The global industrial garnet market is likely to witness notable trends during the forecast period.
New York, NY -- (SBWIRE) -- 05/16/2017 -- 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.
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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.
The global industrial garnet market has been segmented on the basis of product type (Almandine, Andradite, Grossular, Pyrope, Spessartine, and Uvarovite); and on the basis of application (Water Jet Cutting, Abrasive Blasting, Water Filtration, Abrasive Powders, and Others). The Almandine segment is expected to witness a comparatively faster growth rate during the forecast period; in terms of revenue, the Almandine product type segment is likely to dominate the market with 50.2% share by the end of 2016 and is expected to remain dominant till the end of the forecast period with a market share of 52.6%. The Andradite product type segment is estimated to be valued at US$ 52.4 Mn by 2024, expanding at a CAGR of 4.6% during the forecast period.
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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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