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.
The industrial garnet market includes garnet products that are used for abrasive blasting, water jet cutting, water filtration, abrasive powders, garnet paper & cloth, and others. Industrial garnet generally have higher density and hardness than other abrasive materials such as aluminum oxide or silicon carbide. They are cost effective and environment friendly substitutes for sand blasting.
Market key trends:
One of the major trends driving the growth of the industrial garnet market is rising demand from the abrasive industry. Garnet is predominantly used as an alternative to silica sand for sand blasting and water jet cutting applications due to its hardness. It helps in avoiding health hazards caused by silica dust inhalation during abrasive blasting. Garnet is also finding increasing usage in water jet cutting owing to its durability and resistance to high pressure water jets. The growth of industries such as automotive, aerospace, manufacturing are supporting the rising consumption of garnet for abrasive applications. Additionally, garnet is being widely adopted for water filtration process due to its hardness and chemical inertness properties.
Threat of new entrants: Low capital requirement and available raw materials reduces the threat of new entrants. However, established players dominate the market.
Bargaining power of buyers: Buyers have moderate bargaining power. Industrial garnet has few substitutes and demand from end-use industries keeps buyers dependent on a few suppliers.
Bargaining power of suppliers: Suppliers have moderate to high bargaining power due to the limited number of industrial garnet mine sites globally and the requirement of specialised mining techniques.
Threat of new substitutes: Substitutes like ceramic beads, recycled materials pose low threat as industrial garnet is often critical for performance in abrasive blasting, water jet cutting and water filtration applications.
Competitive rivalry: Intense as major players compete for market share and dominate regions of operations through availability of infrastructure and supply chain management.
Strengths: Robust demand from abrasive industry, growing waterjet cutting applications, cost-effectiveness compared to alternatives.
Weaknesses: Supply constrained by limited mining sites, price volatility based on global economic conditions.
Opportunities: Rising usage in frac sand proppants market, growth in filtration and water jet cutting in developing markets.
Threats: Stringent mining regulations, threats of natural resource depletion at major mining sites.
The global Industrial Garnet Market size is expected to reach US$ 1,051.78 Bn by 2030, exhibiting a CAGR of 5.8% during the forecast period due to the increasing use of garnet in abrasive blasting and water jet cutting applications.
The market is dominated by North America with over 30% share due to vast deposits and leading abrasive manufacturing industry in the US. Europe and Asia Pacific are the other major regions, with India emerging as a key garnet producer.
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. They dominate specific regional markets through mining operations, processing facilities and established supply chains.