by The Industrial Garnet Market is estimated to be valued at US$ 690.56 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Industrial garnet consists of different types of garnets such as almandine, andradite, grossular, pyrope, spessartine and uvarovite which find extensive applications in abrasive blasting, water jet cutting, water filtration, abrasive powder, and other industrial uses. The key properties which make garnet an ideal material for industrial applications include its hardness, durability, chemical inertness, thermal resistance and angular fracture habit. Waterjet cutting technology involves high pressure water or water mixed with an abrasive material like garnet for cutting hard and delicate materials. The sharp, angular grains of garnet are ideal for waterjet cutting of tile, stone, glass and metal.
Market Dynamics:
The growth of the industrial garnet market is driven by increasing usage of garnet in waterjet cutting applications. Waterjet cutting technology is finding greater acceptance in automotive, aerospace, electronics and other manufacturing industries due to its precision and flexibility of cutting intricate shapes without causing heat stress to the materials. Garnet acts as an efficient abrasive material in waterjet cutting by shaping water into a high-powered stream. Another driver for the market is rising use of garnet in abrasive blasting for surface preparation of metals prior to coating or painting.Garnet is a preferred material for abrasive blasting due to its hardness and safety against silica. Growing construction activities globally are also augmenting the consumption of garnet for applications such as water filtration and tile production. However, availability of substitute abrasive materials may hamper the market growth over the forecast period.
Segment Analysis
The global industrial garnet market is segmented into almandine, pyrope, spessartine, uvarovite, and andradite. The almandine segment dominates the market and accounted for more than 35% of the total market share in 2022 due to the widespread applications of almandine garnet in water jet cutting and abrasive blasting. Almandine garnet possesses high hardness and strength properties, making it suitable for abrasive and water jet cutting applications.
PEST Analysis
Political: Many countries have implemented stringent regulations regarding mining activities in order to ensure environmental protection and safety of miners. This may increase operational costs for garnet mining companies.
Economic: The growth of end-use industries such as waterjet cutting, abrasive blasting, water filtration, and others is propelling the demand for industrial garnet. Additionally, rising investments in infrastructure projects are augmenting the consumption of garnet.
Social: With growing awareness regarding the depletion of natural resources, end-users are increasingly preferring recycled garnet over raw garnet. This will provide opportunities for recycled garnet producers in the coming years.
Technological: Development of advanced mining and processing technologies allows for more efficient extraction and grading of garnet, thus increasing yields. Investments towards innovation are helping players strengthen their supply chain management as well.
Key Takeaways
The global industrial garnet market is expected to witness high growth, exhibiting CAGR of 5.8% over the forecast period, due to increasing demand from abrasive blasting and water jet cutting applications. The market size is projected to increase from US$ 690.56 Bn in 2023 to US$ 987 Mn by 2030.
On the regional front, Asia Pacific dominated the global industrial garnet market and accounted for over 40% of the global demand in 2022. This can be attributed to the presence of large garnet reserves and growth of end-use industries in the region. China, India, and Vietnam are the key markets for industrial garnet in Asia Pacific.
Key players operating in the industrial garnet market are 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. These players are focusing on capacity expansion, acquisition & merger activities, and product portfolio diversification to strengthen their market position.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
