July 24, 2024

Projected increase in titanium production to boost the growth of Ilmenite Market

The global Ilmenite Market is estimated to be valued at US$ 13.38 Bn in 2023 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Ilmenite is a naturally occurring titanium-iron oxide mineral. It is the main ore of titanium and is crushed and processed to extract titanium dioxide and iron. Ilmenite is used as a prominent source of titanium dioxide, which is widely used as pigment in paints, plastics, paper and other materials for its brightness and tinting strength. It also finds application in sunscreens, food colorings, cosmetics and healthcare products. The increasing demand for titanium dioxide pigments across end-use industries is driving the growth of the global ilmenite market.

Market key trends:
One of the major trends in the ilmenite market is the growing production of titanium. Global demand for titanium is increasing rapidly from industries such as aerospace and defense, automotive, industrial, medical and sports equipments. Titanium offers benefits like high strength-to-weight ratio, corrosion resistance and bio-compatibility. It finds usage in manufacturing aircraft and spacecraft components as it is lighter than other metals. The increasing production of titanium with rising demand from end-use industries will augment the consumption of titanium feedstock including ilmenite, thereby propelling the market growth over the forecast period.

Porter’s Analysis

  • Threat of new entrants: The threat of new entrants is medium in the Ilmenite market as adequate capital investment and requirement of necessary licenses to operate mining projects pose entry barriers.
  • Bargaining power of buyers: The bargaining power of buyers is high in this market as Ilmenite has substitutes and buyers can switch to alternative mineral sources.
  • Bargaining power of suppliers: The bargaining power of suppliers is also high due to availability of a limited number of Ilmenite mines globally and suppliers are major integrated mining companies.
  • Threat of new substitutes: The threat of new substitutes is medium as Ilmenite has few substitutes like rutile and synthetic rutile used in pigment manufacturing and metal production industries.
  • Competitive rivalry: High due to the presence of a limited number of large global players operating Ilmenite mines.

Key Takeaways

The global Ilmenite market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing usage of Ilmenite in manufacturing of titanium dioxide pigment.

Regional analysis: Asia Pacific dominates the global Ilmenite market due to rising foundry activities in China, India and other developing nations in the region. China accounts for nearly half of the global Ilmenite consumption.

Key players: Key players operating in the Ilmenite market are Abbott Blackstone, China Vanadium Titano-Magnetite Mining, Illuka Resources Limited, Jiangxi Jingshibao Mining Manufacturing Co., Ltd, Kenmare Resources, PT Monokem Surya, Rio Tinto, V.V Mineral, Yucheng Jinhe Industrial Co., Ltd. Major players are focusing on mergers and acquisitions to expand their production capacities and geographical presence in high growth regions.