Rutile is a mineral composed of titanium dioxide. It is a transparent, tetragonal crystal, available in various colors such as reddish brown, black, golden, or yellow depending upon the source with two four-sided prisms. Rutile is available in abundance in nature with also availability of synthetic rutile. The synthetic rutile is manufactured from ilmenite, which has a 60% concentration of titanium. Moreover, synthetic rutile has an 85% concentration of titanium and is considered as the most preferred source of titanium. Rutile is majorly used for the production titanium by using two major processes namely the chloride process and sulfate process. However, the sulfate process is the most preferred where rutile reacts with sulfuric acid resulting in the residue of unwashed substances in the mineral and titanium as an extract.
Global rutile market size is projected to expand significantly during the forecast period (2019-2027), owing to increasing demand for titanium around the world. High concentration of titanium in synthetic rutile is expected to boost growth of the market in the near future. Titanium and titanium find application in various industries such as automotive, construction, packaging, and electronics, which is expected to increase the demand for rutile and hence boost the market growth. Moreover, high growth of automobile industry in the recent past has also supported the market growth. Furthermore, easy access and abundant availability of ilmenite, which is used in production of synthetic rutile are expected to drive the market growth during the forecast period.
However, the extraction of titanium and titanium dioxide from rutile produces hazardous waste, which has led to stringent regulations from the governmental bodies. These stringent regulations are expected to restrain the global rutile market growth during the forecast period. However, increasing investment in research and development activities to develop eco-friendly processes produce titanium is posing excellent growth opportunities for key players around the world.
Market Regional Analysis
Asia Pacific is projected to account for the largest market share in the global rutile market during the forecast period. This is owing to high GDP growth and increasing industrialization in emerging economies such as China and India. Growing automobile in the region is expected to increase the demand for titanium and hence drive the market growth. Furthermore, North America is also projected to witness significant market growth followed by Europe. However, demand for rutile will be moderate in these regions, owing to saturation in end user industries.
Key players operating in the global rutile market include Shanghai Yuejiang Titanium Chemical Manufacturer Co., Ltd., Jiangxi Jinshibao Mining Machinery Manufacturing Co., Ltd., Abbott Blackstone, and Yucheng Jinhe Industrial Co., Ltd.