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 major ore of titanium. It is an iron-titanium oxide and is utilized as a pigment, producing titanium dioxide which is widely used in paints, papers, plastics, cosmetics and other applications.
Market key trends:
One of the major trends driving the growth of the ilmenite market includes increasing use of titanium dioxide pigment in construction activities. Ilmenite is a chief raw material for producing titanium dioxide pigment through chloride and sulphate processes. Titanium dioxide possesses high demand in paints and coatings industries. It imparts properties like brightness and opacity to paints and coatings. Rapid urbanization and infrastructural development have escalated the growth of construction industry worldwide, thereby augmenting the demand for paints and coatings. This is positively impacting the consumption of titanium dioxide and subsequently driving the growth of the global ilmenite market.
SWOT Analysis
- Strength: Ilmenite has strong demand from the manufacturing of titanium dioxide pigment which has wide applications in paints, plastics, paper and other industries. The abundance availability of raw materials also ensures steady supply of ilmenite.
- Weakness: Ilmenite has less titanium content compared to other titanium-based minerals like rutile or synthetic rutile which limits its direct use. Significant energy is required during the upgrading process to produce titanium dioxide from ilmenite.
- Opportunity: Growing applications of titanium dioxide pigment in industries like construction and automotive offer opportunities for increased consumption of ilmenite. Developing advanced upgrading technologies can help reduce production costs.
- Threats: Volatility in raw material prices and availability is a major threat. Substitutes like synthetic rutile and recurrence of economic slowdowns can impact demand growth for ilmenite.
Key Takeaways
The global ilmenite market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing consumption of titanium dioxide pigment in paints, plastics and other industries. The global market size for ilmenite was valued at US$ 13.38 Bn in 2023.
Regional analysis: Asia Pacific dominates the global ilmenite market and is expected to continue its lead, driven by strong demand from China, India and other developing economies in the region. Countries like Australia, India and South Africa also have abundant ilmenite reserves and are major suppliers globally.
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. These players are focused on ramping up production capacities and adopting innovative upgrading technologies to improve extraction of titanium dioxide from ilmenite.
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