Garnet Market Anticipates Steady 5.34% CAGR Through 2030

Garnet Market Overview

“The Garnet Market is estimated to increase at a CAGR of 5.34% from $ 674.24 billion in 2023 to $ 1.14 billion by 2030.”

Gagnets, minerals found in metamorphic rocks, produce jewels in various colors, including red, green, orange, pinkish orange, intensely saturated purple reds, and blues. Red garnet is the most common gem, while tsavorite, a green garnet found in metamorphic rocks, is less common due to unique rock chemistry.

Gagnets, a rare gemstone, have a variety of colors and chemical compositions. Rhodolite, an orange garnet, spessartine, an orange garnet, and demantoid, a green garnet, are all stunning gems. However, only five garnet species are valuable as jewels: pyrope, andradite, spessartine, grossular, and almandine. Uvarovite, a green garnet, is occasionally used in jewelry as clusters. Many garnets are chemical blends of two or more different garnet species.

Gagnets are a group of minerals found in metamorphic, igneous, and sedimentary rocks worldwide. They have a common crystal structure and chemical composition of X3Y2(SiO4)3. The minerals can be represented by Al, Fe3+, Mn3+, V3+, or Cr3+, and "X" can be Ca, Mg, Fe2+, or Mn2+. Gagnet is formed when shale is heated and compressed, and is also present in rocks of contact metamorphism, deep-source volcanic eruptions, lava flows, soils, and sediments produced by weathering and erosion.

Garnets are versatile industrial tools, primarily used for waterjet cutting, abrasive blasting, water filtration, and abrasive powders. Their exceptional hardness and angular fracture properties make them ideal for various industrial applications.

The demand for jewellery and gemstones is one of the primary factors driving the global garnet industry. Since garnet is non-toxic, inert, and environmentally friendly, its value is rising in industrial applications. For coarse uses, garnet can be replaced with a variety of synthetic and natural minerals, as well as diamond, corundum, staurolite, and others. Increased labour costs, inflation, and the introduction of substitutes could all hamper the expansion of the world garnet market.

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Garnet Market Segment Analysis

Water jet cutting is an unconventional machining technique that uses a high-pressure spray of water to cut through materials like metals, polymers, and composites. It is increasingly used in industries like automotive, aerospace, and manufacturing, leading to a significant increase in garnet demand in the coming years.

Almandine

Almandine, a cost-effective and abundant garnet, is expected to grow at a CAGR of 6.24% from 2023 to 2030. With over 69% of the market, it is the most popular garnet variety. Almandine is suitable for various tasks like cleaning masonry, polishing concrete, water-jet cutting, and abrasive blasting due to its superior abrasive qualities. Its adaptability makes it ideal for these operations.

Andradite

Ca3Fe2(SiO4)3 andradite is a calcium-iron garnet with various colors, including red, yellow, brown, green, or black. It is found in skarns, deep-seated igneous rocks, and is particularly valuable in demantoid, a green variant. Other recognized variants include melanite and topazolite.

Pyrope

Blue pyrope-spessartine garnets were discovered in Madagascar in the late 1990s, and have since been found in the US, Russia, Kenya, Tanzania, and Turkey. These garnets change color from blue-green to purple due to high levels of vanadium. Other types of garnets can be green, beige, brown, grey, or blue in natural light, but under incandescent light, they take on a reddish or purplish/pink hue. The rarest variety of garnet is characterized by its color change ability.

Market Dynamics

Drivers

The demand for garnet is on the rise due to its superior qualities such as hardness, inertness, and resistance to degradation. This demand is expected to drive the garnet market's expansion, as garnets perform better than other minerals, making them ideal raw materials for abrasives and filters, thereby accelerating the market expansion for industrial garnet.

Garnet is a potential substitute for dangerous minerals like silica, which are present in slags and other toxic metals. The presence of silica in slags and other toxic metals is expected to drive market expansion for garnets. Due to growing environmental concerns and the need to reduce health risks, some have banned the use of silica minerals, accelerating the market expansion for garnets.

Garnet abrasives enhance the efficiency and precision of water jet cutting in various industries, including automotive, aerospace, construction, and medical device. These techniques are used to produce lightweight, durable parts like brake rotors, brake pads, and exhaust systems, as well as complex components like aircraft engines and fuselages. Garnet abrasives also enhance the effectiveness of abrasive blasting.

Restraints

The growth of the industrial garnet market is expected to be hindered by environmental issues like land degradation, water contamination, and impacts on biodiversity and wild animals, despite the market's potential expansion due to increasing demand from various manufacturing industries.

Competitive Landscape of the Garnet Market Analysis

• 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. Mineral Pvt. Ltd.
• Beach Minerals Company
• and Rizhao Garnet Ltd.

New Developments

17 April 2023 GMA Garnet Group and Barton International have entered into a supply and distribution agreement for supply of GMA’s line of GMAX products to surface preparation applications in the Gulf Coast region of the United States.  This distribution agreement increases the availability of GMAX, some of the most productive, cost effective, and safest blast abrasives ever produced.

In April 2023, ASX- listed Mineral commodities have signed multiple agreements to lock in future sales of garnet concentrate from Tormin mineral sands operations on South Africa's Western Cape with offtake partners, GMA Group.

April 18, 2022 Beach minerals company files writ against premature termination of 30-year mining lease.

Beach Minerals Company Private Limited (BMCPL) has filed a writ petition in the Madras High Court challenging a Government Order issued on November 25, 2021 prematurely terminating a 30-year mineral concession granted to it in 2004 for mining garnet, ilmenite and rutile from 4.42.5 hectares of Patta land at Kuttam village in Radhapuram Taluk of Tirunelveli district.

Regional Analysis of Global Garnet Industry

“The demand growth for garnets in North America is primarily driven by various factors.”

North America's petroleum industry, which accounted for 26.78% of global income in 2022, is expected to continue its dominance and growth, largely due to the significant use of garnets in the American petroleum sector, which is expected to continue and even strengthen over the forecasted period.

North America's petroleum industry is dominated by its significant use of garnets, particularly in operations like waterjet cutting, abrasive blasting, and filtering. These materials are known for their hardness, endurance, and abrasive properties, making them a top choice for improving efficiency and precision. As the US petroleum sector continues to grow and evolve, the demand for garnets in these processes is expected to rise, leading to significant expansion in the global industrial market.

The Asia Pacific gemstone market is expected to experience significant revenue growth over the forecast period, driven by rising mining activities in countries like India, Australia, and Russia, as well as new supplies in China and New Zealand. This growth is attributed to the availability of gemstones, their increasing use as abrasives, and the adoption of advanced extraction procedures and equipment.

Segments Covered in the Garnet Market Report

By Product Type:

• Almandine
• Andradite
• Grossular
• Pyrope
• Spessartine
• Uvarovite

By Application:

• Water Jet Cutting
• Abrasive Blasting
• Water Filtration
• Abrasive Powder
• Others

By Region:

• North America
• Latin America
• Europe
• East Asia
• South Asia & Oceania
• Middle East & Africa

Frequently Asked Questions

What is the expected growth rate of the Garnet market over the next 7 years?

Garnet Market is estimated to increase at a CAGR of 5.34% from $ 674.24 billion in 2023 to $ 1.14 billion by 2030. | Report 2023 by published by Market Report Service.

Who are the major players in the Garnet market and what is their market share?

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, are prominent players operating and dominating in the market.

Who are the top 3 Garnet Market Key Vendors?

GMA Garnet Group, Indian Ocean Garnet Sands Company Ltd, Trimex Sands Private Limited, are key players in the Garnet market.

Which geographical areas dominate the worldwide market for Garnet?

North America region are emerging as the top regional markets for Garnet solutions.