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The global titanium dioxide market size was $15,020.1 million in 2019, and it is projected to witness a CAGR of 4.5% during the forecast period (2020–2030). The increasing demand for this compound is majorly attributed to the rising consumption of pigments in the coatings industry, owing to their ability to scatter visible light and impart brightness, opacity, and whiteness.
The COVID-19 pandemic has impacted almost all the industries globally, including construction and automobile, which are the key end users of titanium dioxide. Owing to the shutting down of various factories and restricted transportation and logistics activities, the demand for this compound in end-user industries has dropped.
Out of the two processes from which titanium dioxide is produced, namely sulphate and chloride, the sulphate process held larger market share in 2019. This process has the ability to extract compound from all the ores, namely ilmenite, rutile, and titania slag, when compared to the chloride process, which has the ability to extract this compound from rutile ores only.
In addition, for the extraction of the product, the sulphate process uses simpler and mature technology, and the equipment used during the extraction process is also easy to use and resistant to corrosion. These advantages of the sulphate process over the chloride process, during the extraction of the compound, led to its larger market share in 2019, and the same is expected during the forecast years.
Paints & coatings is the largest and fastest-growing application category in the global titanium dioxide market, owing to the increasing demand for paints and coatings in architectural applications, as stated by the Titanium Dioxide Manufacturers Association, in 2019. The growing demand for this product in paints and coatings is majorly ascribed due to its high refractive index, ultraviolet (UV) ray absorbing capability, and non-toxic and inert nature in the external environment.
Apart from this, the high usage of the product in the paints and coatings used on the exterior of buildings, in warm and tropical climates, imparts whiteness and light reflecting qualities that can lead to considerable energy savings, as it reduces the need for air conditioning.
Owing to the establishment of several production facilities and growing construction industry, due to the movement of people to urban areas and rising population, the demand for paints and coatings in Asia-Pacific (APAC) region is rising, thereby driving the titanium dioxide market.
The other reason for the rising consumption of this product is the rising infrastructure development projects, owing to the construction of hotels, apartments, offices, retail centers, and civic infrastructure, which creates traction for many paint & coating manufacturers in this region. Since this compound is a major ingredient of paints and coatings, owing to its ultra-white color, UV resistance, and opacity, the rising demand for these products drives the titanium dioxide market.
Furthermore, the high-volume adoption of the compound in other application areas, namely plastics, cosmetics, inks, and paper, has created opportunities for the manufacturers of titanium dioxide in this region. China held the largest market share in this region, owing to its rising demand for paints and coatings, which is served by the domestic production of the titania.
The shift in consumers’ preference to self-cleaning technologies, from traditional cleaning technologies, especially for smartphones and windows, is the key trend being observed in the titanium dioxide market. The titanium dioxide nanomaterials in the self-cleaning technologies provide these materials with resistance to dirt, by triggering a reaction which breaks down the dirt. Furthermore, the self-cleaning ability of this compound, in its photocatalyst form, triggers an electrochemical reaction, which activates the compound, thus producing free radicals. These free radicals can decompose pollutants and inactivate bacteria, fungi, and viruses, before dissipating.
As stated by the World Paint & Coatings Industry Association, the global paint and coating sales value stood at $172.8 billion in 2019, mainly due to the escalating construction expenditure, growing automotive industry, increasing urban population, rising household expenditure, and improving economic conditions. The surging demand for paints and coatings has driven the consumption of titanium dioxide, which is a major ingredient in paint and coating pigments.
Furthermore, the low cost, low haze, and ability of the compound to blend with every kind of solvent, such as oil, water, and alcohol, which are advantageous for the paints & coatings industry, are driving the titanium dioxide market globally.
Another prominent driver for this market is the rising adoption of lightweight vehicles, owing to the growing concerns related to automotive emissions, carbon footprints, and fuel efficiency. The increasing use of this compound for the coatings applied on polycarbonate structures, which are used in the manufacturing of lightweight automobiles, owing to the ability of the coatings to impart stability, scratch resistance, and durability to the polycarbonate structure, is propelling titanium dioxide consumption during the production of lightweight vehicles.
Furthermore, the replacement of traditional glass with polycarbonate plastics reduces the weight of the vehicle by 50% and improves the aesthetics by replacing the seams, which is driving the market for this compound across the world.
The titanium dioxide market is consolidated in nature, owing to the presence of key players, namely The Chemours Company, Tronox Limited, Lomon Billions Group, NL Industries, Tayca Corporation, and Venator Materials PLC.
Owing to recent mergers and acquisitions, various players have entered the titanium dioxide market:
|Base Year (2019) Market Size||$15,020.1 Million|
|Forecast Period (2020-2030) CAGR||4.5%|
|Report Coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Company Share Analysis, Companies’ Strategic Developments, Product Benchmarking, Company Profiling|
|Market Size by Segments||Process, Application, Geography|
|Market Size of Geographies||U.S., Canada, Germany, U.K., Finland, Belgium, Italy, Netherlands, China, Japan, India, South Korea, Brazil, Mexico, Saudi Arabia, and South Africa|
|Secondary Sources and References (Partial List)||Abrafati Brazilian Coatings Manufacturers Association, American Coatings Association, Automobile Association of Southern India, Calgary Construction Association, European Automobile Manufacturers Association, Titanium Dioxide Manufacturers Association, National Paint & Coatings Association|
The titanium dioxide market offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Process
Based on Application