Industrial garnet possesses properties like hardness, density and angularity that make it suitable for use in abrasive blasting and water jet cutting applications. It is also used as a filtration media in water treatment plants for removal of suspended particles from water. The global Industrial Garnet Market is estimated to be valued at US$ 1024.4 Mn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The widespread application of industrial garnet in abrasive blasting has been a major factor propelling the growth of the industrial garnet market. Abrasive blasting using garnet helps clean industrial equipment and ship hulls without damaging the surface. It is also used for surface preparation prior to painting. Garnet has supplanted conventional abrasives like silica sand in blasting due to stringent regulations regarding silica dust emissions. Furthermore, industrial garnet aids in faster cut speeds and better edge quality in water jet cutting of tough materials like steel and ceramics. Rapid industrialization and infrastructure development are anticipated to augment the consumption of garnet in various end-use industries over the forecast period.
SWOT Analysis
- Strength: Industrial garnet has variety of applications in industries like water jet cutting, abrasive blasting, water filtration and more due to its hardness. It can be substitute for expensive abrasives like silicon carbide or aluminium oxide.
- Weakness: Dependency on few mining regions for garnet supply can impact prices. Garnet mining requires labor-intensive open-pit mining which limits production.
- Opportunity: Growing demand from abrasive industry especially for waterjet cutting applications due to its hardness. Use of garnet in telescopic lenses and radar systems offers new opportunities. Rising machinery industry in developing nations boosts industrial garnet consumption.
- Threats: Fluctuations in raw material prices impact production costs. Strong competition from cost-effective alternatives limits market potential. Stringent mining regulations can hamper supply from key mining regions.
Key Takeaways
The global industrial garnet market is expected to witness high growth over the forecast period.
Asia Pacific currently dominates the market and is expected to maintain its leading position during the forecast period driven by industrial growth in major countries like India and China. The industrial garnet consumption is rising in APAC region for applications in waterjet cutting and abrasive blasting owing to expanding automotive, electronics and aerospace industries.
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. The industrial garnet producers are focused on capacity expansion plans and long term supply agreements with end use industries to sustain in the fragmented and price sensitive market.
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