INDUSTRIAL GARNET MARKET ANALYSIS

Global Industrial Garnet market was valued at US$ 652.7 Million in 2022, exhibiting a CAGR of 5.8 % in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 1024.4 Million by 2030.

Garnets belong to the silicate mineral group and are one of the toughest minerals, which makes it ideal for use as an effective abrasive across various manufacturing facilities. Garnet is mainly found across igneous, metamorphic, and sedimentary rocks. Garnet is mostly mined for industrial applications and very few numbers of garnet are flawless and pure to be mined as a gemstone. However, most of the garnets are crushed and used to make abrasives across various industries. Garnet is also used to be garnet sandpaper, discs, sanding belts, and strips.

Global Industrial Garnet Market- Impact of Coronavirus (Covid-19) Pandemic

The COVID-19 outbreak had negatively impacted the global Industrial Garnet market, owing to the strict lockdown and stringent regulations, followed by the government, and thus, there was a decrease in demand for Industrial Garnet. Moreover, the production process of the Industrial Garnet is disrupted due to social distancing and lack of manpower. The market had been impacted by political and economic developments in addition to the pandemic. For instance, the industry was impacted by international trade disputes, alterations in governmental regulations, and variations in exchange rates. Although growing demand for Industrial Garnet after COVID-19 is expected to witness significant market growth during the forecast period.

Figure 1. Global Industrial Garnet Market, By Application, 2022

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Global Industrial Garnet Market - Growth Drivers

• Rising demand for garnet from various manufacturing industries

Rising demand for garnet from various manufacturing industries due to its excellent properties hardness, inertness, and resistance to degradation is expected to propel the market growth of garnets. These properties of garnets provide superior performance compared to other minerals. Because of its high-performance properties which makes it ideal abrasive and filtration raw material. This is expected to augment the market growth of industrial garnet.

• Garnet is considered as a suitable alternative of hazardous minerals

Garnet is considered as a suitable alternative of hazardous minerals such as silica and slags contain silica and other toxic metals are expected to propel the market growth of garnets. Garnet is a suitable alternate source of the aforementioned minerals and is also eco-friendly. Moreover, various have banned the use of silica minerals due to rising environmental concerns and need to reduce the health risk associated with the exposure. This is projected to augment the market growth of garnets.

Global Industrial Garnet Market- Restraints

• Environmental issues associated with the mining of gemstones

Environmental issues associated with the mining of gemstones such as land degradation, contamination of water, and effects on biodiversity and wild is expected to hamper the market growth of industrial garnet. Furthermore, rising demand for garnet from various manufacturing industriesis expected to witness significant market growth in the upcoming forecast period.

• Dispose of chemicals used in garnet manufacturing

Dispose of chemicals used in garnet manufacturing such as the polishing and cutting process is another major factor expected to hinder the market growth of industrial garnet. An important barrier to the growth of the industrial garnet market worldwide is the disposal of chemicals used in garnet production. In addition, finding ways to get rid of used garnet is expensive in terms of transportation, packaging, and labour. Therefore, this issue is expected to hamper the global industrial garnet market growth. Furthermore, increasing demand of garnet in water jet cutting, abrasive blasting, water filtration, and abrasive powders is expected to witness significant market growth in the upcoming forecast period.

Figure 2. Global Industrial Garnet Market, By Region, 2022

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Global Industrial Garnet Market- Opportunities

• Growing use of industrial garnet as a proppant across few industries

The growing use of industrial garnet as a proppant across few industries such as petroleum because it increased performance, reduce chemical leaching, and negative impact on the environment is expected to provide enormous growth opportunities to the market. Moreover, rising adoption of garnet across oil & gas drilling industry as an oil & gas reservoir fracturing proppant, is further expected to foster the market growth of the industrial garnet.

• Increasing focus of manufacturers on the recycling of used garnet

Increasing focus of manufacturers on the recycling of used garnet by introducing new equipment and technology in order to reduce the volume of garnet disposal is expected to augment the market growth. The recycled garnet can retain good quality and can be resold for various industrial applications. This is expected to accelerate the market growth of industrial garnet.

Global Industrial Garnet Market- Trends

• Increasing focus of the government to increase the mining of garnet

Increasing focus of the government to increase the mining of garnet is expected to augment the market growth of industrial garnet over the forecast period. Various countries of government are encouraging manufacturers to increase the mining of garnets in order to meet the rising demand around the globe. Thus, increasing such initiatives from the government in order to increase the mining of garnet will favor the market growth of industrial garnet.

• Rising trend of mining high-grade garnet ores across countries

Rising trend of mining high-grade garnet ores across countries such as China, India, and Australia which have abundant resources of garnet and also offer garnet products. The various manufacturer is highly focussing on mining of high-grade garnet along with the other marble, kyanite, and mica minerals that occur with the garnet are expected to augment the market growth of garnet over the forecast period.

Global Industrial Garnet Market- Segmentation

By application, the global Industrial Garnet market is segmented into water jet cutting, abrasive blasting, water filteration, abrasive powders and others. The abrasive blasting segment held the largest market share in 2022, and is further projected to exhibitthe highest CAGR during the forecast period, growing demand for abrasive blasting across various  industries such as automotive, aerospace, construction, and marine is expected to witness significant market growth during forecast period. The main use of industrial garnet is for abrasive blasting. In addition, waterjet cutting makes the most usage of garnet, followed by abrasive blasting, water filtration, abrasive powders, and other applications. Due to garnet's great hardness, durability, and low dust emission, it is favored for use in abrasive blasting.

Global Industrial Garnet Market– Recent Developments

• In April 2023, ASX- listed Mineral commodities have signed multiple agreements to lock in future sales of garnet concentrate from Tormin mineral sands operations on South Africa's Western Cape with offtake partners, GMA Group.
• In August 2021, South of Kalbarri in the Midwest, a new mineral sands mine from the Australian Garnet Mine at Lucky Bay is anticipated to open; at its height, it will process up to 7.5 million tons of garnet-rich sand.
• In August 2021, The Australian Garnet Mine at Lucky Bay is expected to begin a new mineral sands mine South of Kalbarri in the Midwest; at peak, it will process up to 7.5 million tonnes of garnet-rich sand.
• In September 2019, V.V. Mineral Pvt. Ltd started looking for garnet mines in Southern and Eastern Africa specifically in countries such as Kenya and Tanzania, as the deposits in India are being extracted at a maximum rate and the company needs to keep up with rising demand in the market.

Global Industrial Garnet Market– Regional Insights

North America held the largest revenue share of 27.50 % % in the global Industrial Garnet market in 2022, and is expected to maintain its dominance over the forecast period. Furthermore, North America  region is projected to be the fastest-growing region in the global Industrial Garnet market during the forecast period owing to largest consumption of garnet in the U.S. petroleum industry.

Global Industrial Garnet Market – Key Players

Major players operating in the global Industrial Garnet market 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.

*Definition: Garnet as a Mineral for Industrial Use. The abrasives garnet. Garnet was originally utilised industrially as an abrasive. According to the Mohs Scale, garnet has a hardness that falls between 6.5 and 7.5. Because of this, it can be utilised as an efficient abrasive in many different production processes.