Dublin, Sept. 04, 2023 (GLOBE NEWSWIRE) -- The "Rutile Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" 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.
COVID-19 negatively impacted the market in 2020. Considering the pandemic scenario, construction activities were on a temporary halt during the government-imposed lockdown, thus decreasing the consumption of rutile used as a pigment in paints. However, increased demand for construction activities propelled the consumption of rutile post-pandemic.
Key Highlights
Over the short term, the growing demand for rutile for the production of titanium metal is expected to drive market growth.
However, the stringent environmental regulation on the extraction of titanium from rutile is expected to hinder the market's growth.
The increasing use of rutile as a large band-gap semiconductor will likely 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 like China and India.
Rutile Market Trends
Growing Demand for Rutile from the 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 used as a pigment in paints and processed in many products.
Rutile includes one of the highest refractive indexes at any known crystal's visible wavelengths and exhibits a particularly large birefringence and high dispersion.
Titanium is a silver-gray metal with high corrosion resistance and strength-to-body ratio. It is chemically inert. Titanium metals are mainly used in medical implants and metal coatings.
In Europe, approximately 11% of the gross domestic product (GDP) is spent on healthcare. Expenditure on medical technology per capita will be around EUR 284 (~USD 330) in 2021.
In 2021, the United States' healthcare spending was valued at about USD 4.3 trillion or USD 12,914 per person, with a growth rate of about 2.7% compared to the previous year and accounted for 18.3% of GDP. Additionally, national health spending is projected to grow at an average annual rate of 5.4% for 2019-28 and to reach USD 6.2 trillion by 2028. Therefore, this will stimulate the market demand for rutile.
Therefore, the above factors are expected to significantly impact the market in the coming years.
Asia-Pacific Region to Dominate the Market
The Asia-Pacific region is expected to dominate the market for rutile during the forecast period. The increasing demand for rutile from the production of titanium metal and paint pigment, the growing population, and construction activities in developing countries like China and India are expected to drive the demand for rutile in this region.
China was leading in the construction industry, with a market size of USD 1,117 billion in 2021. The value-added from this sector was CNY 8 trillion (USD 1.1 trillion) in 2021. Construction grew only 2% in 2021, down from 4% in 2020, as residential real estate developers came under deleveraging reforms. However, constructing new homes is crucial for the nation in many ways. For instance, the demand for housing in major cities increases as more people relocate there for employment.
Furthermore, in 2021, approximately 856.5 thousand new dwelling constructions were launched in Japan. This represented an increase of 5 percent compared to the previous year. Additionally, a few upcoming construction projects are likely to drive product demand. Logiport Nagoya project involves the construction of a four-story logistics facility with a floor area of 355,109.45m2 on a 15.7ha area in Nagoya, Aichi. Construction work started in Q1 2022 and is expected to be completed in Q3 2023.
The largest producers of rutile are located in the Asia-Pacific region. Tronox Holdings PLC, Iluka Resources Limited, Rio Tinto, East Minerals, and IREL (India) Limited are leading companies in rutile production.
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 is likely to boost the demand for pigment from the powdered form of rutile.
Therefore, the above factors are expected to significantly impact the market in the coming years.
Rutile Market Competitor Analysis
The global rutile market is partially consolidated, with only a few major players dominating the market. Some major companies include Tronox Holdings PLC, Iluka Resources Limited, Rio Tinto, East Minerals, and IREL(INDIA) LIMITED, among others (not in any particular order).
A selection of companies mentioned in this report includes
- Iluka Resources Limited
- Tronox Holdings PLC
- East Minerals
- IREL (India) Limited
- Rio Tinto
- V.V Mineral
- TOR Minerals
- Kerala Minerals & Metals Ltd
- Yucheng Jinhe Industrial Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/6dbou3
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