Press release
Industrial Garnet Market to Record an Impressive Growth Rate of US$ 700 Mn by 2024
Waterjet cutters that are majorly used in mining and manufacturing are driving the demand for garnet. Increasing number of companies are replacing silica sand with garnet sand for sand blasting. Usually, garnet extracted from hard rock is gaining popularity in waterjet cutting as it is more angular in form, hence, provide efficiency in cutting.
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The garnet powder is also being used on a large scale for ceramic/glass polish, for making anti-skid surface and anti-slip paints. Increasing demand for garnet is resulting in the new companies entering the global industrial garnet market. In order to meet the increasing demand, companies are also focusing on decreasing the prices by keeping supply and demand in balance.
Government initiative towards the mining industry in countries such as Canada, India, and Australia, and a ban on the use of harmful minerals including slag and silica are likely to fuel the growth of the global market for industrial garnet.
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As per the report by Persistence Market Research (PMR), the global industrial garnet market is likely to see a steady growth during 2017-2024. The global market for industrial garnet is also estimated to exceed US$ 700 Million in terms of value by the end of 2024.
Almandine to Gain Maximum Traction in the Global Industrial Garnet Market
In terms of the product type, almandine is likely to emerge as the most used and preferred product during 2017-2024. Almandine is projected to bring in close to US$ 400 Million revenue by the end of 2024.
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Based on the application, industrial garnet is anticipated to find the largest application in abrasive blasting. Towards the end of 2024, abrasive blasting is projected to surpass US$ 300 Million in terms of value. Meanwhile, industrial garnet is also likely to be used on a large scale in water jet cutting.
North America to Witness Highest Growth in the Global Market for Industrial Garnet
North America is expected to remain dominant in the global industrial garnet market during the forecast period 2017-2024. North America by the end of 2024 is projected to surpass US$ 200 Million revenue. The petroleum industry in the U.S. is one of the largest consumers of garnet. It is used by petroleum industry mainly for well casing and for cleaning drill pipes.
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Also, the pricing is very competitive within the U.S. garnet industry. Hence, the high level of customer service is offered by suppliers. Aircraft manufacturers, ceramic and glass producers, water filtration plants are some of the industries in the U.S. driving the demand for industrial garnet.
Key Companies in the Global Industrial Garnet Market
Indian Ocean Garnet Sands Company Ltd., GMA Garnet Group, Barton International, Beach Minerals Company, Zircon Mineral Co., Opta Minerals Inc., Rizhao Garnet Ltd., Mohawk Garnet Inc., and V.V. Mineral Pvt. Ltd., are some of the leading companies in the global market for industrial garnet.
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