Global Market Study on Industrial Garnet: Increasing Government Initiatives in Mining Activities Likely to Fuel Market Growth


  • Published On : Sep-2016 |
  • Pages : 138 Pages |
  • Format :

Persistence Market Research offers an in-depth forecast for the global industrial garnet market between 2016 and 2024. The primary objective of this report is to offer insights on various advancements in the global industrial garnet market. The report offers updates on trends, drivers, restraints, value forecasts, and opportunities for manufacturers operating in the global industrial garnet market. The inherent properties of garnet such as inertness, hardness, and resistance to degradation make it commercially viable. These properties offer superior performance as compared to other minerals and as a result, garnet finds application as an abrasive and filtration raw material among others, which is a major factor driving the growth of the global industrial garnet market.

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 in countries such as India, Australia, and Canada, and stringent regulations to ban the use of hazardous minerals such as silica and slag are various factors expected to drive the growth of the global industrial garnet market over the forecast period. However, easy availability of low-cost substitutes such as fused aluminum oxide, staurolite, illmenite, and quartz sand is a major restraint likely to hamper growth of the global industrial garnet market to a certain extent over the forecast period. 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 have shown greater adoptability of garnet as an oil and gas reservoir fracturing proppant.

In this report, the industrial garnet market is classified on the basis of product type, application, and region. The report provides in-depth analysis of revenue share and market size of the global industrial garnet market across all segments and also provides a market outlook for the forecast period, setting the forecast within the context of the global industrial garnet ecosystem, including new technological developments and product offerings. A particular section of this report discusses the different factors shaping internal and external competition in the market. Various barriers to the entry of start-ups in the industry have also been analyzed and rated on the basis of their impact on competition levels in the market.

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Research Methodology

The report presents a structured market profiling of the global industrial garnet market using in-depth secondary research to ascertain the overall market size, top industry players, top products, and industry associations. Besides providing a detailed analysis of market performance and revenue share for leading global industrial garnet markets, the report also conducts an analysis on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand predictability of the market and identify the right opportunities. Another important feature of this report is the analysis of all key segments in terms of absolute dollar opportunity, which is critical in assessing the level of opportunity that a provider can look to achieve and to identify potential resources from a sales and delivery perspective.

This report profiles leading manufacturers in the global industrial garnet market and covers individual business strategies followed by these companies in terms of enhancing their solution offerings through mergers and acquisitions. 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.

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.

Market dynamics

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.

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.

Market segmentation

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).

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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Key regions

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.

Company Profiles

  •    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
  •    Rizhao Garnet Ltd.
  •    Others
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