Ilmenite Market Size

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.