by Rutile is one of the two most common minerals of titanium dioxide used primarily to produce white pigment. It is utilized to manufacture paints, plastics, paper and other materials which impart whiteness, brightness and opacity. The inherent properties of rutile like brightness and opacity has driven its use in industrial applications to enhance various end-products. Additionally, its brightness allows it to replace more expensive pigments in several applications. The global Rutile Market is estimated to be valued at US$ 7.26 Bn in 2023 and is expected to exhibit a CAGR of 14% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends driving the growth of the Rutile market is its increasing use in the paints and coatings industry. Rutile powder is one of the prime pigments used to produce white paints owing to properties like brightness and opacity. Growth in the construction and automotive sectors in developing regions of Asia Pacific and Latin America has augmented the demand for paints and coatings over the past few years. This has resulted in the heightened use of rutile pigments to cater to the surging requirements from the paints industry. Furthermore, rutile has been increasingly replacing other more expensive pigments in several applications which is further propelling the market growth.
Segment Analysis
The global rutile market is dominated by the titanium dioxide pigment segment, accounting for over 95% of the total market share. Rutile is primarily used as a pigment in paper, plastics, coatings and ceramics due to its high whiteness and brightness. The titanium dioxide pigment segment is expected to continue dominating the market over the forecast period owing to growing applications in construction and automotive coatings.
Key Takeaways
The Global Rutile Market Growth is expected to witness high growth over the forecast period driven by increasing use of titanium dioxide pigment in paints & coatings.
The Asia Pacific region currently dominates the rutile market and is expected to continue its dominance in the coming years owing to high demand from countries like China, India and Japan. China alone accounts for over 50% of global titanium dioxide demand led by robust infrastructure development and manufacturing activities in the country.
Key players operating in the rutile market are Denso Corporation, Panasonic Corporation, Clarion, Masternaut Limited, Continental AG, Qualcomm Technologies, Inc. LG Electronics, Harman International Industries, Inc., Trimble Inc., and I.D. Systems. The major players are focused on capacity expansion as well as backward integration along the value chain to cater to the growing demand for titanium dioxide and ensure security of raw material supply. For instance, in January 2019, TiO2 producer Kronos Worldwide completed the acquisition of ilmenite assets in Australia to secure long-term feedstock for its production facilities.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
