The ‘Global Synthetic Rutile Market Size, Share, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global synthetic rutile market, assessing the market on the basis of its segments like applications, end uses, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 3.8%
Synthetic rutile is extensively used in the paints and coatings sector owing to its ability to be used in the production process of pigments. The escalating application of paints and coatings across industries such as construction, automotive, and wood, among others, is driving the demand for synthetic rutile.
Additionally, synthetic rutile is used as a raw material in the titanium pigment industry, which is a major driving factor of the global synthetic rutile market. Over the forecast period, the anticipated increase in demand for titanium pigment for manufacturing of a wide range of industrial and commercial products such as ink, dental cleaner, and face cleaner, among others is likely to mould the market dynamics positively.
The increasing cost of natural rutile, as well as the scarcity of this compound is enhancing the research and development activities to obtain synthetic rutile through the conversion of ilmenite. Meanwhile, the anticipated increase in deployment of synthetic rutile in the plastics industry owing to the thriving e-commerce sector and increasing sales of FMCGs is further providing impetus to the synthetic rutile market.
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Moreover, the presence of impurities of aluminium and ferrous is further leading to a heightened application of the product in various downstream products such as commercial grade titanium alloys.
In terms of region, the Asia Pacific accounts for an outstanding share in the market. Emerging economies of the continent such as China are one of the leading producers of synthetic rutile around the world. Rapid industrialisation, urbanisation, and rising per capita income across the developing countries in the region are also anticipated to accelerate the synthetic rutile market growth in the forecast period.
Synthetic Rutile Industry Definition and Major Segments
Synthetic rutile refers to a chemical compound which is obtained through the upgradation and impurity removal process of ilmenite ore. Ilmenite is a principal source of titanium oxide and is found in metamorphic rocks. The colour of pure synthetic rutile is transparent to slight yellow and is found in large pieces. The titanium oxide content found in synthetic rutile is 90% and more. Synthetic rutile is utilised as a feedstock to produce pigment which is applied across various end use industries.
Based on application, the market can be segmented into:
The market can be broadly categorised based on end use into:
Paints and Coatings
On the basis of region, the market can be categorised into:
Middle East and Africa
Also Check@ Top 4 Leading Companies in the Global Synthetic Rutile Market
Synthetic Rutile Market Trends
The key trends in the global synthetic rutile market include the increasing inclination of steel component manufacturers towards the use of anti-corrosive coatings for greater protection from harsh weather conditions.
Titanium sponge is a key downstream product of synthetic rutile which is used in the manufacturing of engine parts for aircrafts. In this regard, the growing research and development activities by the major aerospace and defence companies, aimed towards producing superior quality jets, are some of the other crucial trends in the market.
In the meantime, the robust investments towards developing new synthetic rutile procurement processes, such as the magpie process, are likely to be the major market propelling trends in the synthetic rutile market. The magpie process is aimed towards producing synthetic rutile from low grade ilmenite.
Over the forecast period, a change in preference is anticipated by the pigment manufacturers towards utilising cost-effective alternatives. This is likely to be another crucial trend in the market leading to a heightened incorporation of synthetic rutile in the mass production of pigments. Moreover, the escalating demand of pigments in the do-it-yourself sector, to improve the aesthetic appeal of household components, is likely to contribute to the synthetic rutile market growth in the coming years.
Key Market Players
The major players in the synthetic rutile market report are TOR Minerals International, Inc., Limited, lluka Resources Limited, Cochin Minerals and Rutile and The Kerala Minerals & Metals Ltd., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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