Titanium ore occurs mainly in igneous rocks of which, the Ilmenite and rutile are the most commonly used ore. Two processes namely chloride-based and sulfate-based are used to convert ilmenite into synthetic rutile. Ilmenite is mainly used to produce titanium metal through the chlorination process. Increasing use of ilmenite in various applications such as welding electrodes, coating, and lining for blast furnace hearth is expected to augment the market growth during the assessment period. Pigments emerged as the leading application owing to surging demand for titanium dioxide pigments from paints, paper and packaging industry across the globe. Titanium metal is another growing application due to extensive use in building airframes, engines, and other defense equipment. It is the most preferred metal in various industries namely aerospace, construction, defense owing to high tensile strength, low density, and high corrosion resistance. Rapid industrialization in the emerging economies such as India and China is likely to fuel the demand for the product in Asia Pacific region. V.V Mineral is the leading player in beach mining in India and has also obtained environment clearance from the Government of India. Booming automotive industry across the countries in this region is expected to propel the market growth.
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Market Segmentation
The global market for titanium ore has been segmented on the basis of product type, application, end use industry, and region.
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On the basis of the product type, the market is segmented into rutile, ilmenite, and others. Ilmenite is used widely to produce titanium and titanium dioxide pigment by converting into synthetic rutile
Based on the application, this market is bifurcated into titanium metal, pigments, coatings and lining, welding electrode, and others.
By the end-use industry, this market is divided into aerospace, healthcare, automotive, and others.
Regional Analysis
The global titanium ore market is geographically divided into five key regions, which are Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. The Asia Pacific is leading the global market owing to the increasing demand from the aerospace industry in this region. Countries namely India, China, and Japan are the major markets in this region owing to the surging demand from the aerospace and marine industries. For instance, According to CII (Confederation of Indian Industry), Indian Air Force (IAF) will be spending about the USD 150 billion on aircraft and aero engine in the next 15 years and is expected to grow by 10% -15% every year . Rising disposable income and changing lifestyle in developing economies such as India and China are expected to drive the automotive industry. Additionally, beach mining in India is likely to boost the market growth. North America is the second most significant region in this market. The US and Canada are the leading markets due to the vast presence of ilmenite deposits. Well-established aerospace and automotive industry are also expected to drive the market growth in North America. Europe is another substantial region owing to rising demand for pigments by packaging and automotive sector.
Competitive Analysis
Some of the key players in the titanium ore market are VV Minerals (India), Chemours (US), Iluka Resource Limited Royalty Minerals (India), Shanghai Yuejiang Titanium Chemical Manufacturer Co., Ltd (China), Yucheng Jinhe Industrial Co., Ltd (China), Hatch Ltd (Canada), Iluka Resource Limited (Australia), Tronox Limited (US), Trimex Sands PVT Ltd (India), Stork Group (India), Cosmos Electrodes PVT Ltd (India).
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