Ilmenite is a minor ore of titanium which is used as raw material for production of titanium dioxide and welding electrodes. Titanium dioxide is extensively used in paints, plastics, paper and other industries owing to properties such as high refractive index and brightness. It is also used in cosmetic products owing to its ability to protect skin from UV rays. With rising applications in industries such as construction and automotive coupled with increasing spending on personal care products, the demand for titanium dioxide has witnessed strong growth. This in turn is driving the consumption of ilmenite globally.
The global Ilmenite Market is estimated to be valued at US$ 13.38 Bn in 2024 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 growth of the global ilmenite market is majorly driven by rising demand for titanium dioxide from industries such as paints & coatings, plastics and paper. Titanium dioxide finds widespread application as a pigment in paints & coatings owing to properties such as high tinting strength and brightness. Furthermore, with rapid industrialization and infrastructure growth in emerging economies, the consumption of paints & coatings has surged significantly over the past few years. This is positively impacting the demand for ilmenite and subsequently driving the market growth.
- SWOT AnalysisStrength: Ilmenite has widespread applications in manufacturing products such as pigments, welding electrodes, cosmetics, ceramics and more. This wide usage increases its demand.
- Weakness: The mining process for ilmenite requires substantial capital investment and causes environmental pollution. Frequent price fluctuations in the ilmenite market also pose operational challenges.
- Opportunity: Rising growth of the paints & coatings industry driven by infrastructure development offers lucrative opportunities for increased ilmenite consumption. Alternative applications in 3D printing can further boost the market.
- Threats: Stringent environmental regulations around mining and processing may increase production costs. Substitutes like synthetic pigments also threaten ilmenite’s market share.
Key Takeaways
The global ilmenite market is expected to witness high growth over the forecast period of 2023 to 2030. The global Ilmenite Market is estimated to be valued at US$ 13.38 Bn in 2024 and is expected to exhibit a CAGR of 3.9% over the forecast period 2023 to 2030.
The Asia Pacific region currently dominates the ilmenite market and is expected to maintain its lead through 2030. Nations like China, India and Indonesia with robust manufacturing bases contribute to unprecedented demand from the region.
Key players related content comprises –
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 players are focused on capacity expansion as well as partnerships to ensure secure supply and gain leadership positions in the market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
