- Summary
- Table Of Content
- Methodology
Ilmenite Market Size:
The ilmenite market size is growing with a CAGR of 4.7% during the forecast period (2025-2032), and the market is projected to be valued at USD 16.26 Billion by 2032 from USD 11.26 Billion in 2024. Additionally, the market value for the 2025 is attributes to USD 11.76 Billion.
Ilmenite Market Scope & Overview:
The ilmenite is a titanium-iron oxide mineral with the formula FeTiO3. It appears in an iron-black or steel-gray color which is less magnetic with a metallic luster. It is found in igneous and metamorphic rocks and as well as in blank sands. This mineral is extensively used for obtaining titanium dioxide. Additionally, this mineral is also utilized in titanium metal production, steel manufacturing, and others. This mineral is used in various sectors such as paints & coatings, pulp & paper, plastic, cosmetics & personal care, and others for opacity improvement. Additionally, the growing production of paints and coatings is driving the adoption of titanium dioxide, thereby driving the market demand.
Ilmenite Market Dynamics - (DRO) :
Key Drivers:
Growing Paints and Coatings Sector is driving Ilmenite Market Growth
In the paints and coatings, ilmenite is used to effectively hide the substrate underneath. It also enhances the durability of paints and coatings through prevention of premature fading, chalking, and degradation. Additionally, the companies are investing significantly in paints and coatings due to rise in housing construction and urbanization, furthermore driving the market demand.
- In 2024, Asian Paints invested USD 162 Million to expand the manufacturing of paints and coatings in India. This is facilitating more production of paints and coatings, thereby driving the use of ilmenite to enhance durability.
Hence, expanding paints and coatings sector is driving ilmenite market growth.
Rising Plastic Production is Creating Ilmenite Market Demand
In plastic production, ilmenite is a key pigment providing whiteness and opacity. This also helps to protect plastics from degradation caused by ultraviolet (UV) radiation. Additionally, plastic production is growing due to its low cost, versatility, and widespread use across automotive & packaging, furthermore driving the market demand.
- According to Plastics Europe, the global plastic production is increased by 5.2% in 2022 as compared to the year 2020. This growing plastic production is driving the use of ilmenite to prevent degradation from UV radiation and to provide high opacity.
Therefore, rising plastic production is creating ilmenite market demand.
Key Restraints:
Growing Commercialization of Alternatives is Constraining Ilmenite Market Expansion
The commercialization of alternatives such as rutile and leucoxene is growing. They provide similar functions to that of ilmenite mineral. The rutile is widely used in paints and coatings as well as in cosmetic formulations due to its higher content of titanium dioxide. Rutile is also more chemically stable and pure which is preferred by industries such as plastic industry, looking for efficiency and quality production. Furthermore, leucoxene is used in paper manufacturing to enhance its opacity due to its low processing and high purity. Hence, the growing commercialization of alternatives is constraining the market growth due to low production cost and ease of processing.
Future Opportunities :
Expanding Tissue Paper Production is Expected to Create Ilmenite Market Opportunities
In tissue paper production, ilmenite is used an opacifier to enhance brightness of the paper. It also enhances antimicrobial properties of tissue paper which helps to prevent the growth of bacteria and other microorganisms. Moreover, the companies are investing significantly in tissue paper production due to increasing hygiene awareness, lifestyle changes, and product innovation.
- In 2024, Metsä Group invested USD 109 Million in tissue paper mill in Europe. This will enhance the tissue paper production thereby creating market opportunities to improve the antimicrobial properties of tissue paper.
Hence, expanding tissue paper production is expected to create ilmenite market opportunities.
Ilmenite Market Segmental Analysis :
By Application:
Based on Application, the market is categorized into titanium dioxide, titanium metal, steel manufacturing, and others.
Trends in Application:
- According to ilmenite market trends, this mineral is widely for obtaining titanium dioxide.
- The adoption of ilmenite is growing in steel manufacturing for slag reduction as per market trends.
The titanium dioxide segment accounted for the largest market share of 62.33% in the year 2024.
- The ilmenite is the primary source for obtaining titanium dioxide which is produced through chlorination and sulfate processes.
- It is used in titanium dioxide pigment for the formulations of paints & coatings to provide soluble white pigment particulate.
- Furthermore, the adoption of titanium dioxide is increasing due to its use in photocatalysis, ultraviolet protection, and as a pigment in coatings. To cater this, companies are investing in the titanium dioxide production.
- For instance, in 2022, LB Group invested USD 157.6 Million in the manufacturing of titanium dioxide in China. This is leading to more production of titanium dioxide, thereby driving the use of ilmenite mineral as a primary source in the production.
- Thus, as the production of titanium dioxide is growing, the need for this mineral is also increasing, in turn driving the segment.
The steel manufacturing segment is expected to grow at the fastest CAGR over the forecast period.
- In the steel manufacturing, the ilmenite mineral is used as a flux to line blast furnace hearth refractory.
- It also helps to control the slag composition which reduces the impurities and improves the steel quality.
- This mineral is also used as a source of titanium in the steelmaking to improve its strength and corrosion resistance.
- Furthermore, the manufacturing of steel is fueled by growing urbanization, industrial growth, and government support. To cater this, countries are expanding their steel manufacturing which is leading to more use of ilmenite for controlling the slag composition.
- Thus, as steel manufacturing is expanding, the need for this mineral will also increase as per trends. This will drive the segment for the forecasted years.
By End-Use:
Based on End-Use, the market is categorized into paints & coatings, pulp & paper, plastic, cosmetics & personal care, and others.
Trends in End-Use:
- As per ilmenite market trends, this material is widely used paints & coatings to enhance opacity and whiteness.
- The adoption of ilmenite is growing in paper products for enhancing brightness as per market trends.
The paints & coatings segment accounted for the largest market share in the year 2024.
- The ilmenite is a crucial raw material for producing titanium dioxide which is widely used as a white pigment in paints and coatings.
- This titanium dioxide is used to enhance opacity and whiteness in paints and coatings.
- It also contributes to the brightness of paints and coatings, making them visually appealing.
- Furthermore, the adoption of paints and coatings is growing due to rapid construction and rising disposable income. To cater this, companies are investing in the production of paints and coatings.
- For instance, in 2024, PPG invested USD 300 Million in the production of paints and coatings in United States. This is facilitating more production of paints and coatings, thereby driving the adoption of ilmenite mineral through titanium dioxide to enhance opacity.
- Hence, as production of paints and coatings is growing, the need for this mineral is also increasing, in turn driving the segment.
The pulp & paper segment is expected to grow at the fastest CAGR over the forecast period.
- In the pulp and paper sector, ilmenite is used to enhance the brightness of paper through titanium dioxide, making it visually appealing.
- This titanium dioxide also increases the opacity of paper, preventing ink from showing through on produced paper.
- Furthermore, the adoption of paper products is growing due to rise of e-commerce and sustainable & cost-effective packaging. To cater this, manufacturers are increasing their paper production which in turn leading to more use of titanium dioxide to enhance the opacity of paper.
- Hence, as production of paper is growing, the need for ilmenite will also increase as per trends. This will drive the segment for the forecasted years.
Regional Analysis:
The regional segment includes North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
In 2024, Asia Pacific accounted for the highest market share at 40.19% and was valued at USD 4.53 Billion and is expected to reach USD 6.06 Billion in 2032. In Asia-Pacific, China accounted for the highest ilmenite market share of 35.04% during the base year of 2024. As per analysis, Asia Pacific region holds a dominant position in the market due to expanding paints and coatings sector. In paints and coatings, ilmenite is used as a source of titanium dioxide to improve color visibility and clarity. This titanium dioxide is also used in the production of high-performance and corrosion resistant coatings for industries such as marine and automotive. Moreover, countries such as China, India, Japan, and South Korea are expanding their automotive coatings production, furthermore driving the market adoption.
- In 2024, Nipsea Group launched new automotive coatings plant in China with an investment of USD 133 Million. This investment is leading to more production of automotive coatings thereby driving the use of ilmenite for high-performance and corrosion resistance coatings.
Therefore, due to the above-mentioned factors, the Asia Pacific region is dominating in the market as per analysis.
Europe is expected to witness the fastest CAGR of 6.4% over the forecast period of 2025-2032. According to ilmenite market analysis, Europe region is growing considerably in the market driven by pulp and paper sector. In this sector, ilmenite is used in the paper manufacturing to improve its moisture and water resistance. It also improves printability by enhancing ink absorbency as well as provides glossy finish to the paper. Additionally, countries such as Germany, France, and United Kingdom are major contributors in the market due to strong investment in paper production. Hence, ilmenite market share of Europe is expected to emerge rapidly through expansion of pulp and paper sector as per analysis.
According to ilmenite market analysis, North America region is growing considerably in the market driven by technological advancements. Advancement in magnetic separation and gravity concentration have enhanced the efficiency, sustainability, and cost-effectiveness of the ilmenite mineral. Innovations in automation and artificial intelligence driven process control are optimizing production and ensuring high-purity mineral for titanium oxide production and steel manufacturing. This is furthermore fueling the market growth across the region.
The Middle East & Africa region is experiencing moderate growth in the market driven by expanding cosmetics and personal care sector. In cosmetics, ilmenite is used as a source of titanium dioxide to create white shades in foundations and powders. It is a key ingredient in sunscreens and other sun protection products that blocks harmful UV rays. The consumers in the region are adopting cosmetic products, thereby driving the market growth.
As per analysis, the market in Latin America is due to expanding plastic sector. In this sector, titanium dioxide extracted from ilmenite is used to enhance the heat resistance of the plastic. It is also used to enhance weather resistance and brightness in plastic products such as bottles and containers. Additionally, in countries such as Brazil and Argentina, plastic production is expanding. This is leading to ilmenite market expansion across the region.
Top Key Players and Market Share Insights:
The ilmenite industry is highly competitive with major players providing products to the national and international markets. Key players are adopting several strategies in research and development (R&D) and material innovation to hold a strong position in the global ilmenite market. Key players in the ilmenite industry include-
- Base Resources (Australia)
- Eramet (France)
- Devidayal Chemical Industries (India)
- Tronox Holdings (United States)
- The Kerala Minerals and Metals Limited (India)
- GMA Garnet (Australia)
- Rio Tinto (United Kingdom)
- Kenmare Resources plc. (Ireland)
- V Mineral (India)
- Iluka Resources (Australia)
Recent Industry Developments :
Production Facility:
- In 2025, Group DF started production plant for titanium dioxide in Ukraine. This production plant uses ilmenite to produce 12-15 thousand tons of titanium dioxide per month.
Joint Venture:
- In 2024, Indian Rare Earth Limited (IREL) formed joint venture with UKTMP JSC Kazakhstan to convert low grade ilmenite into titanium slag.
Ilmenite Market Report Insights :
| Report Attributes | Report Details |
| Study Timeline | 2019-2032 |
| Market Size in 2032 | USD 16.26 Billion |
| CAGR (2025-2032) | 4.7% |
| By Application |
|
| By End-Use |
|
| By Region |
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| Key Players |
|
| North America | U.S. Canada Mexico |
| Europe | U.K. Germany France Spain Italy Russia Benelux Rest of Europe |
| APAC | China South Korea Japan India Australia ASEAN Rest of Asia-Pacific |
| Middle East and Africa | GCC Turkey South Africa Rest of MEA |
| LATAM | Brazil Argentina Chile Rest of LATAM |
| Report Coverage |
|
Key Questions Answered in the Report
How big is the ilmenite market? +
In 2024, the ilmenite market is USD 11.26 Billion.
Which is the fastest-growing region in the ilmenite market? +
Europe is the fastest-growing region in the ilmenite market.
What specific segmentation details are covered in the ilmenite market? +
Application and End-Use are covered in the ilmenite market.
Who are the major players in the ilmenite market? +
Base Resources (Australia), Eramet (France), and GMA Garnet (Australia) are some of the major players in the market.
