Ilmenite Market Analysis

Ilmenite Market Analysis

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Based on type, the natural ilmenite industry is slated to record 8% CAGR during 2024-2032, favored by the rising demand for sustainable materials. Natural ilmenite, being a natural mineral, is well aligned with the global push towards eco- friendly practices as it requires energy-efficient operations compared to raw materials. The availability of abundant natural ilmenite reserves, particularly in Australia, Africa, India and other regions to provide sustainable supply chains is further attracting TiO2-based industries for paints, coatings, and plastics. The low cost of extracting and processing natural ilmenite is also helping in its rising popularity for providing cost-effective benefits.

Ilmenite market size from the titanium dioxide production application segment is likely to exceed USD 16.5 billion by 2032. Derived from ilmenite, titanium dioxide is a highly sought-after pigment known for its whiteness, gloss, and excellent ultraviolet resistance. These attributes are making it important in paints, coatings, plastics, paper, and cosmetics. The growing construction and automotive industries, which increasingly rely on premium paints as well as coatings for aesthetics and protection will drive the segment growth.

Asia Pacific ilmenite industry size exceeded USD 1.9 billion in 2023 and is expected to grow at 8.7% CAGR during 2024-2032. The expanding automotive sector, particularly in China and India, is increasing the demand for high-quality coatings and plastics, further driving the reliance on ilmenite derived TiO2. Several government policies in APAC are supporting infrastructure development and housing development. The presence of a strong mining industry and abundant ilmenite reserves leading to increased local production, reduced dependence on imports and limited production costs will also boost the regional market growth.