by The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Ilmenite is a minor titanium-iron oxide mineral which is an important ore of titanium. It is utilized as a pigment due to its bright color and also in manufacturing of titanium metal and welding rods. It is used as a synthetic rutile which acts as a substitute for natural rutile in production of titanium dioxide. Ilmenite provides advantages such as high strength, corrosion resistance and lightweight properties. The growing manufacturing industries favor the use of ilmenite due to its mechanical and chemical properties.
Market key trends:
The increasing demand from manufacturing industries is contributing to the growth of the ilmenite market. Ilmenite finds application in manufacturing industries such as aerospace, automotive and construction due to its high strength and lightweight properties. The implementation of stringent regulations regarding fuel efficiency and emission standards is promoting the use of lightweight materials like titanium in the automotive and aerospace industries. Also, rapid urbanization and infrastructure development activities are driving the construction industry which in turn is augmenting the demand for ilmenite. With growing industrialization, the need for high performance materials is increasing significantly thereby propelling the ilmenite market growth over the forecast period.
Porter’s Analysis
Threat of new entrants: The Ilmenite Market Size requires high initial investments to set up the infrastructure, which acts as a deterrent for new players. Moreover, established players enjoy economies of scale which also poses entry barriers.
Bargaining power of buyers: The bargaining power of buyers is moderate. Major buyers include titanium dioxide pigment manufacturers and welding electrode manufacturers. Switching costs are low for buyers.
Bargaining power of suppliers: The ilmenite suppliers have moderate bargaining power due to the availability of substitutes like rutile and synthetic rutile. However, supply concentration of a few major players impacts the supplier power.
Threat of new substitutes: Alternatives like synthetic rutile and rutile possess substitution threat, however the application scope of ilmenite is larger owning to cost advantages.
Competitive rivalry: Intense competition exists among existing players to gain market share.
SWOT Analysis
Strength: Ilmenite has wide applications in paints, plastics and welding industries. The increasing demand from end-use industries is a key strength.
Weakness: Fluctuations in raw material prices impacts production costs. Environmental regulations regarding mining activities are stringent.
Opportunity: Growth in emerging economies offer new expansion opportunities. Technological advancements can help improve extraction efficiency.
Threats: Substitute products like synthetic rutile poses competition. Stringent mining laws can restrict operations.
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 the paints and plastics industries. The market size for 2023 is US$ 13.38 Bn.
Regional analysis Asia Pacific accounts for the largest share in the global ilmenite market due to presence of major titanium dioxide producers in countries like India and China. The Asia Pacific ilmenite market is projected to grow at a CAGR of 4.1% during the forecast period.
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. Major players are focusing on expanding their production capacities and geographical presence to strengthen market hold.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
