Global Industrial Garnet Market is Estimated to be Valued at US$ 721.8 Mn by 2024

The global industrial garnet market stood at a valuation of US$ 475.7 Mn in 2016 and is estimated to be valued atUS$ 721.8 Mn by the end of 2024, expanding at a CAGR of 5.4% during this period.

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.

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.

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.