Ilmenite Market Analysis

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: