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The rising demand from titanium dioxide production is anticipated to openup the new avanue for Ilmenite Market

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Gauri Cmi
The rising demand from titanium dioxide production is anticipated to openup the new avanue for Ilmenite Market


The 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 widely occurring oxide mineral and is the main ore of titanium. It is utilised as feedstock in production of titanium pigments and welding rods. Titanium dioxide produced from ilmenite is predominantly used in paints, coatings, plastics and paper manufacturing. The mineral provides opacity and brightness to number of end-use products.

Market Dynamics:

Population expansion along with improving economic conditions across developing regions have amplified consumption of various consumer goods such as household paints, paper and plastics which in turn is driving growth of global ilmenite market. Additionally, steady growth in construction industry is positively impacting demand for ilmenite from manufacturing of tiles, floorings and other architectural materials where titanium dioxide pigments are widely applied. Expansion of aerospace and automotive industries provide new growth prospects for titanium metal and welding supplies manufacturers which act as another demand stimulating factor in the market.

Segment Analysis

Content: The global Ilmenite Market Size is dominated by the titanium dioxide pigment sub-segment. This is because ilmenite is a major raw material used in the production of titanium dioxide pigment which has wide applications in paints, plastics, paper and several other industries. According to our analysis, the titanium dioxide pigment sub-segment currently holds over 65% market share and is expected to continue its dominance during the forecast period due to steady growth in end-use industries.

PEST Analysis

Political: The ilmenite market is indirectly influenced by government regulations and policies related to mining activities and environmental protection. Stringent norms to curb pollution during mining and processing may act as a restraint for the market.

Economic: Stable economic growth across regions is driving the demand for ilmenite from end-use industries like paints, plastics etc. growing at a healthy pace.

Social: Increasing consumer spending on decorative products like paints along with rising construction activities are some of the key social factors influencing the ilmenite market positively.

Technological: Players are investing in technologies to achieve higher recoveries during mining and processing of ilmenite. Adoption of advanced processes helps improve the quality of end products.

Key Takeaways

The global ilmenite market size was valued at US$ 13.38 Bn in 2023 and is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period. The increasing demand from the paint industry for titanium dioxide pigment is a major factor driving the growth.

Regionally, Asia Pacific region dominates currently with a market share of over 40% in 2023 led by countries like China, India and Vietnam. Growing construction and infrastructure development activities coupled with a flourishing manufacturing sector in developing APAC economies are propelling the demand in the region.

Key players operating in the ilmenite market are Abbott Blackstone, China Vanadium Titano-Magnetite Mining, Illuka Resources Limited, Jiangxi Jingshibao Mining Manufacturing Co., Ltd, Kenmare Resources, PT Monokem Surya among others. Strategic investments to augment production capacities and expansion into emerging markets will remain key focus areas for major players over the next few years.

 

 

Read More: https://www.rapidwebwire.com/ilmenite-market-size-and-share/


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Gauri Cmi
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