Dublin, June 02, 2021 (GLOBE NEWSWIRE) -- The "Rutile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Global Rutile Market is projected to register a CAGR of over 4% during the forecast period (2021-2026).
The market was negatively impacted by COVID-19 in 2020. Considering the pandemic scenario, the construction activities were on temporary halt during the government-imposed lockdown, thus led to a decrease in the consumption of rutile which is used as a pigment in paints. Moreover, due to COVID-19, the other end-user industries which uses rutile, were also suffered including paper, platsics, and optical equipment, which in turn negatively impacts the demand for the rutile market.
Over the short term, the growing demand of rutile for the production of titanium metal is expected to drive the market growth. However, the stringent environmental regulation on the extraction of titanium from rutile is expected to hinder the growth of the market studied. Increasing use of rutile as a large band-gap semiconductor is likely to act as an opportunity for the market studied in the coming years. Asia-Pacific region is expected to dominate the market with the largest consumption from countries, such as China and India.
Key Market Trends
Growing Demand of Rutile from Production of Titanium Metal
- Rutile is a titanium oxide mineral with a chemical composition of TiO2. It is found in igneous, metamorphic and sedimentary rock throughout the world and rutile also occurs as needle-shaped crystals in other minerals.
- Additionally, Rutile is crushed into a white powder that is used as a pigment in paints, and it is processed for use in a multitude of products.
- Rutile has one of the highest refractive indexes at the visible wavelengths of any known crystal and also exhibits a particularly large birefringence and high dispersion.
- Titanium is a silver-gray metal that offers high resistance to corrosion and has a high strength to body ratio. It is chemically inert in nature. Titanium metals are mainly used in medical implants and metal coatings.
- According to Eurostat, in 2019, the general government health expenditure in the European Union (EU-27) countries was valued at about USD 1,158 billion or 7% of the GDP.
- In 2019, the United States health care spending was valued at about USD 3.8 trillion or USD 11,582 per person, with a growth rate about 4.6% compared to the previous year, which in-turn stimulates the market demand for rutile.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Asia-Pacific Region to Dominate the Market
- Asia-Pacific region is expected to dominate the market for rutile during the forecast period. The rising demand for rutile from the production of titanium metal and paint pigment with the growing population and construction activities in developing countries like China and India is expected to drive the demand for rutile in this region.
- China was leading in the construction industry with market size of USD 1,092.9 billion in the year 2019, registering a growth rate of 14.71% compared to the previous year.
- Furthermore, the total new construction in Japan was accounted for about 127.55 million square meters in 2019 and reached about 113.74 million square meters in 2020, with a decline rate of about 10.5%, thus led to a decrease in the consumption of paints used in the construction industry, which in turn negatively impacts the market demand for rutile.
- The largest producers of rutile are located in the Asia-Pacific region. Some of the leading companies in the production of rutile are Tronox Holdings plc, Iluka Resources Limited, Rio Tinto, East Minerals, and IREL (India) Limited among others.
- According to Global Construction 2030 (published by Global Construction Perspectives and Oxford Economics), Southeast Asia's construction market is anticipated to exceed USD 1.0 trillion, by 2030 which in turn boosts the demand for pigment from powdered form of rutile.
- Therefore, the aforementioned factors are expected to show significant impact on the market in the coming years.
Competitive Landscape
The global rutile market is partially consolidated in nature with only a few major players dominating the market. Some of the major companies are Tronox Holdings plc, Iluka Resources Limited, Rio Tinto, East Minerals, and IREL(INDIA) LIMITED among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Drivers
4.1.1 Growing Demand of Rutile from Production of Titanium Metal
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Stringent Environment Regulation on Extraction of Titanium from Rutile
4.2.2 Unfavorable Conditions Arising due to the Impact of COVID-19
4.2.3 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 Type
5.2 Variety
5.3 Application
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share Analysis/ Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Iluka Resources Limited
6.4.2 Tronox Holdings plc
6.4.3 East Minerals
6.4.4 IREL (India) Limited
6.4.5 Rio Tinto
6.4.6 V.V Mineral
6.4.7 TOR Minerals
6.4.8 Kerala Minerals & Metals Ltd
6.4.9 Yucheng Jinhe Industrial Co.,Ltd
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing Use of Rutile as a Large Band-Gap Semiconductor
7.2 Other Opportunities
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