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| Ilmenite Market Size |
The global 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 to 2030, as highlighted in a new report published by Coherent Market
Insights.
Market Overview:
Ilmenite is a weakly magnetic titanium-iron oxide mineral which is the main commercial
ore of titanium. It is a source of titanium dioxide and titanium metal.
Ilmenite is mostly used to produce titanium dioxide, which has variety of
industrial applications such as production of paints, plastics, paper,
textiles, cosmetics etc. Titanium dioxide provides opacity, whiteness and
brightness to the products. rise in construction activities globally is driving
the paints and coatings industry which in turn is fueling the demand for
titanium dioxide and hence ilmenite.
Market key trends:
One of the key trends in the Ilmenite
Market Size is the shifting focus towards increasing usage in titanium
metal industry. Titanium metal has wide applications in aerospace industry
owing to its high strength, low density and corrosion resistance properties.
Growing aerospace sector is augmenting the demand for titanium metal. Ilmenite
can be used to extract titanium metal through chloride process and this is
gaining increasing importance globally. countries like China, Ukraine and
Canada are heavily investing in Ilmenite mining projects near existing pigment
plants for steady supply of raw material for pigment as well as titanium metal
industry.Another major trend is the use of Ilmenite in the production of
welding electrodes. It is one of the raw materials used to manufacture
stainless steel welding electrodes. Growing construction and infrastructure
development projects are propelling the demand for stainless steel welding
electrodes subsequently increasing the demand for ilmenite in welding electrode
industry.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate as setting up
large scale mining operations requires high capital investments and obtaining
regulatory approvals.
Bargaining power of buyers: The bargaining power of buyers is high as ilmenite
has no substitutes and is used as raw material by titanium dioxide producers
and welding electrodes manufacturers who are major consumers.
Bargaining power of suppliers: The bargaining power of suppliers is moderate
due to presence of few large suppliers and possibility of forward integration
by buyers.
Threat of new substitutes: The threat of new substitutes is low as ilmenite is
the only major ore of titanium.
Competitive rivalry: High due to presence of major global players operating
mines.
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 welding electrodes and paint industries. The
market size for 2023 is estimated to be US$
13.38 Bn.
Regionally, Asia Pacific region dominates the global ilmenite market and is
expected to grow at fastest pace during the forecast period. Abundant
availability of ilmenite reserves and large production capacities in countries
like India, China and Australia has consolidated Asia Pacific's position as the
leader.
Key players operating in the ilmenite market include Abbott Blackstone, China
Vanadium Titano-Magnetite Mining, Illuka Resources Limited, Jiangxi Jingshibao
Mining Manufacturing Co., Ltd, Kenmare Resources, PT Monokem Surya among
others. These players are focused on capacity expansion and forward integration
to strengthen their position.
Read More: https://www.trendingwebwire.com/ilmenite-market-is-estimated-to-witness-high-growth/