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 2024-2029.
Market Overview:
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.
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.
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.
Growing concern over the adverse effects of mining activity challenges the growth of the global ilmenite market.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023-2029 |
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Base Year |
2023 |
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Forecast Period |
2024-2029 |
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CAGR |
3.9% |
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Segments Covered |
By Size, Type, Application, and Region. |
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Various Analyses Covered |
Global, Regional and Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview of Investment Opportunities |
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Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East and Africa. |
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Market Leaders Profiled |
Shanghai Yuejiang Titanium Chemical Manufacturer Co., Ltd., Jiangxi Jinshibao Mining Machinery Manufacturing Co., Ltd., Abbott Blackstone, Yucheng Jinhe Industrial Co., Ltd., Rio Tinto, and Others. |
Market Segmentation:
Based on the size, the 52% size segment is holding the highest share of the market.
Based on type, the Grey type is leading with significant shares of the market.
The largest proportion of coarse ilmenite is used for titanium dioxide, and the consumption proportion is about 84.5% in 2021. Titanium dioxide is the most widely used white pigment in the paint industry and coatings. It effectively scatters visible light and thus imparts whiteness, gloss, and opacity when incorporated into a coating, making it widely used in the paints and coatings industry. The paint and coatings industry is booming with the rapid growth of the construction and construction industries and the automotive industry for end users. Residential and commercial construction has grown significantly around the world, further boosting the demand for titanium dioxide for construction applications.
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.
In early 2020, the COVID-19 disease began to spread around the world, millions of people around the world have been infected with the COVID-19 disease, and major countries around the world have put in place permanent bans and shutdowns jobs. Except for the medical supplies and survival products industries, most industries have been hit hard, and the ilmenite market is not an exception. The market shares are to have a significant growth rate in 2021 as the whole world is getting into a normal position.
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