Press release
Industrial Garnet Market to Value at a CAGR of 5.4% by 2024
The global industrial garnet market stood at a valuation of US$ 475.7 Mn in 2016 and is estimated to be valued at US$ 721.8 Mn by the end of 2024, expanding at a CAGR of 5.4% during this period. In a report titled “Global Industrial Garnet Market: Industry Analysis And Forecast, 2016–2024”, Persistence Market Research delivers pertinent insights on the growth of the global industrial garnet market and identifies key market dynamics impacting this growth. This report covers global trends driving the growth of the industrial garnet market and offers analysis, production outlook, and insights into the potential of the industrial garnet market in specific regions.
A substantial investment in the defense sector and growth of other industries, superior properties of garnet as compared to other minerals, increasing government initiatives in mining activities, and stringent regulations to ban the use of hazardous minerals such as silica and slag are some of the key factors expected to boost the growth of the global industrial garnet market over the forecast period. However, an analysis by Persistence Market Research shows that easy availability of low cost substitutes such as fused aluminum oxide, staurolite, illmenite, and quartz sand are likely to pose challenges to the growth of the global industrial garnet market over the forecast period.
Some of the key trends likely to govern the global industrial garnet market during the forecast period are – a rising demand for the use of garnet abrasive in the manufacturing of automobile parts, increasing demand for garnet in shipbuilding repairs work, growing demand for garnet in petrochemical and oil refineries plants, and a steady focus on recycling garnet as well as mining of high-grade garnet ores. The industrial garnet market provides a huge market opportunity as it can be used as a proppant in certain industries such as petroleum owing to its functions of improving performance and minimizing chemical leaching and environmental impact. The oil and gas drilling industry has shown greater adoptability of garnet as an oil and gas reservoir fracturing proppant.
A sample of this report is available upon request @ http://www.persistencemarketresearch.com/samples/11794
North America, Latin America, Europe, Asia Pacific, and Middle East & Africa are the chief regions covered in the report. The North America industrial garnet market is estimated to be valued at US$ 204.2 Mn by 2024, expanding at a CAGR of 6.4% during the forecast period.
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This report covers various major manufacturers, distributors, and suppliers in the global industrial garnet market. Some major industrial garnet manufacturers covered in the report include GMA Garnet Group, Trimex Sands Private Limited, Zircon Mineral Co., Mohawk Garnet Inc., Indian Ocean Garnet Sands Company Ltd., Barton International, Opta Minerals Inc., V.V. Mineral Pvt. Ltd., Beach Minerals Company, and Rizhao Garnet Ltd.
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The final report customized as per your specific requirement will be sent to your e-mail id within 7-20 days, depending on the scope of the report.
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