Ilmenite is a heavy mineral mainly
used as a source of titanium. Ilmenite is iron black metallic oxide comprising
titanium dioxide and iron. Ilmenite occurs as igneous rocks and is present into
layers as a result of magmatic segregation. Heavy opaque crystal of ilmenite
deposit on bottom of magma chambers and ilmenite is collected in layers.
Ilmenite is also a constituent of sand and is commonly accompanied by small
amounts of magnetite, rutile and zircon among others. Other sources of ilmenite
include pegmatites, sedimentary rocks and metamorphic rocks.
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Ilmenite is magnetic and is
separated from other minerals using magnetic separators. Ilmenite is processed into
synthetic rutile and used as a feedstock in the production of titanium pigment.
Conversion of ilmenite to synthetic rutile increases the titanium dioxide
concentration in the mineral. Synthetic rutile is the fastest growing
application segment for ilmenite and this trend is anticipated to continue for
the next six years. Ilmenite is abundantly available in nature and is primarily
used in the production of titanium metal and titanium pigment. Titanium is
generally extracted from ilmenite using chloride process or by reacting
ilmenite with sulfuric acid. Titanium dioxide extracted from ilmenite is used
as pigment in several industries including plastic, paints & coatings and
paper among others. Over 90% of the global titanium dioxide production is used
as pigment in these application segments.
Abundant and easy availability of
ilmenite has been among foremost factors driving demand for ilmenite. Demand
for ilmenite is profoundly dependent on demand for titanium metal and titanium
dioxide. Major end user industries for titanium dioxide include automotive,
packaging, construction and electronics among several others. Increasing demand
for titanium dioxide is among major factors driving demand for ilmenite and the
trend is anticipated to continue for a foreseeable future. Moreover,
macroeconomic factors such as GDP growth are also among major growth factors
for ilmenite market. Chloride process used for production of titanium pigment
from ilmenite leads to production of harmful residues such as iron chloride.
Owing to generation of hazardous wastes, there has been increasing intervention
of various regulatory bodies to regulate the processing of ilmenite which has
been a major factor restraining ilmenite market growth. Research and
development to develop an eco friendly and efficient process to produce
titanium from ilmenite is anticipated to offer huge growth opportunity in the
market.
Asia Pacific dominates the global
ilmenite market and the trend is expected to continue during the forecast
period. High growth in several end user industries in the emerging economies of
India and China is expected to drive market growth in Asia Pacific. Asia
Pacific is also expected to be the fastest growing region for ilmenite demand
during the forecast period. North America is the second largest market for
ilmenite closely followed by Europe. Demand for ilmenite is expected to grow at
a sluggish rate in North America and Europe primarily owing to market
saturation in several end user industries. Developing economies of South
America and Africa are anticipated to offer huge growth opportunity in the
market.
Ilmenite market is highly fragmented
and several regional players engage in ilmenite extraction. Some of the key
players in the ilmenite market include Yucheng Jinhe Industrial Co., Ltd.,
Jiangxi Jinshibao Mining Machinery Manufacturing Co., Ltd., Shanghai Yuejiang
Titanium Chemical Manufacturer Co., Ltd. and Abbott Blackstone among others.
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