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Titanium Ore Market Research Report 2023 | Valuates Reports
The global Titanium Ore market was valued at USD 5877.6 Million in 2022 and is anticipated to reach USD 8762.3 Million by 2029, witnessing a CAGR of 5.8% during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.
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Titanium Ore Market Trends
The chemical formula for titanium dioxide is TiO2. It is a naturally occurring oxide that is derived from the minerals ilmenite, rutile, and anatase. It performs the function of a food dye. The naturally occurring titanium oxide is known as titanium dioxide, titanium(IV) oxide, or titania. The main source of titanium dioxide, which is used in paints, printing inks, textiles, plastics, paper, sunscreen, food, and cosmetics, is ilmenite, which is also an important source of titanium. This factor is expected to drive the growth of the Titanium Ore Market.
Utilizing the Kroll Process (magnesium reduction), titanium is removed from titanium ore and transformed into sponge titanium. Either sponge titanium is utilized directly to create Ti-Ni alloys, or sponge titanium is remelted to create ingots. Electrowinning is a process used to electrolytically extract nickel from a nickel chloride solution for use in Ti-Ni alloys. This factor is expected to drive the growth of the Titanium Ore Market.
Titanium Ore Market Share
Ilmenite, a less common mineral than rutile, makes up the majority of the world's titanium ore deposits, which are predominantly concentrated in Australia, China, India, South Africa, Kenya, and other nations. China is the market leader for titanium ore globally in 2019. Africa is the second-largest market in terms of region.
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Key Segmentations
By Company
• Rio Tinto
• Tronox
• Kenmare Resources
• Pangang Group Vanadium Titanium & Resources
• Lomon Billions Group
• Iluka Resources
• Indian Rare Earths Ltd
• Base Resourse
• TiZir Limited
• Chongqing Iron & Steel Group
• Kronos
• VV Minerals
• Group DF
Segment by Type
• Ilmenite
• Titanium Slag
• Rutile
Segment by Application
• Titanium Dioxide
• Welding Flux
• Titanium Metal
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