by 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 mineral containing iron, titanium and some magnesium. It is smelted to produce titanium dioxide used as a pigment in paint, paper, plastic and cosmetics. The mineral provides opacity and whiteness to all kinds of materials.
Market key trends:
One of the key trends in the Ilmenite market is increasing adoption of Ilmenite in steel industries. Ilmenite contains iron which is used in steelmaking processes. With rapid industrialization worldwide, demand for steel has increased significantly. Growing construction activities and infrastructure development projects are majorly boosting the global steel industry. According to worldsteel Association, global crude steel production reached 1,869.9 million tonnes (MT) in 2020, an increase of 3.8% compared to 2019. This growth in steel industry is expected to fuel demand for minerals like Ilmenite used in steelmaking over the forecast period.
Segment Analysis
The global Ilmenite Market Size is dominated by the titanium slag sub-segment. This sub-segment accounted for nearly 60% share of the overall market in 2023. Ilmenite is used as the primary raw material in the production of titanium slag, which further finds wide usage in welding electrodes and metal matrix composites. The increasing demand for titanium slag from various end-use industries such as aerospace and defense is the major factor driving the titanium slag sub-segment.
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 for titanium dioxide and other titanium products from various industries such as paints & coatings, plastics, and paper among others.
Regional analysis
Asia Pacific dominated the global market in 2023 and is expected to remain the fastest growing as well as the largest market during the forecast period. China, India, and Australia are the major contributors to the growth of the region. This can be attributed to the presence of key ilmenite mining companies as well as rapid industrialization in the region.
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. Abbott Blackstone is a leading mining company in Australia and has established its position as the biggest supplier of ilmenite to China.
The global ilmenite market size for 2023 is US$ 13.38 Bn. The market is expected to reach a value of US$ 18.56 Bn by 2030, exhibiting a CAGR of 3.9% during the forecast period.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
