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.
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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.
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