The industrial garnet market is estimated to be valued at US$ 690.56 Bn 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 Overview:
Industrial garnet possesses characteristics like hardness, density as well as chemical inertness. These properties render industrial garnet to be an ideal material to be used in abrasive blasting, water jet cutting, water filtration, abrasive powders etc. Waterjet cutting is a precise and cool metal cutting technology used in number of industries like aerospace, electronics and automotive. Industrial garnet is predominantly used as an abrasive material in water jet cutting. In abrasive industry, garnet sand is used for sand blasting and to make abrasive preparations.
Market Dynamics:
Growing demand from abrasive industry is one of the major drivers of industrial garnet market. Abrasives are frequently used for various applications like grinding, cutting, polishing etc. of materials like wood, glass, plastic, metal etc. Garnet is considered as premium abrasive owing to its sharp edged crystals, durability and hardness. As a result, it is widely used in various applications ranging from cleaning surfaces, preparation of coated abrasives, water jet cutting and more. Growing demand from water jet cutting technology is also expected to boost the market growth during the forecast period. Water jet cutting aids precision cutting without damaging the base material. Hence, water jet cutting finds application in electronics as well as aerospace industry. However, availability of substitutes like aluminum oxide and silicon carbide may hinder the market growth of industrial garnet over the forecast period.
SWOT Analysis
Strength:
- Industrial garnet has various industrial applications due to its durability and hardness properties. Its use in abrasive blasting, water jet cutting and filtration helps several end-use industries significantly.
- Countries globally have sufficient garnet reserves that allow miners to source it in large volumes and at low costs. This ensures steady supply and price stability in the long run.
- Advancements in mining and processing technologies have boosted yields and reduced impurities in garnet, meeting stringent quality standards of customers.
Weakness:
- The garnet mining industry is highly fragmented with numerous small and mid-sized miners. This limits investments in large-scale and fully-automated mining facilities.
- Dependence on demand cycles of end-use industries like automotive, marine, and metalworking sectors makes garnet susceptible to economic slowdowns.
Opportunity:
- Rising use of garnet in the water jet cutting of stone and metal is opening new growth verticals. Its suitability for intricate cuts without causing harm is stimulating demand.
- The manufacturing sector is increasingly utilizing garnet’s hardness properties in grinding and sand blasting applications. This is driven by the need for high-precision finishes on components.
Threats:
- Availability of cheap substitute abrasives may limit the market potential of industrial garnet over the long run.
- Stringent mining regulations aimed at minimizing environmental impacts can increase production costs, threatening margins.
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 water jet cutting applications in stone, metal, and ceramic industries.
Regional analysis:
North America dominates the industrial garnet market, owing to strong presence of abrasive and waterjet cutting equipment manufacturers in the US and Canada. The Asia Pacific region is expected to witness fastest growth on account of expanding industrial manufacturing in India, China, and Japan. Countries like India and China are also major producers of industrial garnet globally.
Key players analysis:
Key players operating in the 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. These players are focused on ramping up mine production and improving ore grade tocapitalize on the growing demand for industrial garnet.
Read More
https://www.rapidwebwire.com/industrial-garnet-market-size-share-growth-outlook-2023/
“Industrial Garnet Market” study by “KD Market Insights” provides details about the market dynamics affecting the market, Market scope, Market segmentation and overlays shadow upon the leading market players highlighting the favorable competitive landscape and trends prevailing over the years.This Report encloses comprehensive analysis on the market and are assessed through volume and value data validated on three approaches including top companies revenues.
It concludes with precise and authentic market estimations considering all the parameters and market dynamics.
Every crucial and decisive detail for the development and restriction of the market is mentioned in fine points with solutions and suggestions that may affect the market in near future.
Segmentation of the market are studied specifically to give profound knowledge for supplementary market investments.For Sample Report Click: https://www.kdmarketinsights.com/sample/3017Global Industrial Garnet Market Segmentation Analysis:By Product Type- Almandine- Andradite- Grossular- Pyrope- Spessartine- UvaroviteBy Application- Water Jet Cutting- Abrasive Blasting- Water Filtration- Abrasive Powders- OthersThe report “Industrial Garnet” gives varied description about the segmentation of the market on the basis of segmented Dosage, Route of Administration and Application, and leads with a descriptive structure of the trends and restrictions of the various segments and sub segments.
It also provides the market size and estimates a forecast from the year 2017 to 2027 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America.
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