Titanium, which is obtained from different titanium-containing minerals, like ilmenite, rutile or anatase, is used in the production of pigments, paints, coatings, plastics, paper cosmetics, food additives, ceramics, textiles, titanium metal, welding electrodes, as well as in a number of growing applications in electronics, aero-space, medical and leisure industries. Titanium’s unique properties, absence of substitutes, as well as abundance and fairly proportionate distribution of resources, at least in the case of ilmenite reserves, facilitate its market development, though various endogenous and exogenous factors may act as titanium market barriers.
Ilmenite: structure of the world reserves, 2014
There is no shortage of the examples illustrating such factors. For instance, the Indian government has imposed a 10% duty on ilmenite exports, which has been undermining cost-effective exports of the product over recent times. Subdued demand and associated high levels of TiO2 inventories, which have been plaguing the industry for years and which have a highly seasonal and macroeconomic flavour (linked to the state of TiO2-consuming sectors), are among the most powerful factors affecting titanium dioxide market. Industrial action at titanium-mining facilities is not uncommon either. A vivid example is a strike which occurred at Mozambique-located Moma titanium minerals mine owned by Ireland-based mineral sands producer Kenmare Resources. Companies have to be quite flexible in order to provide response to these factors and mitigate negative consequences. One of possible solutions is to mine low-grade areas to reduce production rates and increase mineral concentrate inventories in anticipation of the change in market dynamics in future. Big opportunities are created by numerous innovations in the technologies of titanium mineral exploration, mining and manufacturing of end-products. Effective technologies have been pioneered by such companies as Iiluka Resources, Rio Tinto, KRONOS, DuPont and Chemours (the latter separated from DuPont in July 2015 as an independent multinational corporation).
More information on the world’s titanium market is available in the insightful research report “Titanium Mineral Concentrates: 2017 World Market Review and Forecast”.