Ilmenite Market size was over USD 9.7 billion in 2024 and is estimated to reach USD 24.9 billion by the end of 2037, expanding at a CAGR of 8.2% during the forecast timeline, i.e., 2025-2037. In 2025, the industry size of ilmenite is assessed at USD 10.5 billion.
The growth of this industry is majorly driven by the increasing demand for titanium in sectors such as aerospace, defense, power generation, chemical processing, and medical devices. According to a report published by WIPO in February 2023, around 80% of global titanium production is sourced from ilmenite. This shows the utility of the mineral being one of the best natural resources in the production of such valuable products.
The demand in the ilmenite market is also increasing due to the heavy usage of titanium in creating expensive and aesthetic products such as jewelry, watches, and eyeglass frames. This further contributes to creating a new era of application for the mineral sand. This subsequently inflated the trade of titanium across the world. According to a 2022 OEC report, the global trade worth of titanium in the same year was USD 6.3 billion. The report further states that the amount is gradually increasing every year, as it grew by 41.8% during 2021-2022. Such increment is pushing companies to introduce new extraction methods and resources such as ilmenite to curate maximum output, availing sufficient supply.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
8.2% |
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Base Year Market Size (2024) |
USD 9.7 billion |
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Forecast Year Market Size (2037) |
USD 24.9 billion |
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Regional Scope |
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Application (Titanium dioxide production, Titanium metal production, Welding electrodes, Others)
In terms of applications, the titanium dioxide production segment is anticipated to capture around 99.1% ilmenite market share by the end of 2037. The growing demand for TiO2 in emerging industries including paints and coatings, construction, and automotive has driven massive growth in this segment. The ongoing developments in producing high-performance TiO2 from ilmenite such as smelting and magnetic separation are propelling future innovation in this sector. According to the report published by WIPO in 2023, the number of patents registered to describe the production of Ti02 from ilmenite during 2002-2022 accounted to be 459. The report also introduced the chloride and sulfate process, providing 60% and 40% of the global TiO2 respectively.
Type (Natural Ilmenite, Synthetic Ilmenite)
Based on the type, the natural ilmenite segment is projected to capture a significant share of the ilmenite market during the forecast period. Being the foundational raw material for high-value titanium products, this segment has become one of the most preferable choices for titanium exporters. The large reservoir of mineral sands around the world has inflated the reach of this segment. Many companies are engaging in mining high-intensity natural resources of ilmenite. For instance, in September 2024, Allup Silica started the initial stages of PFS engineering design for its recently acquired McLaren Mineral Sands Project in Western Australia. The company is now planning to launch a Q4 2024 drilling program to investigate the potential of the project for expansion and 400,000tpa ilmenite production in its 20-year lifespan.
Our in-depth analysis of the global market includes the following segments:
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Application |
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Type |
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End use Industry |
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APAC Market Statistics
Asia Pacific ilmenite market is set to hold revenue share of more than 24% by 2037, due to its expanding production line of titanium. The large suppliers of ilmenite from Australia, China, and India are playing a pivotal role as the backbone of its growth. For instance, in March 2024, PYX Resources received its license to export ilmenite from the Investment and One-Integrated Services Department. This will further create a massive chain of exports to various external regions, making the Asia Pacific landscape full of opportunities for generating great revenue. The ongoing development in the infrastructure and industries has boosted the demand for titanium dioxide. This further helps the region to foster a huge domestic consumer base.
India is one of the largest exporters of ilmenite to supply the regions such as North America and Europe. Such a leading position in the ilmenite market helps the country to create new business opportunities for domestic and foreign titanium production houses. In November 2024, IREL collaborated with UKTMP JSC Kazakhstan to establish a joint venture, IREUK Titanium Limited. The new JVC will take responsibility for producing Ti slags in India, by using UKTMP JSC’s technology and IREL’s large reservoir of ilmenite.
China is one of the leading producers of TiO2 to supply its growing automotive, chemical, and construction industries. This further creates a surge for raw materials, inflating the demand in the ilmenite market. The country is now focusing on securing new channels of natural resources to offer consumers high-quality titanium products. For instance, in September 2023, Lanka Mineral Sands Limited exported 60,000 metric tons of ilmenite to China. This deal is evidence of the country’s government making efforts to build a good relationship with Sri Lanka SOE to continue such shipments.
North America Market Analysis
North America is expected to become one of the biggest consumers of the ilmenite market during the forecast period, 2025-2037. The region is equipped with technologically advanced processing plants, which ensures efficient production of titanium-based products to support its growing industries. These plants are the evidence of investment to serve both the domestic and international landscapes with high-quality titanium dioxide pigment and titanium metal. For instance, in July 2023, American Titanium Metal, LLC invested USD 867.8 million in Fayetteville to manufacture aerospace-grade titanium under Project Aero. This has further enlarged the demand for titanium ores including ilmenite.
The U.S. is creating great investment opportunities for businesses by gaining traction in its domestic ilmenite market. This is attracting the focus of foreign investors to contribute to the country’s growth in this sector. For instance, in November 2023, Appian acquired the construction-ready mineral sand asset in Virginia from Iluka Resources. The strategic investment will help the company to produce high-grade mineral sands including ilmenite, capturing the large domestic consumer base of the U.S. landscape.
Canada has the potential to create a good supply-demand chain for the ilmenite market due to the presence of raw material reservoirs such as Quebec. This is creating an opportunity for global leaders to solidify their position in this region. For instance, in January 2021, Rio Tinto inaugurated the region’s first scandium oxide plant in Quebec, Canada. The RTFT plant utilizes an innovative process of extracting high-quality scandium oxide from the waste of TiO2 production.
Heavy titanium usage in manufacturing solar panels and wind turbines has been proven to enhance the efficiency of energy generation. This has created a new genre of consumer base for the ilmenite market. This has also created a scope for global leaders to reduce their footprint and contribute to promoting the adoption of clean energy. Many companies are now focusing on decarbonizing their plants to reduce the environmental impact of production, increasing their potential for compliance. For instance, in August 2024, Wärtsilä signed an agreement with QIT Madagascar Minerals S.A (QMM) to increase Rio Tinto’s assets in microgrids. The collaboration aims to reduce the emissions and cost of production by enabling renewable energy in their ilmenite mineral sands mine in Madagascar. Such key players include:
Author Credits: Rajrani Baghel
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