Ilmenite Market Mingle: Networking Opportunities for Industry Stakeholders
Ilmenite is an important and abundant ore of titanium. It is utilized mainly in the production of titanium dioxide pigment which finds application in paints, coatings, plastics, paper and other industrial uses owing to its brightness and durability. Ilmenite is also used in welding electrodes.
The ilmenite market is estimated for 2023-2030 forecast period, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Growing construction activities along with rising demand from paints and coatings industry are the major factors expected to drive the growth of global ilmenite market over the forecast period. According to International Construction Market Survey, the global construction industry output is projected to grow by 85% to USD 15.5 trillion by 2030. Moreover, as per British Paints Federation, the global paints and coatings market is estimated to grow at 5% annually till 2025. Additionally, rising metal manufacturing especially in Asia Pacific region is also expected to support the market growth during the forecast period.
Ilmenite Market Drivers: Growing Demand For Titanium Dioxide Pigment From Paints & Coating Industry
The global paints & coatings industry has been growing steadily over the past few years and is expected to witness strong growth going forward. Titanium dioxide is the most widely used white pigment in paints & coatings due to its superior hiding power, brightness and durability. Ilmenite is one of the major raw materials used in the production of titanium dioxide. With the paints & coatings industry expected to grow at a healthy pace supported by increasing construction spending and industrial activities worldwide, the demand for titanium dioxide pigment from this industry will also increase accordingly. This growing demand from the paints & coatings industry acts as a key driver for the global ilmenite market.
Increasing Consumption Of Welding Products And Specialty Steel Drives The Demand For Ilmenite
Titanium-based welding alloys find usage in arc welding of steels and other alloys requiring high strength, corrosion resistance and weldability. Titanium is also added to specialty steels to enhance strength and fabricability. The global welding consumables market and specialty steel market have been growing steadily over the past few years. Growing manufacturing and construction activities have bolstered the demand for welding products and specialty steel. As ilmenite is an important raw material in titanium metal production which is further used in welding alloys and specialty steel, rising consumption of these products indirectly stimulates the growth of the global ilmenite market.
Ilmenite Market Restrain: Volatility In Raw Material Prices
Ilmenite mining is a capital intensive business requiring heavy investments in exploration, land acquisition, mining equipment and infrastructure development. The production cost depends heavily on various factors like ore grade, mineral extraction technology, mining depths, transportation costs etc. Global prices of ilmenite ores tend to fluctuate depending on the demand-supply scenario. Any mismatch in demand and supply dynamics can impact ilmenite prices drastically. Mining companies find it challenging to operate profitably when raw material prices are unstable. Volatility in ilmenite ore prices poses a major threat to the margins and long term planning of ilmenite mining companies. This volatility in input prices acts as a key restrain for the smooth growth of the global ilmenite market.
Ilmenite Market Opportunity: Increasing Investments In Extraction Of High Grade Ores
Most of the global ilmenite reserves contain low titanium dioxide contents around 45-55%. However, the most attractive ores contain TiO2 levels in the range of 58-65%. Mining companies are increasingly focusing on exploring and extracting high grade ilmenite deposits which can offer improved process efficiencies and profit margins. Regions like India, Australia and South Africa are witnessing rising foreign investments towards upgrading existing ilmenite mining capacities and developing new projects targeting high TiO2 grade ores. As extraction of high grade ilmenite allows for higher TiO2 yield and recovery rates, growing focus on such deposits present significant opportunities for long term demand growth in the global market.
Ilmenite Market Trends: Rising Adoption Of Aerospace-Grade Titanium Alloys
Titanium and its alloys have emerged as one of the most favored structural metals for the aerospace industry owing to properties like high strength-to-weight ratio, corrosion resistance and durable performance at elevated temperatures. Especially, aerospace-grade titanium alloys are extensively used in manufacturing critical components for aircraft and jet engines. With the commercial aviation industry experiencing strong growth worldwide supported by increasing air passenger traffic, rising aircraft replacements and upgrades, the demand for aerospace-grade titanium is also growing. As ilmenite acts as a key feedstock in the production of high-purity titanium used in aerospace applications, trends like wider acceptance and new applications of advanced aerospace-grade alloys will inevitably boost the global ilmenite consumption over the long run.
