Garnet Market Size, Share, Growth, And Industry Analysis By Type (Almandine, Pyrope, Others,) By Application (Water Jet Cutting, Abrasive Blasting, Water Filtration, Abrasive Powders, Others), Regional Insights, and Forecast From 2024 To 2031

Garnet Market Report Overview

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The global garnet market size was USD 390.64 million in 2021 and is expected to reach USD 774.34 million in 2031, exhibiting a CAGR of 7.08% during the forecast period.

Ruby is fragile and essentially transparent. As a semi-precious stone and abrasive stone, it is typically a red silicate mineral with a brilliant lustre that is found primarily in crystal and massive forms or grains in gneiss and mica schists. The publisher predicts that during the anticipated term, the global garnet market would expand at a high rate. Due to characteristics like hardness and high specific gravity, garnet is increasingly being used in industrial applications including waterjet cutting, abrasive blasting, water filtration, and abrasive powder, which is projected to fuel the global garnet market.

The Global Garnet Market is anticipated to be driven by the usage of garnet in jewellery since it is a stunning stone that is sold untreated, long-lasting, and inexpensive. The usage of garnet in ship and aircraft construction is another factor projected to propel the global garnet market. Garnet is used to polish the outside skins of ships and aircraft before painting.

The use of garnet in jewellery is expected to drive the global garnet market since it is a beautiful stone that is sold unprocessed, durable, and reasonably priced. Another factor anticipated to drive the global garnet market is its use in the construction of ships and aircraft. Prior to painting, the exterior skins of ships and aeroplane are polished with garnet.

COVID-19 Impact: COVID-19 Outbreak Has Negatively Affected The Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with garnet market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

To stop the COVID-19 epidemic from spreading, governments in a number of nations have placed limits on people's freedom of travel and business operations. As a result, a number of manufacturing plants, including those for cars, were forced to temporarily suspend production. The market for industrial garnet has been negatively impacted by disruptions in the automotive industry's operations.

Latest Trends

"North America Will Hold The Largest Market Growth During Forecast Period"

North America had the largest financial contribution to the global garnet market, followed by Asia Pacific and Europe. The North American region is anticipated to grow with a sizable CAGR during the projection years due to the rising use of garnets in waterjet cutting, sandblasting, water filtration, and other applications. The government's expanding initiatives in the mining and defence sectors are among the key drivers. In the years to come, it is projected that Asia Pacific and Europe would gain sizable market shares because to the increased demand for garnet in several applications.

Garnet Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into Almandine, Pyrope, Others. Almandine is anticipated to be the leading segment.

• By Application Analysis

Based on application, the market can be divided into Water Jet Cutting, Abrasive Blasting, Water Filtration, Abrasive Powders, Others. Water Jet Cutting will be the dominating segment.

Driving Factors

"Use of Abrasive Material Will Boost The Market Growth"

The usage of polished stones as abrasives is the main driver fueling market expansion. The metallurgical and automotive sectors depend heavily on abrasives for their processes. Abrasives are used to make a variety of daily items. For example, when automotive parts are welded together, burrs form in the metal joining region. To remove these burrs, abrasive materials are employed in a process called burr removal. This gemstone's strength and hardness make it one of the greatest abrasive materials, and the fact that it can be recycled is another element boosting market revenue growth over the course of the projection period.

"Use of Finishing Automotive Parts Will Surpass The Market Growth"

Industrial garnet can be used to begin finishing automotive parts. Garnet is often used to smooth the surface of ships and other watercraft. Therefore, as the aforementioned areas draw significant investments from various entities, there will be a surge in demand for industrial garnet. Another significant aspect influencing the market is the use of industrial garnet for water filtration. The most noticeable factor driving demand across the market has been industrial garnet's abrasive characteristics. Industrial garnet is also used to finish bare wood while making furniture.

Restraining Factors

"Environmental Issues Will Limit The Market Growth "

Growing worries regarding the mining of these stones and the discovery of new mines are two major factors anticipated to propel market revenue growth. The Earth's crust is mined for gemstones, but this procedure is expensive and uses a lot of non-renewable resources to drill into the surface. The global garnet market will experience significant revenue growth restraint over the forecast period due to environmental issues related to the extraction process, such as soil degradation, groundwater pollution, and effects on biodiversity and animals. Since garnet is an exhaustible resource, over-mining can have serious consequences.

Garnet Market Regional Insights

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"North America Will Hold The Largest Market Growth During Forecast Period"

In terms of revenue, North America contributed the most to the worldwide garnet market, followed by Asia Pacific and Europe. Due to the increasing use of garnets in waterjet cutting, sandblasting, water filtration, and other applications, the North American area is predicted to develop with a considerable CAGR over the projection years. Additionally, the government's expanding endeavours in the mining and defence industries are the main propellants. Due to the rising demand for garnet in numerous applications, Asia Pacific and Europe are anticipated to earn considerable market shares in the years to come.

Key Industry Players

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

LIST OF TOP GARNET COMPANIES

• IREL (India) Limited (Formerly Indian Rare Earths Limited) (India)
• Trimex Sands (India)
• Transworld Garnet (India)
• Dev International (India)
• Opta Minerals (U.S.)
• Zircon Mineral Company (U.S.)
• Shape Mined Materials (Europe)
• Garnet International Resources Pty Ltd (Australia)
• Indian Ocean Garnet Sands Company Pvt.Ltd (India)
• Barton International Inc. (U.S.)
• Industrial Mineral Company (IMC) (India)

Report Coverage

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.