Ilmenite’s unique composition, featuring titanium and iron oxides, has been drawing attention to its potential industrial applications since it was first discovered in 1791 by German chemist Martin Heinrich Klaproth in Ilmen Mountains.
Nowadays, ilmenite is a mineral of significant economic importance, primarily due to its role as a major source of titanium dioxide. Industries worldwide depend on ilmenite for the production of pigments, titanium metal, and other essential applications.
Furthermore, ilmenite exhibits strong magnetic properties, making it valuable for applications such as magnetic separators and in the production of certain types of steel.
Industrial mining and production of ilmenite began to gain momentum in the mid-20th century as the demand for titanium-based products increased. The commercial extraction of ilmenite for its titanium content became feasible with advancements in extraction and processing technologies.
Ilmenite has been identified in lunar rocks, connecting this earthly mineral to extraterrestrial geology. Its presence on the moon has sparked interest in its potential role in future space exploration.
In 2022, the total global production volume of ilmenite amounted to 8.9 million metric tons of titanium dioxide equivalent.
Similar to rutile, ilmenite is often found in beach sands, forming part of the mineral assemblage along coastlines. Coastal regions with ilmenite-rich sands contribute significantly to global ilmenite production.
Coming to the top market players, China, as a powerhouse in mineral trade, emerges as both a significant consumer and producer of ilmenite. About 35 percent of the world’s volume is mined there, representing 33 percent of total titanium mineral mining. Its industrial boom and high demand for titanium-based products position China as a key player in the market.
African countries, particularly South Africa and Mozambique, also play a pivotal role in the global ilmenite production and trade. Boasting rich ilmenite deposits, make them a big contributor to the global market.
The Richards Bay minerals mine in South Africa, established in the late 1970s being a pioneer in industrial ilmenite production, became a major contributor in the market.
Australia, an another significant player, represents around 6 percent of the total ilmenite mining with large minerals deposits contributing to the growth of the industry.
From the import side, the United States stands out as a major consumer of titanium-based products, with a rising demand in aerospace, defense, and various industrial applications. As a result, it has historically been one of the leading importers of ilmenite.
Japan, boasting a well-developed industrial sector and a growing demand for titanium in electronics, automotive, and aerospace industries, comes as another main importer of the mineral.
Additionally, EU countries, particularly Germany, France, and the UK, are noteworthy importers of the mineral. The titanium dioxide derived from ilmenite is used in a range of industries within the member states. Moreover, this minearal is being explored for its potential role in green energy applications, including the development of advanced materials for solar cells and renewable energy technologies.
This makes it obvious that the international trade of ilmenite plays a vital role in meeting the global demand for titanium-based products. Trade volumes are influenced by factors such as technological advancements, price fluctuations, local economies situation, and the growth of titanium-dependent industries.
The market size of ilmenite was amounted to $11.1 billion in 2022 and is estimated to reach $16.6 billion by 2032, fueled by the rising need for titanium dioxide in numerous industries.
Therefore, the mineral stands as a crucial compound origin for various industries, serving as one of the primary sources of titanium. As the global ilmenite market is anticipated to grow, we continue supporting our customers and providing alternative trade finance solutions and comprehensive market intelligence.
