During the forecast period, the compound annual growth rate of the global vermilion market is expected to exceed 4%. COVID-19 had a negative impact on the market in 2020. Considering the circumstances of the pandemic, construction activities temporarily halted during government-imposed lockdowns, leading to a reduction in the consumption of vermilion used as a paint pigment. However, the demand for vermilion in construction activities increased after the pandemic, driving consumption.

In the short term, the demand for vermilion in the production of titanium metal is continuously growing, expected to drive market growth. However, strict environmental regulations on extracting titanium from vermilion are expected to hinder market growth. The increasing use of vermilion as a wide-bandgap semiconductor presents opportunities for research in the market in the coming years. The Asia-Pacific region is expected to dominate the market, with countries like China and India having the highest consumption.

The demand for vermilion in titanium metal production is continuously increasing.

Vermilion is a titanium dioxide mineral with a chemical composition of TiO2. It is found in igneous, metamorphic, and sedimentary rocks worldwide, and vermilion also exists in the form of needle-like crystals in other minerals. Additionally, vermilion is crushed into a white powder used as a pigment in paints and processed into many products. Vermilion has one of the highest refractive indices under visible light wavelengths of any known crystal and exhibits particularly large birefringence and high dispersion. Titanium is a silver-gray metal with high corrosion resistance and strength-to-weight ratio. It has chemical inertness. Titanium metal is mainly used for medical implants and metal coatings. In Europe, approximately 11% of the gross domestic product (GDP) is spent on healthcare. By 2021, per capita healthcare technology expenditure will be approximately €284 (~$330). In 2021, healthcare spending in the United States was approximately $4.3 trillion, or $12,914 per capita, with a growth rate of about 2.7% compared to the previous year, accounting for 18.3% of the GDP. Additionally, it is expected that national health expenditures will grow at an average annual rate of 5.4% from 2019 to 2028, reaching $6.2 trillion by 2028. Therefore, this will stimulate the market’s demand for vermilion. Thus, the above factors are expected to have a significant impact on the market in the coming years.

It is expected that the Asia-Pacific region will dominate the vermilion market during the forecast period. The demand for vermilion in titanium metal and paint pigment production is continuously growing, and population growth, as well as construction activities in developing countries such as China and India, are expected to drive the region’s demand for vermilion. China is a leader in the construction industry, with a market size of $1.17 trillion in 2021. The industry’s value-added in 2021 was CNY 8 trillion (USD 1.1 trillion). The construction industry grew by only 2% in 2021, lower than the 4% in 2020, due to deleveraging reforms accepted by residential real estate developers. However, building new homes is crucial for the country in many aspects. For instance, as more people move there for employment, the housing demand in major cities increases. Additionally, in 2021, Japan initiated the construction of approximately 856,500 new housing units, a 5% increase compared to the previous year. Moreover, some upcoming construction projects may drive product demand. The Logiport Nagoya project involves the construction of a four-story logistics facility with a building area of 355,109.45m2 on a 15.7-hectare site in Nagoya City, Aichi Prefecture. Construction started in the first quarter of 2022, and completion is expected in the third quarter of 2023. The largest producers of vermilion are located in the Asia-Pacific region, including Tronox Holdings PLC, Iluka Resources Limited, Rio Tinto, East Minerals, and IREL (India) Limited. According to the Global Construction Outlook and a report from Oxford Economics, the construction market in Southeast Asia is expected to exceed $1.0 trillion by 2030, potentially driving demand for vermilion powder pigments. Therefore, the above factors are expected to have a significant impact on the market in the coming years.

The global vermilion market is characterized by partial consolidation, with only a few key players dominating the market. Some major companies in this industry include Tronox Holdings PLC, Iluka Resources Limited, Rio Tinto, East Minerals, and IREL (India) Limited, among others (listed in no particular order).

Vermilion Industry Segmentation

Vermilion is a mineral primarily composed of titanium dioxide (TiO2) and is widely found in metamorphic, sedimentary, and igneous rocks around the world. It is utilized in the production of titanium metal and can be crushed into a white powder, serving as a paint pigment for various applications. The vermilion market is segmented based on type, variety, application, and geographical location.

1. Type Segmentation:
   • Natural Vermilion
   • Synthetic Vermilion
2. Variety Segmentation:
   • Ilmenorutile
   • Juvenile Quartz
   • Sagenite
   • Struverite
   • Venus Hairstone
3. Application Segmentation:
   • Titanium Metal
   • Paint Pigments
   • Refractory Ceramics
   • Optical Equipment
   • Other Applications
4. Geographical Analysis: The report covers the market size and forecasts of the vermilion market in 15 major countries across various regions, providing an assessment of the market conditions in different geographical areas.

For each segmented market, the market size and forecasts are presented based on revenue (in million USD). This segmentation aims to provide a comprehensive understanding of the vermilion industry and its diverse applications in different sectors.