The global industrial garnet market was valued at US $475.7 Mn in 2016 and is estimated to be valued at US $721.8 Mn by the end of 2024
Albany, NY -- (SBWIRE) -- 02/17/2017 -- The global industrial garnet market was valued at US$ 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.Garnet has several remarkable properties such as inertness, hardness, and resistance to degradation that make it commercially viable. As compared to other minerals, garnet offers superior performance and as a result, the mineral finds wide application as an abrasive and filtration raw material among others, which is a major factor driving the growth of the global industrial garnet market.
Some of the key factors expected to boost the growth of the global industrial garnet market over the forecast period include 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. However, easy availability of low cost substitutes such as fused aluminum oxide, staurolite, illmenite, and quartz sand is a major restraint impacting the growth of the global industrial garnet market over the forecast period.
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The global industrial garnet market is likely to witness notable trends during the forecast period. Some of the key trends anticipated to impact the market in the next eight years 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 into Almandine, Andradite, Grossular, Pyrope, Spessartine, and Uvarovite; and on the basis of application into Water Jet Cutting, Abrasive Blasting, Water Filtration, Abrasive Powders, and Others. Among all product type segments in the global industrial garnet market, the Almandine segment is expected to witness a comparatively faster growth rate during the forecast period (2016–2024).
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Market forecast by segmentation
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.
The Water Jet Cutting application segment is estimated to be valued at US$ 241.8 Mn by 2024, expanding at a CAGR of 6.8% during the forecast period. The Abrasive Blasting application segment is expected to be valued at US$ 317.3 Mn by 2024, expanding at a CAGR of 5.6% during the forecast period.
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The global industrial garnet market has been segmented on the basis of region into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. 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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