanding their product offerings, and ensuring compliance with regulations.

As an illustration of such strategies, in 2023, Mineral Commodities entered into off-take agreements with its partners at GMA Group. This move serves to secure the future sales of garnet concentrate, reducing uncertainty, improving cash flow, bolstering negotiating strength, and laying the groundwork for market expansion.

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This release was published on openPR.