Titanium Ore Market Size, Growth, Share, and Industry Analysis, By Type (Ilmenite, Titanium Slag, Rutile), By Application (Titanium Dioxide, Welding Flux, Titanium Metal), Regional Forecast To 2031

Updated On: 08 April 2024

TITANIUM ORE MARKET REPORT OVERVIEW 

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The global titanium ore market size was USD 6247.5 million in 2022 and is projected to touch USD 10377.1 million by 2031, exhibiting a CAGR of 5.8% during the forecasted period.

The global COVID-19 pandemic was unprecedented & staggering, with titanium ores experiencing lower-than-anticipated demand across all regions compared to pre-pandemic times.

Titanium ore is a mineral containing titanium metals in the form of compounds & concentrations generated by the destruction of an altar and is obtained by opening crates. Ilmenite and rutile are significant sources of ores. Ilmenite is the primary source for producing titanium metal after removing iron through chlorination and is converted into synthetic rutile for manufacturing titanium dioxide by chloride and sulfate processes. It is used to build engines, airframes, missiles, and the production of welding electrodes. It is also used in cosmetic products to reduce the harmful effects of ultraviolet lighting on the skin. The use of synthesized white pigments, titanium dioxide, is increasing in the packaging and paints sector due to its rich properties, such as high refractive index, brightness, and opacity.

Synthetic rutile is used as a feedstock for producing titanium dioxide pigments. The surging demand for ores from various electrical, aerospace, and defense industries drives the market growth. The abundance of ilmenite in multiple countries such as India, the U.S., Australia, and South Africa is expected to boost the development of the market. The demand for titanium dioxide is surging in various major end-use industries worldwide due to its valuable properties, such as high transparency. The increasing prevalence of titanium metal in biomedical applications such as surgical devices, dental implants, and bone plates will drive market growth.

COVID-19 Impact: Closure of Manufacturing Activities Impeded Market Growth

The closure of manufacturing and industrial activities due to the pandemic and lockdowns severely impeded titanium ores' market growth as manufacturing processes halted. The supply chain disruption in the production and extraction of the ores affected the market growth for industrial players and manufacturers worldwide, thus leading to significant profit and revenue losses across regions. The impact of the closure has been severe; however, the industry is set to boom in the post-pandemic period.

LATEST TRENDS

"Demand for ores to Drive Market Owing to Wide-Ranging Applications"

The demand for titanium ores in developing countries and wide-ranging sectors will drive the titanium ore industry growth as the metal has applications in sectors such as welding, aerospace, biomedical applications, and dental implants. Metal extraction has increased exponentially post the pandemic and will continue to grow during the forecast period. This development will significantly increase the revenue and profits of leading industrial players and manufacturers worldwide.

TITANIUM ORE MARKET SEGMENTATION

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• By Type

The market is categorized into ilmenite, titanium slag, and rutile.

• By Application

The market is subcategorized based on titanium dioxide, welding flux, and titanium metal.

DRIVING FACTORS

"Rapid Industrialization and Rising Disposable Income to Drive Growth"

The rapid industrialization of developing countries and the rising disposable income of consumers in these regions will drive the titanium ore market growth as the manufacturing capacities of regional players in the market increase. The sudden rise in industrial activities will drive market shares, generating massive profits for investors and leading players worldwide. Thus, the market will see a growing trajectory during the forecasted era.

"Growth of Automotive Market to Propel Market Demand"

The growth of the automotive sector in developing regions will drive the market for ores, as the devices used in these automobiles require metals, such as ilmenite, obtained from titanium extraction. With several uses of the ores, devices heavily rely on material extraction from developing countries such as China and Vietnam in the Asia Pacific, thus driving the market demand for the product. This will lead to increased profits and revenues for investors and manufacturers worldwide.

RESTRAINING FACTORS

"Regulatory Measures Owing to Environmental Concerns to Hamper Growth"

The regulatory measures adopted by governments worldwide for titanium metal extraction may impede the industry's market growth. This is due to the release of toxic waste and hazardous materials during the extraction and manufacturing of the product, significantly affecting the market share and development of the ores. This will lead to restrained profit and revenue generation for critical players worldwide and restrain market growth; thus, investors should keep these factors in mind.

TITANIUM ORE MARKET REGIONAL INSIGHTS

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"Asia Pacific to Lead Market Share Owing to Rising Usage of Titanium"

The high prevalence of titanium ores in countries such as China and India will increase the titanium ore market share as the demand for the ores increases in the area. The rise in demand is attributed to the post-pandemic boom owing to the resumption of industrial and manufacturing activities. The abundance of minerals such as ilmenite in the region will also drive the market growth and share of the product, as industry players invest in the area owing to affordable prices in the Asia Pacific region. Thus, the market will record positive growth during the forecast period.

KEY INDUSTRIAL PLAYERS

"Asia Pacific to Lead Market Growth due to Leading Industrial Players"

The report analyzes various market players in the industry, and the information is published after research, analysis of trends, key industry developments, initiatives, and technological developments and innovations. The report also includes research on companies, technical and environmental outcomes, and newly emerging industries' impact and risks. The study considers all the research points after a comprehensive analysis, thus generating future possibilities for the ore market. Therefore, the factors specified in the report are subject to manipulation as the dynamics and situation of the market change.

List of Market Players Profiled

• Rio Tinto (U.K.)
• Tronox (U.S.)
• Kenmare Resources (Ireland)
• Pangang Group Vanadium Titanium & Resources (China)
• Lomon Billions Group (China)
• Iluka Resources (Australia)
• Indian Rare Earths Ltd (India)
• Base Resources (Australia)
• TiZir Limited (England)
• Chongqing Iron & Steel Group (China)
• Kronos (U.S.)
• VV Minerals (India)
• Group DF (Ukraine)

INDUSTRY DEVELOPMENT

• September 2022: Rio Tinto, the leading ore manufacturing company, has announced a project worth USD 2 billion in collaboration with China's Baowu in Pilbara. The U.K.-based company will hold the majority stake with 54% shares in the partnership. Rio Tinto's existing mining hub in Paraburdoo will use Western Range's annual production capacity of 25mn tonnes to produce the Pilbara Blend, thus driving prospects for the company's yearly growth.

REPORT COVERAGE

The report examines elements that will affect the demand & supply and estimate dynamic forces for the forecasted period. After evaluating the market factors, the report provides an extensive, comprehensive SWOT analysis. The information estimates the factors mentioned, taken into consideration after thorough research. The report also includes information on segmentation, market trends and the latest worldwide developments, key industry mergers and acquisitions, and an analysis of the risks of the dental endodontics industry. The report lists the leading industrial players worldwide and the regions that will experience growth during the forecast period.