Garnet Market to Surpass US$ 1.18 Billion at a CAGR of 5.5% by 2033: Fact.MR Report

North America has solidified its top position as the major revenue contributor to the worldwide Garnet market, boasting a significant share of 27.5%.

Rockville , Oct. 11, 2023 (GLOBE NEWSWIRE) — As per a study done by expert analysts at Fact.MR, a provider of market research and competitive intelligence, the global Garnet Market is estimated to be valued at US$ 688.6 million in 2023 and is projected to expand at a 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 Segments of Garnet Industry Research Report

Key Takeaways from Market Study

• The global garnet market is projected to expand at 5.5% CAGR and reach US$ 1.18 billion by the end of 2033.
• The market was pegged at US$ 652.7 million in 2022 after expanding at a CAGR of 4.5% from 2018 to 2022.
• Prominent market players 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.
• The United States garnet market is estimated to reach a valuation of US$ 153 million by the end of 2033.

“Garnet usage expected to be extensive in water jet cutting applications over the coming years,” says a Fact.MR analyst.

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.

Effective growth strategies are instrumental in mitigating risks, enhancing financial performance, strengthening market influence, and establishing a solid foundation for future growth.

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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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