The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ilmenite is an important ore of titanium. It is a weakly magnetic black or steel-gray mineral. Ilmenite is the main source of titanium dioxide which is used extensively in manufacturing of paints, plastics, paper, textiles and ceramics. It also finds uses in welding electrodes, chemical plants, and production of titanium metal and its alloys.
Market Dynamics:
Rising demand from manufacturing sector is driving the growth of Ilmenite Market Size. Ilmenite finds major application in manufacturing of titanium dioxide which is used in paints, plastics and other industries. Growing population and urbanization is fueling the growth of manufacturing sector which in turn is augmenting the demand for ilmenite. Additionally, titanium metal derived from ilmenite has high strength-to-weight ratio making it suitable for aerospace applications. Increasing aircraft production along with focus on fuel efficiency is expected to propel the demand for titanium over the forecast period.
SWOT Analysis
Strength: Ilmenite has wide applications in manufacturing of titanium dioxide which is used in paints, plastics, papers and others. It has high demand from pigment manufacturers. Ilmenite reserves are widely available around the world.
Weakness: Heavy dependence on pigment production makes market vulnerable to changes in that industry. Beneficiation of ore into upgraded slag requires huge capital investments and technology.
Opportunity: Growing construction and infrastructure sectors will boost demand for titanium dioxide pigments using ilmenite. New technologies can improve recovery rates and upgrade lower grade ores economically.
Threats: Volatility in pigment industry affects demand and prices for ilmenite. Environmental regulations can impact mining and beneficiation processes.
Key Takeaways
The global ilmenite market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing use of titanium dioxide pigments in construction paints and coatings. The growing construction industry across developing nations of Asia Pacific and Middle East is driving the demand for ilmenite.
Regional analysis
Asia Pacific dominates the global ilmenite market with a share of over 35%, led by China, India and Malaysia. Abundant natural reserves and large pigment manufacturing base in the region attracts mining companies. Australia is the second largest producer of ilmenite globally with major mines located in Western Australia and Queensland.
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 among others. The players are focused on expanding their mining capacities and upgrading technologies to produce higher grade ilmenite.
Key Takeaways
The global ilmenite market size reached US$ 13.38 billion in 2023. Key growth drivers for the market include rising construction activities in Asia Pacific and Middle East and increasing demand for titanium dioxide pigments from various end-use industries like paints, coatings and plastics globally. Australia and China have emerged as the dominant producers and exporters of ilmenite, together accounting for over 50% of global reserves. Major players are investing in mineral sands projects and mineral separation technologies. The market is anticipated to grow at a CAGR of 3.9% during the forecast period of 2023 to 2030.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
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