May 28, 2024

The Global Ilmenite Market is expected to be Flourished by Increasing Steel Production

Ilmenite, also known as Manaccanite, is a titanium-iron oxide mineral with the idealized formula FeTiO3. It is a weakly magnetic black or steel-gray solid. Ilmenite is the main ore of titanium and is found in large deposits worldwide. Ilmenite is used as opacifier and brightener in paints, plastics, papers and other materials. It is also utilized as the main raw material in manufacturing commercial titanium metal and titanium dioxide pigment. Titanium dioxide is widely used as a white pigment in paints, enamels, paper, toothpaste and plastics due to its brightness and very high refractive index.

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 Dynamics:

The heading “(Ilmenite Market is expected to be Flourished by Increasing Steel Production)” refers to one of the key drivers for the growth of the Ilmenite market. Steel production has a direct correlation with demand for titanium feedstock like Ilmenite as titanium metal has significant usage in steel manufacturing for deoxidizing and reducing elements. According to World Steel Association, global steel production increased from 1,869 million tons in 2020 to 1,974 million tons in 2021. Increase in infrastructure spending and economic growth are major factors stimulating steel demand worldwide which in turn is fueling consumption of Ilmenite raw material for titanium production.

Another driver for the Ilmenite market is extensive usage of titanium dioxide pigment in paints and coatings. Titanium dioxide is one of the most widely used pigments globally due to its high refractive index and ability to provide excellent opacity and brightness to various paints, plastics and paper. Rise in construction activities along with growing automotive industry is propelling paints and coatings demand internationally thereby augmenting consumption of titanium feedstock like Ilmenite.

Segment Analysis

The global ilmenite market is dominated by the titanium slag sub-segment which holds around 65% market share. Ilmenite is the primary ore of titanium as it has the highest titanium content among naturally occurring minerals. Around 95% of ilmenite is used in the production of titanium metal and titanium dioxide, which has wide applications in paints, plastics, paper, textiles and other industries driving the demand for ilmenite.

PEST Analysis

  • Political: Mining policies and regulations related to extraction of natural resources are framed by governments which have an impact on production and supply of ilmenite.
  • Economic: Global GDP growth drives the demand for end use industries like paints, plastics which spurs demand for titanium metal and titanium dioxide boosting the ilmenite market.
  • Social: Rising standards of living increase consumption of consumer goods containing titanium dioxide improving the market prospects.
  • Technological: New efficient mining and processing techniques help reduce production costs and boost output of ilmenite mineral.

Key Takeaways

The global ilmenite market is expected to witness high growth on account of rising demand for titanium metal and titanium dioxide from end use industries like paints and plastics. 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.

The Asia Pacific region dominates the ilmenite market with around 60% share led by China, India and Vietnam. The region is expected to continue its dominance owing to presence of major players, strategic expansions, capacity additions and favourable government policies supporting mining industries.

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. The major players are focusing on acquisitions and capacity expansions to expand their production capacities and global footprint in the high growth market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it