The global Industrial Garnet Market comprises a wide range of products that are employed in numerous applications such as abrasive blasting, water jet cutting, water filtration, abrasive powders, and others. Garnet possesses physical characteristics that make it suitable for a multitude of industrial applications requiring hardness, wear resistance, and thermal and chemical stability. It provides an economical substitute for expensive raw materials like diamonds and produces excellent results in precision drilling, grinding, lapping, and finishing operations.
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:
Increased usage of garnet in abrasive blasting applications has propelled the growth of the industrial garnet market over the past few years. Abrasive blasting is a process that utilizes compressed air or water to propel abrasive materials such as garnet onto surfaces to remove paint and coatings, rust, mill scale, and contamination. It helps improve the surface quality for coatings application and is extensively adopted across industries such as marine, automotive, construction, and aerospace. Garnet offers benefits such as high hardness and angular particles that enable efficient material removal along with minimum dust creation. Additionally, being a natural material, garnet produces less toxic waste during blasting when compared to other abrasives like copper and silicon carbide, making it a more eco-friendly option. These advantages have led to surging demand from abrasive blasting applications and strengthened the market position of industrial garnet globally.
SWOT Analysis
- Strength: Industrial garnet’s versatility across various applications such as water jet cutting, abrasive blasting, water filtration and more enhances its demand.
- Weakness: Fluctuating raw material prices pose a challenge.
- Opportunity: Growing construction and automotive industries widen the scope of utilization of industrial garnet.
- Threats: Availability of substitute materials can hamper the market growth. Stringent regulations regarding mining also act as a threat.
Key Takeaways
The global industrial garnet market is expected to witness high growth supported by increasing construction activities worldwide. 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.
The Asia Pacific region currently dominates the industrial garnet market and is expected to witness the fastest growth during the forecast period owing to growing construction and automotive industries in China, India and other Asian countries.
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 market is consolidated in nature with the top players accounting for a major share. Key players are focusing on capacity expansion and new product launches 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
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