Garnet Market

Market Overview

The global garnet market size was valued at USD 642.01 million in 2022. It is estimated to reach USD 973.15 million by 2031, growing at a CAGR of 4.73% during the forecast period (2023–2031). The growing global demand for safe and portable water is leading to the surging demand for water filtration systems. This increased demand for water filtration systems also increases the demand for garnet, boosting global market expansion. Moreover, the surge in the discovery and extraction of garnet from the Earth's crust is creating opportunities for market growth.

Garnet is a group of minerals with a similar crystal structure but can vary in chemical composition. It is a kind of silicate mineral, and it is known for its extensive range of colors, including red, yellow, green, orange, and even black. The most common color of garnet is deep red, typically associated with January's birthstone. Garnets have been commonly used in jewelry for centuries due to their beauty and durability. They can be cut into diverse shapes and used in rings, necklaces, earrings, and other types of ornamental jewelry.

Garnets are also used for industrial purposes, like in abrasives for cutting and grinding and in waterjet cutting. A garnet's exact properties and appearance can vary based on the particular garnet. Some well-known types of garnets include almandine, pyrope, spessartine, grossular, andradite, and uvarovite. Each type of garnet has its unique chemical composition, which accounts for its specific color and properties.

Market Dynamics

Global Garnet Market Drivers

Growing Demand from Water Filtration Systems

Garnet is utilized to remove impurities from water in water filtration applications. The demand for garnet from water filtration systems is being driven by the need for drinking water that is both clean and secure to consume, particularly in developing nations. According to WHO, water-stressed countries were home to over 2 billion individuals in 2021. This predicament is anticipated to worsen in certain areas due to the combined impacts of climate change and population expansion. Further, in 2022, at least 1.7 billion people worldwide utilized a drinking water source contaminated with faeces.

Furthermore, the biggest concern to water safety is microbiological contamination of drinking water due to excrement. The transmission of diseases, including diarrhoea, cholera, dysentery, typhoid, and polio, can occur through microbiologically contaminated drinking water, which is estimated to be the cause of 505,000 diarrhoeal fatalities annually. Garnet is a medium for high-density water filtration employed to maintain the silica bed's static condition during rigorous backwashing and remove fine particles. Thus, the rising demand for safe drinking water drives market growth.

Global Garnet Market Restraint

Negative Impact on the Environment 

Increasing concerns regarding garnet mining are the most important factors anticipated to hinder market revenue growth. The extraction of gemstones from the Earth's crust is an expensive and resource-intensive procedure that requires a great deal of non-renewable material to drill into the surface. 

The extraction process of garnet gives rise to environmental concerns, including but not limited to soil degradation, groundwater pollution, and adverse effects on biodiversity and animals. Considering that garnet is an exhaustible resource, excessive mining could be a severe repercussion, substantially impeding the revenue growth of the global market throughout the projected period. 

Global Garnet Market Opportunities

Rising Discoveries and Extraction

The global garnet market is experiencing significant growth owing to its discovery of new mines and global extraction processes. For instance, in January 2023, archaeologists discovered a large garnet encircling a "unique" silver cross unearthed at an ancient burial site. It is the most recent find at Harpole, close to Northampton, where a grave believed to be that of a woman of high status dating back 1,300 years has been revealed. The Museum of London Archaeology (Mola) described items, including jewellery, as "once in a lifetime" discoveries.

Furthermore, in August 2021, a collaboration between GMA Garnet and The Australia Garnet Mine commenced garnet extraction operations at Lucky Bay in New Kalbarri, Australia, following the discovery of vast quantities of valuable garnet sediments in the area. This is because Asia, the Middle East, and Europe collectively experience a significant demand for these gemstones. Such discoveries and extractions are expected to generate opportunities for market growth.

Regional Analysis

Based on region, the global garnet market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

Asia-Pacific is expected to experience a substantial CAGR in revenue during the forecast period. The expansion of mining operations in nations including India, Australia, and Russia and the discovery of new sources in China and New Zealand are anticipated to be significant revenue drivers for the market. In April 2023, a resource consent for a mineral sands development on the West Coast has been reapplied for by an Australian mining company. The company asserts that the proposed development will generate millions of dollars for the region while minimally affecting the environment. Approximately 30 kilometers north of Greymouth, in Barrytown, TiGa Minerals and Metals intends to conduct open-pit mining to extract ilmenite, zircon, gold, and garnet, which are minerals that are becoming more and more valuable for use in paint and other materials and high-tech manufacturing. This is expected to boost market growth.

Additionally, the adoption of technologically advanced extraction processes and apparatus, the availability of gemstones, and the rising utilization of these gemstones as abrasives in the region will all contribute to the revenue growth of the garnet market in the region during the forecast period. Furthermore, developing economies' lack of safe drinking drives the demand for safe and potable water. For instance, in India, 163 million individuals lack access to potable water. In addition, every day in India, 500 children under the age of five pass away from diarrhoea. This is estimated to increase the demand for efficient water filtration systems in the region, boosting the market expansion.

The Middle East and Africa market is growing mainly due to the rising search for garnet extraction sites, especially in Africa. Since the extraction rate of garnet deposits in India has reached its maximum and the company must meet the increasing demand, in September 2019, V.V. Mineral Pvt. Ltd. began searching for garnet mines in Eastern and Southern Africa, specifically in Kenya and Tanzania. Similarly, in April 2023, the National Museum of Natural History of the Smithsonian will exhibit the Lion of Merelani, one of the world's most exquisitely colored gemstones.

Additionally, the brilliant green gemstone is tsavorite, an exceptionally rare garnet found primarily in the region bounded by Kenya and Tanzania. A luminous tsavorite crystal exceeding 283 carats in weight was discovered in 2017 in the vicinity of Merelani, a region in northern Tanzania renowned for its gemstone deposits. The renowned gem cutter Victor Tuzlukov transformed the rough stone the following year into the luminous Lion of Merelani, the world's largest square-cushion cut tsavorite jewel with 177 glistening facets. Such factors are boosting the Middle East and African garnet market share.

Segmental Analysis

The global garnet market is segmented by product type and application.

Based on product type, the global market is divided into andradite, pyrope, almandine, uvarovite, grossular, and spessartine.

Andradite is a subtype of the mineral garnet. It is a nesosilicate denoted by the formula Ca3Fe2Si3O12, initially described in 1868 for an event in Drammen, Buskerud, Norway. Andradite was named after the Brazilian statesman, scientist, educator, and poet José Bonifácio de Andrada e Silva (1763–1838). In addition, andradite is found in three distinct varieties: melanite, topazolite, and demantoid. Melanite, also called titanian andradite, is black due to titanium's restricted substitution for iron. Similarly, demantoid is a brilliant green gemstone that is among the rarest and most valuable in the gemmological community. Lastly, topazolite is rarer than demantoid and is occasionally of sufficient quality to be fashioned into faceted gemstones. It has a yellow-green hue.

Pyrope is classified as a mineral within the garnet family. Pyrope derives its name from the Greek words for fire and eye, from the unique quality of naturally occurring samples of this garnet consistently exhibiting a red coloration. Although other elements, such as Ca, Cr, Fe, and Mn, are generally present in at least minor proportions, pure pyrope is composed of Mg3Al2(SiO4)3. In addition, pyrope, almandine, and spessartine combine to produce the pyralspite garnets (pyrope, almandine, spessartine), a series of solid solutions. In place of magnesium, iron, and manganese comprise the pyrope structure. The mixed composition garnets that are the end product are characterized by the ratio of pyrope to almandine. Rhodolite, a semiprecious gemstone, comprises garnet and approximately 70% pyrope.

Based on application, the global garnet market is segmented into abrasive blasting, abrasive powder, water jet cutting, water filtration, jewellery, and others.

A garnet abrasive is an abrasive blasting substance composed of almandite, andradite, grossularite, pyrope, and spessartite, all minerals belonging to the garnet family. A high-performance blast media, garnet abrasive is frequently employed in the cleansing process of aluminum and fiberglass structures. It also finds application in water jetting and can be utilized in areas where contamination is a significant factor, such as in proximity to watercourses.

Regarding blast cleaning, garnet abrasive is among the safest, most versatile, and most effective substances. It has an exceptionally high blasting efficacy compared to all natural and synthetic abrasives commonly used on-site due to its high specific gravity. Similarly, compared to other abrasives, garnet has a high bulk density, indicating that it contains more mass per cubic meter, enabling the storage of a greater mass in a smaller volume.

Garnet is the birthstone for January and represents strength and power. Garnet is the stone associated with manifestation and protection. Garnet jewellery safeguards the wearer against evil and negativity. It promotes stability, fire, and passion and bestows good fortune upon romantic partnerships. In addition, garnet is a stone auspicious with success, aiding its possessors in accomplishing life's objectives. Garnet stimulates every Chakra in the body, from the base to the crown; therefore, inducing spirituality into one's life through meditation with garnet bestows immense fortitude and equilibrium.

Recent Developments

• July 2023- The GMA Garnet Group's Coos Bay processing facility recently celebrated the grand opening of its remodelled port. Rod Liebeck, president of GMA Americas, and his staff greeted the arrival of the first deep draft vessel to their upgraded dock in nearly 25 years.

• May 2023- Mineral Commodities, an ASX-listed mining company, reached offtake and financing agreements with Garnet International Resources, a GMA Group subsidiary. Mineral Sands Resources (MSR), the South African subsidiary of Mineral Commodities, will provide Garnet with completed Garnet products following the offtake agreement.