Emerging Applications Driving Demand in the Industrial Garnet Market
Industrial garnet refers to a group of silicate minerals that are utilized for abrasive blasting, water jet cutting, water filtration, abrasive powders, and others. Industrial garnets possess exceptional hardness and are affordable minerals. They find extensive usage in abrasive blasting for surface preparation and coatings removal in shipyards, oil rigs, and steel manufacturing. The increasing demand from industries such as automotive, aviation, and shipbuilding has propelled the need for abrasive materials for cutting and finishing operations.
The global Industrial Garnet Market is estimated to be valued at US$ 1024.4 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 Opportunity
The growing demand for garnet from abrasive applications is presenting lucrative opportunities for market growth. The abrasive segment dominates the overall industrial garnet market as garnet finds extensive usage in water jet cutting, sand blasting, abrasive blasting, and scouring and polishing. Garnet possesses exceptional hardness, non-toxicity, and its abundance makes it suitable for abrasive applications. The rising demand from shipbuilding, steel manufacturing, aircraft manufacturing, and automotive industries for finishing and cutting operations is propelling the sales of garnet. Additionally, low maintenance and operational costs of garnet addition to its cost-effectiveness compared to other abrasives is furthering its adoption in abrasive applications. The increasing investments in the manufacturing sector offer bright prospects for industrial garnet over the forecast period.
Porter’s Analysis
- Threat of new entrants: The industrial garnet market requires huge capital investments for mining and processing facilities. Hence the threat of new entrants is moderate.
- Bargaining power of buyers: The presence of many established players with diversified product portfolios increases the bargaining power of buyers. However, specialized end-use applications create switching costs.
- Bargaining power of suppliers: The availability of substitutes like synthetic garnets keeps the bargaining power of suppliers in check.
- Threat of new substitutes: New mineral substitutes for some end-use applications can be a threat. However, garnet's unique physical properties do not have exact replacements.
- Competitive rivalry: The market is moderately consolidated. Players compete on parameters like consistent supply and quality.
SWOT Analysis
- Strength: Garnet's application diversity in abrasive blasting, water jet cutting and filtration.
- Weakness: Market dependent on economic cycles in key end-use industries like automotive and construction.
- Opportunity: Increasing garnet consumption for technologically advanced precision applications. Growing demand for recycled garnets presents an opportunity.
- Threats: Environmental regulations can increase mining and processing costs. Substitutes development is also a challenge.
Key Takeaways
The global industrial garnet market is expected to witness high growth on account of its wide application scope across various industries. The market size for 2024 is pegged at US$ 1024.4 Mn and is forecast to grow at a CAGR of 5.8% during the forecast period of 2023 to 2030.
Regional analysis comprises the Asia Pacific market accounting for around 40% of the global market share in 2024 led by China, India, and Australia. Growth is attributed to demand from heavy industries and increasing penetration of garnet in new applications.
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. Players compete based on consistent supply, wide range of products, and product quality.
Comments
0 comment