The Ilmenite Market is estimated to be valued at US$ 13.38 Bn or Mn 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.
Ilmenite is a major ore of titanium. It is used to produce titanium dioxide pigments which find applications in paints, paper, plastics, textiles, ceramics, cosmetics and other materials. Ilmenite contains iron, titanium and small amounts of magnesium. Major players in the ilmenite market include mining and mineral processing companies engaged in extracting ilmenite from rocks and sand deposits and converting it into synthetic rutile and titanium dioxide pigment.
Rising demand for titanium dioxide pigments across various end-use industries like paints, construction, paper and plastics is anticipated to drive the growth of global ilmenite market over the forecast period. Titanium dioxide pigment improves properties like brightness and opacity of end products. Expanding construction and infrastructure development activities in emerging economies of Asia Pacific and Latin America are augmenting the demand for titanium dioxide pigments which in turn is propelling the ilmenite market growth. Furthermore, increasing use of plastics in various industries from packaging to automotive is another factor fueling the consumption of titanium dioxide pigments and subsequently demand for ilmenite.
Ilmenite is dominating segment in the ilmenite market. Ilmenite is the main ore of titanium and accounts for over 95% of the production of titanium. Titanium is extracted through chloride process from ilmenite; approximately 95% of titanium smelting takes place this way. Titanium dioxide pigment dominates ilmenite consumption, accounting for over 90% of titanium mineral usage. Titanium dioxide pigment has wide applications in coatings, plastics, paper, and other industries which is driving the demand for ilmenite mining.
- Political: Governments across countries are enforcing stringent mining regulations and environmental norms to curb illegal mining and ensure sustainable extraction of natural resources. This is positively impacting the organized players in the ilmenite market.
- Economic: The growing construction, automotive, and other end-use industries are driving the demand for titanium dioxide pigments globally which in turn is augmenting the growth of ilmenite mining industry.
- Social: Increasing consumer spending on coatings, cosmetics, and other personal care products incorporating titanium dioxide pigment is benefiting the ilmenite market.
- Technological: Advanced mineral separation techniques such as magnetic separation, gravity separation, and electrostatic separation are helping ilmenite miners improve recovery rates and minimize waste generation.
The global ilmenite market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period 2023 to 2030, due to increasing infrastructural development and industrialization in emerging economies. The market size for ilmenite is estimated to reach US$ 18.76 Bn by 2030 from US$ 13.38 Bn in 2023.
Regional analysis indicates that Asia Pacific is the fastest growing as well as the largest regional market for ilmenite attributable to strong growth in construction and automotive industries in China and India. China dominates ilmenite consumption in the region.
Key players operating in the ilmenite market include 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. The key players are focusing on capacity expansion and acquisitions for business growth. For instance, Kenmare Resources increased mine capacity at its Moma operations in Mozambique.