by Ilmenite is a naturally occurring oxide mineral and is the principal ore of titanium dioxide. Titanium dioxide is highly demanded mineral finding applications as pigment in paints, plastics, paper, toothpastes and other products owing to its ability to impart brightness and opacity. It is also used as titanium feedstock in manufacturing of titanium metal and components for industries such as aerospace & defense and automotive. Increasing customer spending on home décor, automobiles and other titanium using products is expected to boost the demand for titanium feedstock which in turn is likely to upsurge the global 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 key trends:
The rising demand for titanium feedstock from industries like aerospace & defense and automobiles is a key factor driving the growth of global ilmenite market. Titanium is highly preferred for manufacturing various lightweight components in aerospace sector owing to its high strength-to-density ratio. In auto sector as well, titanium is gaining traction as a substitute for steel and aluminium to reduce vehicle weight and increase fuel efficiency. As ilmenite is the primary ore for producing titanium metal and components, its demand is expected to surge considerably over the forecast period along with rising uptake of titanium materials across diversified end use industries.
Segment Analysis
The global ilmenite market is dominated by the chloride slag sub-segment. Chloride slag ilmenite commands a larger share of the market as it is relatively coarser and easier to process thus preferred by manufacturers. Within chloride slag, the coarse fraction with particle size exceeding 100 microns holds a major portion of the demand. The fine fraction demand is rising steadily given its increasing consumption in the paint and plastic industries.
Key Takeaways
The global ilmenite market is expected to witness high growth over the forecast period. 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.
Regional analysis shows that Asia Pacific currently dominates the ilmenite market and is expected to maintain its leading position during the forecast years. China, India, and Southeast Asian countries are major consumers and drivers of growth in the region due to thriving iron & steel and manufacturing industries. North America and Europe are other prominent regions for ilmenite. Recovery in construction activities after the pandemic is supporting demand rise. Key players are expanding production capacities in the USA and Western European nations to cater to the recovering regional demand.
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, and Yucheng Jinhe Industrial Co., Ltd. These leading ilmenite producers are investing in mines to secure raw material supply and establishing robust distribution networks to strengthen their positions in key markets. Partnerships for technological upgrades and mining activity expansion are ongoing.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
