The global Rutile Market is estimated to be valued at US$ 7.26 Bn in 2023 and is expected to exhibit a CAGR of 5.2% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Rutile is a mineral composed primarily of titanium dioxide. Rutile has the highest refractive index of any oxide. The major uses of rutile are in pigments, coatings, ceramics, welding rod coatings and many other uses. It provides opacity, durability and brightness in many products. The growing paints and coatings industry is driving the demand for rutile.
Market Overview:
Rutile is primarily used as a pigment in the production of paints and coatings. It is an important industrial compound due to its properties like brightness and opacity. Rutile pigment is vital in providing protection, decoration and other functionalities in end use products.
Market key trends:
One of the key trends in the Rutile market is the increasing consumption of rutile pigment in paints and coatings. Rutile has wide usage in formulations of architectural paints, vehicular paints and industrial coatings. The construction industry growth along with automotive production is propelling the demand for decorative and protective coatings globally. The excellent opacity, tinting strength and durability of rutile pigment makes it a suitable choice for pigment manufacturers. This is expected to continue driving the rutile consumption over the forecast period.
Segment Analysis
The global rutile market is segmented on the basis of grade, application, and region. Based on grade, the market is segmented into synthetic rutile and natural rutile. Natural rutile dominates the market as it has more prevalence in major consuming regions and is majorly produced in Australia and Africa. Based on application, the market is segmented into paints and coatings, plastics, paper, and others. The paints and coatings segment dominates the market owing to widespread use of rutile in manufacturing titanium dioxide pigment which is used in paints and coatings.
Key Takeaways
The global rutile market is expected to witness high growth, exhibiting CAGR of 5.2% over the forecast period, due to increasing demand from paints and coatings industry.
Regional analysis
North America dominates the global rutile market owing to high demand from paints and coatings industry. Asia Pacific exhibits the fastest growth in the market supported by growing construction activities and rising disposable income in developing economies like India and China.
Key players
Key players operating in the rutile market are 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., Sierra Rutile Limited, Abbott Blackstone, Murray Basin Titanium Pty. Ltd., and CRISTAL. Iluka Resources Limited is the leading player owing to its dominance in natural rutile reserves.
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