INDUSTRIAL GARNET MARKET ANALYSIS

Industrial Garnet MarketSize and Trends

• 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 it makes it an ideal abrasive and filtration raw material. This is expected to augment 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' governments 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 manufacturers are highly focusing on mining 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 filtration, abrasive powders, and others. The abrasive blasting segment held the largest market share in 2022, and is further projected to exhibit the 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 the forecast period. The main use of industrial garnet is for abrasive blasting. In addition, waterjet cutting makes the most use 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.

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



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

The COVID-19 outbreak had negatively impacted the global Industrial Garnet market, due 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