Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
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.
The global industrial garnet market is projected to reach around US$ 557.3 million by the end of 2027, in terms of revenue, growing at CAGR of 5.3% during the forecast period (2020-2027).
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 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.
Figure 1. Global Industrial Garnet Market Share (%) in terms of Value, By Region, in 2019
North America region dominated the global industrial garnet market in 2019, accounting for 27.5% share in terms of value, followed by Asia Pacific and Europe, respectively.
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.
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.
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 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.
Figure 2. Global Industrial Garnet Market– Opportunity Analysis
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 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.
Figure 3. Global Industrial Garnet Market Share (%) in terms of Value, By Application, in 2019
On the basis of application in 2019, the abrasive blasting segment has accounted the largest market share of 52.1% in terms of value, followed by water jet cutting and water filtration respectively
- 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
- Rizhao Garnet Ltd.