Digital Advertising is fastest growing segment fueling the growth of Industrial Garnet Market

 

Industrial Garnet Market

The global Industrial Garnet Market is estimated to be valued at US$ 690.56 Bn in 2023 and is expected to exhibit a CAGR of 5.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Industrial garnet possesses ideal physical properties suitable for abrasives and waterjet cutting applications. It has hardness, angularity, specific gravity and neutral chemistry, making it more effective than Aluminum oxide and Silicon carbide for such applications. The increasing demand for waterjet cutting technology across various industries is driving the industrial garnet market.

Market key trends:

One of the key trends in the industrial garnet market is its increasing use in waterjet cutting applications. Waterjet cutting is a non-thermal process which involves high-pressure water or abrasive waterjet to cut hard, brittle and heat-sensitive materials. Industrial garnet is increasingly used as an abrasive medium in waterjet cutting owing to its hardness and durability. The rapid growth of construction and automotive industries where waterjet cutting technology is widely used to cut shape complicated designs is fueling the demand for industrial garnet. Further, rising demand for precision cutting across various industries without damaging the substrate is also contributing to the growth of industrial garnet for waterjet cutting.

Segment Analysis

The global industrial garnet market is segmented based on type, application, and region. Based on type, the market is divided into almandine, andradite, grossular, pyrope, spessartine, and uvarovite. The almandine segment dominates the market as it constitutes over 60% of the global industrial garnet reserves and finds extensive applications in abrasive industry.

Key Takeaways

The global industrial garnet market is expected to witness high growth, exhibiting a CAGR of 5.8% over the forecast period, due to increasing demand from abrasive industry.

Regional analysis

Asia Pacific dominates the global industrial garnet market and is expected to grow at the fastest rate during the forecast period. Countries like India and China are the major contributors to the growth of industrial garnet market in Asia Pacific region due to proliferation of abrasive industry.

Key players

Key players operating in the industrial garnet market 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, and Rizhao Garnet Ltd. The market is fragmented in nature with big players catering to over 30% of global demand.

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https://www.dailyprbulletin.com/industrial-garnet-market-size-share-growth-outlook-2023/

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