Industrial garnet finds extensive application in abrasive blasting, water jet cutting, water filtration, abrasive powders, garnet paper and polishing. It is highly valued for its hardness and angular fracture which makes it an effective abrasive material for various applications. The abrasive industry consumes a majority of the industrial garnet production globally. It is used as an abrasive media in blast cleaning equipment for cleaning surfaces, removal of paint and preparing a surface for coatings. The growing abrasives industry due to rising demand from automotive, steel and shipbuilding industries is expected to propel the demand for industrial garnet. 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 key trends:
The key trend gaining traction in the industrial garnet market is the increasing demand from waterjet cutting technology. Waterjet cutting uses a very high-pressure water stream to cut through even hardest materials. It is a non-traditional machining process used for cutting various materials mostly metals. Industrial garnet is used to abrasively enhance the waterjet by mixing it with water under high pressure. This enhances the ability of waterjet technology to precisely cut intricate shapes with minimal heat impact. The growing adoption of waterjet cutting technology in manufacturing processes of automotive, aerospace and other metal fabrication industries is anticipated to drive the demand for garnet, thereby supporting the market growth over the forecast period.
- Threat of new entrants: The threat of new entrants in the industrial garnet market is moderate as the market is quite fragmented with presence of large number of small players. However, setting up production facilities require huge capital investments and requirement of expertise and R&D in garnet mining which makes the entry barrier moderately high.
- Bargaining power of buyers: The bargaining power of buyers in the industrial garnet market is moderate. There are numerous buyers present for industrial garnet across various end use industries like abrasive blasting, water jet cutting, water filtration and more. However, presence of substitutes like silicon carbide keeps the buyer power in check.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate. There are numerous suppliers of industrial garnet globally. However, availability of key raw materials for garnet production is limited to few countries and quality requirements from buyers makes the supplier power moderate.
- Threat of new substitutes: The threat of new substitutes is moderate. Industrial garnet has numerous substitutes like silicon carbide and aluminum oxide used for similar applications. However, garnet offers better performance characteristics like hardness and density providing it an edge over substitutes.
- Competitive rivalry: The competitive rivalry in the industrial garnet market is high. The market has presence of many global and regional players offering similar product portfolio. Players focus on expanding production capabilities, backward integration and innovation to gain competitive advantage.
The global industrial garnet market is expected to witness high growth over the forecast period.
Regional analysis: North America is the second largest market for industrial garnet. Growing demand from waterjet cutting application used in aerospace industry drives the market growth. Countries like US and Canada are anticipated to grow at a steady pace. Meanwhile, markets in Europe and Middle East are projected to grow at a moderate pace supported by expanding oil & gas industry requiring industrial garnet for applications like hydraulic fracturing and construction activities.
Key players: 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 focus on market expansion, innovation, and capacity expansion to gain competitive advantage in the market.