Ilmenite Market

Global Ilmenite Market Size (2024 to 2029)

The Global Ilmenite Market was worth US$ 11.93 billion in 2023 and is anticipated to reach a valuation of US$ 15.01 billion by 2029 and it is predicted to register a CAGR of 3.9% during the forecast period 2024 to 2029.

Current Scenario of the Global Ilmenite Market

Ilmenite is a common accessory mineral that is present in sedimentary rocks, sediments, and igneous rocks in different parts of the world. It is basically a black iron-titanium oxide that has the chemical formula of FeTiO3. This mineral is used in the manufacture of a wide variety of high-performance alloys. Most of the ilmenite found in the world is used in the manufacture of titanium dioxide, which is an important abrasive for polishing and bleaching. It is also an important pigment. The multiple uses of the mineral are likely to support the growth of the global ilmenite market. From a commercial standpoint, ilmenite is the most important mineral in titanium. It is used in paints, fabrics, plastics, paper, sunscreens, food, and cosmetics. It is also known as titanomagnetite. The crystals are usually plaque-shaped and aggregate into lumps or granules. Ilmenite has a high resistance to weathering. When rocks contain ilmenite, the ilmenite grains disperse with the sediment. The high density of these grains causes them to separate during current transport and accumulate as “heavy mineral sands.” These sands are black in color and are easily recognizable.

The growth of the global ilmenite market is expected to be driven by the abundant and trouble-free availability of the mineral. Some of the major end-users of titanium dioxide include the packaging, electronics, construction, and automotive industries. The growing demand for titanium dioxide in these sectors is likely to support the growth of the global ilmenite market in the years to come.

MARKET DRIVERS

The growth of the global ilmenite market is expected to be driven by the abundant and trouble-free availability of the mineral. The need for titanium dioxide and titanium metal determines the demand for ilmenite. Some of the major end-users of titanium dioxide include the packaging, electronics, construction, and automotive industries. The growing demand for titanium dioxide in these sectors is more likely to support the growth of the global ilmenite market in the coming years. The growing demand for paints and coatings is expected to drive the growth of the ilmenite market. The growing demand for paper and plastic is also anticipated to help the growth of the global ilmenite market. The multiple uses of the mineral are likely to support the growth of the global ilmenite market.

MARKET RESTRAINTS

Titanium dioxide is labeled as a carcinogen by the International Agency for Research on Cancer (IARC). These factors are anticipated to restrain the growth of the market to some extent. Growing concern over the adverse effects of mining activity is expected to re-ignite the growth of the global ilmenite market. These factors are expected to restrain the growth of the market to some extent.

MARKET OPPORTUNITIES

The increased demand for paper and plastic will create numerous opportunities, which will lead to the growth of the ilmenite market during the forecast period.

MARKET CHALLENGES

Growing concern over the adverse effects of mining activity challenges the growth of the global ilmenite market.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Ilmenite Market By Size

The <52% size segment dominated the global market and is anticipated to maintain the domination during the forecast period. This size is widely used in titanium dioxide and metal production, which fuels the segment growth.

Global Ilmenite Market By Type

The grey segment held the most significant global ilmenite market revenue share. Ilmenite is the most commonly found and abundant form of titanium oxide. It is a weakly magnetic mineral sand, grey-black in color, solid in form, and has a triangle crystal structure. It is widely used as a fluxing agent in blast furnace feeds and as a sand-blasting abrasive.

Global Ilmenite Market By Application

The titanium dioxide segment held a significant market share in the global ilmenite market as it was widely used to produce titanium dioxide. The titanium dioxide derived from ilmenite is a highly sought-after pigment known for its whiteness, gloss, and excellent ultraviolet resistance, which drives segment growth. These features enhance its adoption in paints, coatings, plastics, paper, and cosmetics, fueling the market growth. The expanding construction and automotive industries are expected to accelerate the demand, boosting the segment growth.

The titanium metal segment held the second-largest share in the global market as ilmenite has extensive applications in several industries for manufacturing titanium metal. Various unique properties like corrosion resistance, lightweight, durability, and optimum weight-to-strength ratio are majorly fueling the segment growth. The wide usage in aircraft manufacturing as it improves endurance and strength while maintaining the aircraft’s weight to a minimum drives the segment revenue growth, leading to global market size growth.

REGIONAL ANALYSIS

Asia-Pacific is expected to dominate the global coarse ilmenite market during the forecast period, owing to excessive demand in the region.

North America and Europe will likely follow Asia-Pacific. This is due to the presence of significant sources of ilmenite in the region. Ilmenite is found on the east and west coasts of Australia and India. The market is also expected to experience the fastest growth, owing to the significant growth of the paint and coatings industry in countries such as India and China. The market growth in the region is attributed to successful companies in the automotive and packaging sectors. Due to the rapid expansion of the textile and leather industries, the Asia-Pacific region is expected to account for a significant market share. In addition, the increasing production of fabrics such as silk and nylon in countries like India and China is adding to the demand for acid dyes in this region. Some of the manufacturers based in Europe and North America are moving their manufacturing base to the Asia Pacific.

 Europe is expected to grow considerably slower due to the strict regulations of the region's environmental agencies. For example, the production of Acid Red 128 has been banned in Europe due to toxic intermediates used in its manufacturing process. However, the growing awareness and preference for organic products are expected to positively impact the growth of the market in the region.

KEY PLAYERS IN THE GLOBAL ILMENITE MARKET

Shanghai Yuejiang Titanium Chemical Manufacturer Co., Ltd., Jiangxi Jinshibao Mining Machinery Manufacturing Co., Ltd., Abbott Blackstone, Yucheng Jinhe Industrial Co., Ltd., Rio Tinto, TiZir Ltd, VV Minerals, TRIMEX, Industrial Mineral Co, Saraf Agencies Private Limited, Monokem. Iluka Resources, World Titane Holdings (Exxaro Resources), Kenmare Resources, China Vanadium Titano-Magnetite Mining, Lomon, and others

DETAILED SEGMENTATION OF THE GLOBAL ILMENITE MARKET INCLUDED IN THIS REPORT

This research report on the global ilmenite market has been segmented and sub-segmented based on size, type, application, and region.

By Size

• <52%
• 52%-55%
• >55%

By Type

• Grey
• Black

By Application

• Titanium Dioxide
• Welding Electrodes
• Titanium Metal
• Coatings and Lining for Blast Furnace Hearth
• Other

By Region

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• Middle East & Africa