IPX iperionx limited
Add to My Watchlist 1.85% ! $5.83

See original article at:...

  1. theoregongroup
    90 Posts.
    lightbulb Created with Sketch. 38
    clock Created with Sketch.
    15/05/25
    00:39
    Post #: 79047276
    See original article at: https://theoregongroup.com/investment-insights/turbulence-in-global-titanium-supply/

    Titanium, prized for its strength and versatility, is essential across advanced defense, aerospace, automotive, medical, and industrial sectors. From everyday pigments to jet engines, the titanium dioxide (TiO₂) market was valued at , with a CAGR of 3.7% from 2023-2030.

    The , , UK, Canada, Australia and all classify titanium as a critical mineral.

    The titanium market now faces supply disruptions and regional deficits as geopolitical challenges and rising defense industry demands increase pressure. Growth in Chinese dominance of global pigment markets has also driven supply deficits of high value titanium dioxide minerals such as rutile. The largest global producers of titanium metal and pigments are feeling the strain—creating a clear market opportunity for new entrants and strategic investments in new long-term sources of titanium feedstocks.

    Global titanium dioxide consumption - The Oregon Group - Critical Minerals and Energy Intelligence

    What is titanium

    Titanium is as strong as steel but 40% lighter, providing an impressive strength-to-weight ratio; it also has excellent corrosion resistance, a high melting-point, and is non-toxic. Its principal application is as a pigment found in everyday paints, plastics and coatings and 7% of global demand relates to titanium metal where it is a critical material to the defense, aerospace and medical sectors.

    To put the importance of titanium to the defense sector in context, consider the F-22 air superiority fighter. Generally considered , it uses more titanium than any other US Air Force aircraft, , or approximately 42% by weight.

    Ilmenite and rutile, currently the principal titanium-bearing ore minerals, are processed to remove impurities and separate the titanium dioxide (TiO₂). TiO2 is predominantly used in pigments (91% of global demand) used to provide opacity in paints, plastics, paper, etc; or converted into titanium tetrachloride (TiCl₄), which is then reduced via the energy-intensive Kroll process to produce titanium sponge. Titanium metal (7% global demand) is used across:

    aerospace: titanium is to the manufacture of aircraft frames, engines (including compressor blades), landing gears, etc due to its light-weight strength and heat tolerance. Example: titanium for 15% of a Boeing Dreamliner’s weight, using about 50 tons for each planedefense: as well as aircraft, titanium is used across a of naval and military applications, armour and missile casingsmedical: titanium is non-toxic, making is ideal for medical implants such as orthopedic implants (eg joint replacements), dental implants, surgical instruments, prosthetics, heart stents, and spinal rods, due to its biocompatibility and corrosion resistance automotive: titanium is increasingly used in such as exhaust systems, drive shafts, steering mechanisms, valve springs, and connecting rods to improve speed, efficiency, and reduce weightindustry and chemical processing: titanium’s corrosion resistance is deployed in reactors, heat exchangers, and piping systems, particularly when handling corrosive chemicals


    Demand

    The global titanium dioxide market is to be worth more than US$33 billion by 2030, fueled by global industrial and GDP growth.

    The main drivers of titanium metal demand include:

    aerospace: global passenger traffic is projected to surpass 10 billion passengers in 2025, according to electronic payments company ACI World. That figure is up 6% from 2024 and up more than 16% from 2019Global passenger market long term forecast - The Oregon Group - Critical Minerals and Energy Intelligence


    defense: global defense hit US$2.46 trillion in 2024 — with the 7.4% real-terms increase outpacing increases of 6.5% in 2023 and 3.5% in 2022 — and is to increase further in 2025 as geopolitical tensions continue to riseMilitary spending is rising as the number of wars around the world increases - The Oregon Group - Critical Minerals and Energy Intelligence

    New technological breakthroughs, such as that promises to boost efficiency by x1000 by layering titanium and selenium in photovoltaic cells, may also drive up demand over the next decade.

    China and titanium supply

    The countries with the of primary titanium minerals, ilmenite and rutile, are China (34%), Mozambique (17.5%) and South Africa, while the most abundant reserves are found in Australia, China and India.

    Production and reserves kt of ilmenite and rutile minerals in TiO2 content - The Oregon Group - Critical Minerals and Energy Intelligence


    China has come to the global titanium sponge industry with a remarkable expansion of its production capacity since 2018, increasing x3 between 2018-2023, from a 37% share of global output in 2018 to 66% in 2023. China also has the second largest titanium ore resources in the world — although, it should be noted, the majority of titanium sponge from China is not qualified for aerospace.

    Distribution of global production of titanium sponge by country 2023 - The Oregon Group - Critical Minerals and Energy Intelligence

    China is increasingly dominant as a TiO₂ pigment producer, putting pressure on global TiO₂ supply chains.

    China primarily produces sulphate-process TiO₂ pigment, while Western manufacturers favor the chloride process, which requires higher-purity feedstocks like natural rutile and high-grade chloride ilmenite. This shift has sparked a surge in global demand for these premium raw materials — but supply is struggling to keep pace and reserves are depleting. As a result, feedstock costs are rising, putting pressure on chloride pigment producers and creating a significant opportunity for innovative, high-grade TiO₂ feedstock suppliers to disrupt the market.

    Titanium supply crisis for the West

    As demand for titanium metal surges, so too has the US and EU’s exposure to supply vulnerabilities, for example:

    there is only one titanium sponge producer in the US, a facility in Utah with an production capacity of 500 tons per year (although actual production data is withheld to avoid disclosing company proprietary data)the EU does not produce titanium sponge and is


    Highlighting the importance and vulnerability of the West’s titanium supply, Western sanctions have not targeted titanium exports from Russia (since the invasion of Ukraine), worth an US$345 million worth of titanium exported in 2023 alone.

    China’s increasing implementation of across a range of critical minerals, from tungsten to antimony, gallium to germanium, has raised alarms about potential future restrictions on titanium.

    Bob Wetherbee, president of Dallas-based ATI, one of the three big producers of US titanium metal, recently that he believed all of the American titanium producers had seen demand double, but that “the lack of action is having an impact on national security.”

    The EU has no domestic production capacity of titanium sponge and is therefore a of titanium metal, with an import-to-export ratio of 10:1. In particular, supply from high-quality deposits in Ukraine have been due to the war.

    Mining opportunities

    In 2025, the US Department of Defense (DoD) IperionX (NASDAQ: IPX, ASX: IPX) US$47.1 million in funding to develop a fully-integrated domestic mineral-to-metal titanium supply chain. This is further to a previous DoD in 2023 of US$12.7 million to increase titanium powder production for defense supply chains.

    The renewed interest comes as President Donald Trump signed an invoking cold war era powers to ramp up critical mineral production across the US — and it’s expected titanium will be prioritized.

    However, it’s unlikely that any new supply from the US will be enough by itself in the short-term, providing opportunities for potential supply from mines in jurisdictions with free trade agreements and strong historical alliances with America.

    is accelerating the economic development of its flagship Pitfield project, a world-class, district-scale titanium mineral system in Western Australia, which extends over 40km x 8km x 5km deep making it the largest known titanium discovery in the world.

    The company’s initial focus is on two key prospects, Cosgrove and Thomas, which have been identified as having thick, high-grade, near-surface, bedded TiO₂ mineralisation, each being over 7km in strike length.

    A JORC Exploration Target* for Pitfield was declared in 2024, covering the two initial prospects, and was estimated to contain between 26.4 to 32.2 billion tonnes with a grade range of 4.5 to 5.5% TiO2. Included within the total Exploration Target* is a subset that covers the weathered sandstone zone, which extends from surface to an average vertical depth of 30m to 40m and is estimated to contain between 4.0 to 4.9 billion tonnes with a grade range of 4.8 to 5.9% TiO2.

    *The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource and it is uncertain if further exploration will result in the estimation of a Mineral Resource.

    The Exploration Target* covers an area less than 20% of the overall mineral system at Pitfield which demonstrates the potential for significant further upside.

    Preliminary testwork has delivered a high-purity TiO2 product, which assayed at 91.6% TiO2 and was entirely free of any deleterious impurities, providing strong potential for its use in high-quality titanium sponge metal or high-grade titanium dioxide pigment production.

    The project is located in Australia’s mid-West, a Tier One mining jurisdiction with direct access to critical infrastructure:

    existing road/rail networkproximity to Geraldton Port (150km)low-energy processing advantages from weathered cap mineralization (30–40m depth)


    Metallurgical bulk sampling has been completed and up-scaled metallurgical testing is underway ahead of the design of a larger metallurgical test facility, slated for 2025. Empire is focused on accelerating the economic development of Pitfield, with a vision to produce a high-value titanium metal or pigment quality product at Pitfield, to realise the full value potential of this exceptional deposit.

    Empire Metals - The Oregon Group - Critical Minerals and Energy Intelligence

    : a leading Japanese titanium producer, Toho Titanium has been at the forefront of innovation since 1948. With a production capacity of 12,000 tons/year of titanium sponge and 7,800 tons/year of titanium ingots, Toho is well-positioned to meet growing global demand. Their recent expansion into Saudi Arabia and continuous technological advancements make them a key player in the titanium market.

    : the world’s second-largest producer of titanium sponge, Osaka Titanium Technologies is a crucial supplier to the global aerospace industry. Their diversified product portfolio, including high-purity titanium and innovative materials like TILOP (Gas-atomized titanium powder), demonstrates their commitment to meeting evolving market needs. With a strong foundation in the Sumitomo Group, Osaka Titanium is poised for continued growth in the titanium sector.

    : this innovative company is revolutionizing the titanium industry with its breakthrough technologies. IperionX’s proprietary processes eliminate the need for titanium metal sponge and ingot, enabling direct manufacturing of titanium products. With recent funding from the US Department of Defense totaling US$59.8 million, IperionX is set to develop a fully integrated domestic mineral-to-metal titanium supply chain, addressing critical supply vulnerabilities in the West.

    : a leading integrated manufacturer of titanium dioxide pigment, Tronox offers a vertically integrated platform spanning from mine to pigment. Their global operations and focus on sustainability position them as a reliable supplier in the TiO2 market.

    : with a strong presence in mineral sands and rare earths, Iluka is a key player in the titanium feedstock industry. Their recent strategic shifts and investments in high-grade deposits underscore their commitment to meeting growing titanium demand.

    : is one of the world’s largest producers of titanium minerals with its world-class Moma Titanium Minerals Mine in Mozambique and, in March 2025, a €565m takeover bid from a consortium led by its former MD Michael Carvill. Their strategic position and high-quality mineral deposits make them an attractive investment in the titanium sector.

    (LON:SVML): with its Kasiya rutile project in Malawi, touted as the world’s largest undeveloped rutile deposit (17.9Mt contained rutile), which is the purest, highest-grade form of titanium feedstock found in nature, Sovereign Metals has the potential to become a significant player in the titanium feedstock market. Their focus on sustainable, low-cost production methods adds to their appeal.

    The Radar Project’s location near Rio Tinto’s Lac Tio Mine—the world’s largest solid ilmenite deposit—and SAGA’s existing joint venture with Rio Tinto on its Legacy Lithium Project, enhance its strategic appeal. As titanium dioxide sees growing demand for applications like high-efficiency solar panels and as a pigment, SAGA’s Radar Project could become a crucial North American source. With assay results pending and further exploration planned, SAGA Metals is poised to potentially unlock a major new Titanium-Vanadium discovery in a mining-friendly jurisdiction with established infrastructure.

    Conclusion

    The global titanium market faces intensifying supply-demand tensions as structural deficits emerge across aerospace, defense, and green technology sectors.

    These strategic vulnerabilities are accelerating industry realignments at an unprecedented pace. Trump’s latest tariffs underscore how swiftly geopolitical tensions are reshaping markets and supply chains — and when military capabilities are jeopardized by weaknesses in critical mineral supplies, investment inevitably follows.

    Disclaimer

    The Oregon Group maintains full editorial control over all content published on this website. While sponsored and advertised placements may be featured, the content remains the sole opinion of The Oregon Group. The author may receive compensation or remuneration for providing content, but all statements and expressions are made independently and are not influenced by sponsors or advertisers. From time to time, The Oregon Group and its directors, officers, partners, employees, authors, or members of their families, as well as persons who are interviewed for articles on this website, may have a long or short position in securities or commodities mentioned and may make purchases and/or sales of those securities or commodities in the open market or otherwise. By accessing and using this website, readers are cautioned to assume that each of the foregoing persons may have a financial interest in all companies and sectors mentioned on this website. Any projections, market outlooks or estimates herein are forward looking statements and are inherently unreliable., and any such statements are based upon certain assumptions and should not be construed to be indicative of the actual events that will occur. Other events that were not taken into account may occur and may significantly affect the returns or performance of the securities or commodities discussed herein. The information provided herein is based on matters as they exist as of the date of preparation and not as of any future date, and The Oregon Group undertakes no obligation to correct, update or revise the information in this document or to otherwise provide any additional material. The information provided on this website is for informational purposes only and is not, directly or indirectly, an offer, solicitation of an offer and/or a recommendation to buy or sell any security or commodity, and the information provided on this website should not be construed as any advice or an opinion as to the price at which the securities of any company or commodity may trade at any time. The Oregon Group is a publisher of financial information, not an investment advisor. We do not provide personalized or individualized investment advice or information that is tailored to the needs of any particular recipient, and the information provided on this website is not and should not be construed as personal, financial, investment or professional advice. Readers are cautioned to always do their own research and review of publicly available information and to consult their professional and registered advisors before purchasing or selling any securities or commodities and should not rely on the information contained herein. Neither The Oregon Group nor any of its affiliates accepts any liability whatsoever for any direct or consequential loss howsoever arising, directly or indirectly, from any use of the information contained herein. By using the Site or any affiliated social media account, you are indicating your consent and agreement to this disclaimer and our terms of use. Unauthorized reproduction of this newsletter or its contents by photocopy, facsimile or any other means is illegal and punishable by law.


    IPX Price at posting: $3.24 Sentiment: None Disclosure: Not Held
    Likes Created with Sketch. 4  Upvote
    lightbulb Created with Sketch. 1  Great analysis
    Stroke 3 Created with Sketch. Comments Created with Sketch. Reply

  2. Top Stories

 

Featured News

NEWS HotCopper Trends: Final day of quarterlies; Larvotto FID & more
right-arrow Created with Sketch.
RC1 Redcastle Delivers Positive Scoping Study for Queen Alexandra
right-arrow Created with Sketch.
NEWS Opportunities like this don’t last—register and get started today
right-arrow Created with Sketch.
AII Analyst Buy Rating: Leading the Charge in Securing the Tungsten Supply Chain
right-arrow Created with Sketch.
NEWS Mandalay Shareholders Overwhelmingly Approve Transaction with Alkane Resources
right-arrow Created with Sketch.
NEWS Investor education equals superior returns
right-arrow Created with Sketch.
Add to My Watchlist
What is My Watchlist?
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
Add to My Watchlist
(20min delay)
Last
$5.83 		Change
-0.110(1.85%) 		Mkt cap ! $1.946B
Open High Low Value Volume
$5.99 $6.07 $5.82 $9.828M 1.660M

Buyers (Bids)

No. Vol. Price($)
1 1952 $5.82
 

Sellers (Offers)

Price($) Vol. No.
$5.83 15174 1
View Market Depth
Last trade - 16.10pm 01/08/2025 (20 minute delay) ?
IPX (ASX) Chart
arrow-down-2 Created with Sketch. arrow-down-2 Created with Sketch.