The global Industrial Garnet Market is estimated to be valued at US$ 690.56 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 Overview:
Industrial garnet refers to a group of silicate minerals used in abrasive blasting, water jet cutting, water filtration, abrasive powders, and various industrial lapping and polishing applications. The key types of industrial garnets include almandine, andradite, spessartine, uvarovite, and pyrope. Industrial garnets have unique properties such as hardness, angular fracture habits, and resistance to heat and chemical degradation that make it an ideal material in the mentioned industrial applications. The increasing demand from abrasive blasting, filtration, and waterjet cutting applications from sectors like maritime, automotive, aviation and construction drives the growth of industrial garnet market.
Market key trends:
One of the key trends in the industrial garnet market is its increasing usage in sandblasting and waterjet cutting applications in foundry industry. Foundries use garnet as an abrasive media to clean casting surfaces before applying coatings and corrosion preventive compounds as it removes impurities and provides better surface finish compared to other alternatives. Also, with the recovery of automotive industry and infrastructure development activities globally, the demand from foundry industry is projected to increase significantly over the forecast period, which will boost the consumption of industrial garnet. Another major trend is the adoption of industrial garnet as filtration media in water treatment plants due to its high hardness and corrosion resistance properties.
Porter’s Analysis
Threat of new entrants: Industrial garnet market requires high initial investments in R&D and production facilities which acts as a deterrent for new players. Also, established players enjoy economies of scale and brand loyalty giving them an advantage over new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power in the industrial garnet market due to availability of substitutes and price sensitivity of end-use industries.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to limited availability of raw materials and consolidation among suppliers.
Threat of new substitutes: There exists threat from alternative abrasive materials such as silicon carbide and aluminum oxide which can potentially replace garnet in certain applications.
Competitive rivalry: The industrial garnet market witnesses high competition due to presence of large number of players globally. Players compete on the basis of grades, quality, and price of garnet.
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 abrasive industry.
Regional analysis: Asia Pacific dominates the global market and is expected to maintain its lead position during the forecast period. China and India contribute significantly to the growth owing to large and expanding abrasives, waterjet cutting, and blasting media industries in the region.
Key players: 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 fragmented with several small and medium players operating locally. Industry leaders focus on expanding capacity to leverage growth opportunities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
