Heavy minerals (HMs) are used in many high-tech applications (e.g. nuclear reactors, photovoltaic cells, electronics, green, and nano- and space technology), and thus global demand is increasing day by day. This review article is focused on the global distribution, genesis, economic geology, exploration and exploitation, demand (i.e. past, present, and future status of annual global production, consumption, and price), applications (geological and industrial uses), and major environmental issues mostly related to the HM sand industry. Heavy mineral deposits are distributed in more than 45 countries. Major HM deposits are located in Australia, Asia, and Africa, as secondary coastal placers bordering the Indian Ocean. Onshore and offshore deposits in the Americas, Europe, and other countries also contribute to the global HM market. Heavy mineral deposits are categorised as primary (magmatic, hydrothermal, metamorphic) or secondary (weathered, eroded, and transported sediments) deposits. Titanium, zirconium, and rare earth element (REEs) bearing minerals are key industrial commodities in the current global market. The heavy mineral industry has experienced healthy growth in unit price and global production due to increased demand generated by rapidly expanding economies such as those of China and India. Global production of zircon, ilmenite, and rutile has gradually increased over the last few decades. Global apparent consumption of ilmenite declined slightly from 1970 to 1995, in part due to introduction of stringent regulatory measures and government environmental policies in Europe and North America, as the main consumers of HMs at present. Mining and utilisation planning following the United Nations Sustainable Development Goals are highly appropriate for the sustainability of the HM industry, and to overcome ecological challenges, health issues, and social resistance towards HM exploitation. Finally, we forecast changes in production and price of three HMs (ilmenite, rutile, and zircon) for the decade from 2020 to 2030, assuming there are no disturbances in production due to external factors such as the Covid-19 global pandemic or unfavourable geopolitical interventions. Supplementary Information The online version contains supplementary material available at 10.1007/s12517-022-10874-0.