Industrial Garnet Market Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

 

Industrial Garnet Market

Garnets are a silicate mineral and one of the toughest minerals, making them ideal for use as an effective abrasive in a variety of manufacturing facilities. Garnet is found primarily in igneous, metamorphic, and sedimentary rocks. Garnet is mostly mined for industrial purposes, and only a small percentage of garnet is flawless and pure enough to be mined as a gemstone. However, the majority of garnets are crushed and used to make abrasives for a variety of industries. Garnet sandpaper, discs, sanding belts, and strips are also available.

Rising demand for garnet from various manufacturing industries is expected to drive garnet market growth due to its excellent properties of hardness, inertness, and resistance to degradation. When compared to other minerals, garnets' properties provide superior performance. Its high-performance properties make it an ideal abrasive and filtration raw material. This is expected to augment the market growth of Industrial Garnet.

The global Industrial Garnet Market is projected to reach around US$ 844.0 million by the end of 2027, in terms of revenue, growing at CAGR of 5.3% during the forecast period (2020-2027).

Garnet is regarded as a suitable substitute for hazardous minerals such as silica, and slags containing silica and other toxic metals are expected to drive garnet market growth. Garnet is an environmentally friendly alternative source of the aforementioned minerals. Furthermore, due to rising environmental concerns and the need to reduce the health risk associated with exposure, many countries have banned the use of silica minerals. This is expected to boost garnet market growth.

The increasing use of Industrial Garnet as a proppant in a few industries such as petroleum because it improves performance, reduces chemical leaching, and has a negative impact on the environment is expected to provide the market with enormous growth opportunities. Furthermore, the increasing use of garnet as an oil and gas reservoir fracturing proppant in the oil and gas drilling industry is expected to drive Industrial Garnet market growth. Manufacturers' increased focus on recycling used garnet by introducing new equipment and technology to reduce the volume of garnet disposal is expected to boost market growth. Recycled garnet can be of high quality and resold for a variety of industrial applications. This is expected to accelerate the growth of the Industrial Garnet market.

The government's increased emphasis on garnet mining is expected to boost Industrial Garnet market growth over the forecast period. Various governments are encouraging manufacturers to increase garnet mining in order to meet the world's rising demand. Thus, increasing such government initiatives to increase garnet mining will benefit the market growth of Industrial Garnet.

Top Companies Mentioned 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

·        Rizhao Garnet Ltd.

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