The global Ilmenite Market is estimated to be valued at US$ 13.38 Bn or Mn 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 Ins insights.
Market Overview:
Ilmenite is a main ore of titanium. It is a black iron-titanium oxide mineral with the chemical formula FeTiO3. Ilmenite is extracted from the beach and ocean floor heavy mineral sands deposits through mining and dredging. The extracted ilmenite is further processed to extract metals like titanium and pigments.
Market key trends:
One of the key trends driving the ilmenite market growth is its increasing use in the production of paints and coatings. Ilmenite is crushed and processed into titanium dioxide pigment which enhances the brightness and tinting strength in paints, plastics, paper, inks and other materials. Around 95% of the mined ilmenite is processed into titanium dioxide pigment. The growing construction industry globally is boosting the consumption of paints and coatings which in turn is fueling the demand for ilmenite. Additionally, the increasing production of welding electrodes as well as growing demand for titanium metal sponge from aerospace and defense industries are some other factors propelling the ilmenite market growth over the forecast period.
Market key trends:
The global Ilmenite Market Size has witnessed significant growth over the past few years owing to rising consumption of ilmenite in the production of titanium dioxide. Titanium dioxide plays a crucial role in a wide range of applications such as paints, coatings, plastics, papers and others. Additionally, the expanding construction industry along with increasing demand from developing nations for consumer goods is positively impacting the market growth. Moreover, growing popularity of ilmenite as a key raw material in the manufacturing of welding electrodes and pigment is projected to offer numerous opportunities to the players operating in this market.
SWOT Analysis
Strength: Ilmenite has wide applications in various end-use industries such as paints, cosmetics, plastics among others. This wide usage drives the overall market growth.
Weakness: Fluctuations in raw material prices affect the overall production cost of ilmenite.
Opportunity: Growing construction industry in emerging nations offers new areas of applications for ilmenite.
Threats: Availability of substitutes like rutile and synthetic rutile poses a threat to the ilmenite market.
Key Takeaways
The global ilmenite market is expected to witness high growth, exhibiting CAGR of 3.9% over the forecast period, due to increasing demand from paints and coatings industry. North America dominated the global market in 2023, owing to extensive usage of ilmenite in welding electrodes manufacturing. With growing construction spending in China and India, Asia Pacific is expected to emerge as the fastest growing regional market over the coming years. 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.
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