Coarse Ilmenite Market Size, Share, Growth, and Industry Growth by Type (Below 52%, 52%-55%, and Above 55%), By Application (Synthetic Rutile, Titanium Dioxide, and Others), Regional Forecast To 2031

Coarse Ilmenite Market REPORT OVERVIEW

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The global coarse ilmenite market size was USD 979.4 Million in 2021 and market is projected to touch USD 1705.62 Million by 2031, at a CAGR of 5.7% during the forecast period.

Coarse ilmenite is a titanium-iron oxide mineral. It is a steel-gray or a weakly magnetic solid that is black. Ilmenite is a heavy, hard, opaque, and submetallic-looking mineral. Most of it is enormous, with thick tabular crystals being quite uncommon. It breaks with a conchoidal to uneven fracture instead than showing a cleavage. Ilmenite appears brownish, slightly pink, or purple. It possesses unique bi-reflectance and is pleochroic. Ilmenite is highly anisotropic and its interference colors range from gray to brownish gray in crossed polarizers.

Ilmenite is the most significant titanium ore and primary source of titanium dioxide. It is a component of paints, printing inks, clothing, sunscreen, plastics, paper, food, and cosmetics. The creation of titanium metal requires the usage of ilmenite and titanium dioxide. White pigment is the most common usage of titanium dioxide. Using the Becher method, ilmenite can also be enhanced and purified to produce titanium dioxide in the form of rutile.

COVID-19 Impact: Lockdown Hampered Market Growth

COVID-19 had a life changing impact globally. The global coarse ilmenite market was significantly affected. The virus had various impacts on different markets. Lockdowns were imposed in several nations. This erratic pandemic caused disruptions on all sorts of businesses. Restrictions tightened during the pandemic due to increasing number of cases. Numerous Industries were affected. However, the market for coarse ilmenite experienced a drop in demand.

The novel corona virus caused a global lockdown. The lockdown shut down several industries and supply chains. Due to this, the global coarse ilmenite market share witnessed a significant decline in its production. The companies which catered to the paints and cosmetics industries were not considered amongst the list of essential industries. In addition, the major manufacturers shut down their production chain as they were based on the regions most affected by the pandemic.

The disruptions in supply chain caused a hamper in the production units. This was led due to lack of raw materials and inaccessibility to manufacturing hubs. Also, the work force in this industry saw a major decline. Due to the social distancing norms and laws put forth by the governments, people were confined out of the factories. The reduced demand for end users such as plastic, cosmetics, paints, and so on caused a decline in the global coarse ilmenite market share.

LATEST TRENDS

"Continuous Research & Development to Boost Market Size"

Ilmenite-rich basalts have been discovered by NASA all over the Moon. The majority of these basalts formed at least 3 billion years ago, making them quite old. These rocks frequently included more than 10% titanium dioxide (TiO2). The majority of the minerals in these rocks were feldspars and pyroxenes, with ilmenite coming in second. It was believed that during impact events, the ilmenite was freed from the lunar basalts.

According to ScienceDirect, ilmenite was identified as a better drilling fluid. The increased drilling penetration rate for ilmenite was attributed to the lower production of colloidal particles during drilling. Compared to drilling with barite, the parameters of the drilling fluid were simpler to manage. By using ilmenite with a small particle size distribution about 10, it is possible to get the erosion down to the same level as with barite.

Coarse Ilmenite Market SEGMENTATION

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• By Type

Based on type, the market is divided into Below 52%, 52%-55%, and Above 55%.

Below 52% holds a major share of the global market.

• By Application

Based on application, the market is bifurcated into Synthetic Rutile, Titanium Dioxide, and Others.

Synthetic Rutile as application holds a major share of the global market.

DRIVING FACTORS

"Increasing Urbanization to Increase Need for Ilmenite  "

Urbanization has a major development goal globally across continents. According to the United Nations, 55% of the world’s population resides in urban areas. But projections indicate there will be a gradual shift of the population from rural to urban areas. The population that resides in urban areas is expected to increase to 68% by 2050. As the population shifts, there would be a need for infrastructure. Furthermore, these infrastructures would require paint to cover the concrete and beautify the locale. This would directly result in a hike for the global coarse ilmenite market.

"Need for Cosmetics to Boost Market Share"

There has been a growing need for sunscreens owing to the growing number of skin cancer patients. According to American Academy of Dermatology, approximately 9,500 people in the U.S. are diagnosed with skin cancer every day. Additionally, squamous cell carcinoma and basal cell carcinoma affect over 3 million people in the U.S. each year. This is caused due to the overlong exposure to the UV rays of the sun caused due to the ozone holes. This is expected to spring the global coarse ilmenite market share.

RESTRAINING FACTORS

"High Investment Costs to Hamper Market Growth"

The costs to acquire ilmenite are expensive. This is due to the high costs of machinery and unavailability of mining sites across continents. In addition, high investments pose as an inconvenience to manufactures and consumers during the purchase of the products. Furthermore, purification of the ore has high costs. Hence these factors are a major restraining factor for the global coarse ilmenite market growth.

Coarse Ilmenite Market REGIONAL INSIGHTS

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"Asia Pacific Dominates the Market as Major Manufacturer"

Asia Pacific countries are the largest market shareholder for coarse ilmenite. This is built upon factors such as huge investments of the governments in the developing countries. These investments are planned for large-scale infrastructure projects. Adding on to this, is the rising purchasing power of people, rapid urbanization and growing population in this region. Due to this, the government aims to provide an affordable standard of living for its citizens. North America is the second major shareholder of the global coarse ilmenite market.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP Coarse Ilmenite COMPANIES

• Rio Tinto [U.K.]
• Iluka Resources [Australia]
• World Titane Holdings [Mauritius]
• Kenmare Resources [Ireland]
• VV Minerals [India]
• China Vanadium Titano-Magnetite Mining Co [China]
• Lomon Billions [China]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.