Titanium Dioxide Market, Business Opportunities, Leading Players, COVID-19 Overview, Industry Statistics, Revenue and Future Investments 2023
Research Reports
Jan 05, 2021
Titanium dioxide (TiO2) is a white colored pigment and a naturally occurring oxide of titanium in three forms – brookite, anatase, and rutile. It has applications in cosmetics, coatings, paints, paper, plastics, foods, and others. The global titanium dioxide market report compiled by Market Research Future (MRFR) contains developments and insights of the use of TiO2 in paints and coatings and predictions for the period of 2016 to 2023 (forecast period).
Market Outlook
The global titanium dioxide market is expected to touch a value of USD 44.954 billion by 2023, as per the report of MRFR. It can exhibit a CAGR of 14.28% during the forecast period. The demand from automotive and construction sectors is the primary driver of the market. Strict policies outlining the low emission rates in cars and efforts taken by manufacturers in lowering vehicle weight support this trend. TiO2 is used in the coating of polycarbonates for upping the scratch resistance of coats. Titanium dioxide is mixed in coats and paints to enhance the aesthetic appeal of products. It has uses in industrial and architectural applications.
Acquisitions and mergers are seen as a gateway of sustaining in the market by players. Recently, Kemira Oyj decided to merge its titanium dioxide unit with the assets of Rockwood Holdings, a U.S. firm. Opportunities have emerged in the market in the form of electroceramics, color pigment precursors, and catalysts.
Environmental restrictions, carcinogenic properties of TiO2, and fluctuating prices of raw materials can restrain the global titanium dioxide market.
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Segmentation
The global titanium dioxide market is segmented by application and end users.
Based on application of titanium dioxide the market is segmented into paper, paints, coatings, plastics, pigment, photo-electrode, cosmetics, food additives, and others.
Based on end user the market segmented into construction industry, automotive, food & beverages, personal care, pharmaceutical, and others.
Competitive Outlook
The Chemours Company Chemours, Tronox Limited, Huntsman International LLC., Argex Titanium Inc., CRISTAL, NL Industries, Inc, Evonik Industries, DuPont, Shandong Doguide Group Co., Ltd, Tayca Corporation, and others are key players of the global titanium dioxide market. Development of new feedstock manufacturing companies and pigment plants seem to be the main focus of these players to sustain during the forecast period.
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Regional Analysis
Geographically, the global titanium dioxide market looks at North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa (MEA).
Asia Pacific is the largest market of titanium dioxide due to demand in various applications such as paints, plastics, photo-electrode, pigment, paper, in China and Japan. The expansion of coatings and paints sectors will be the biggest driver of the market in the region. The growing population and the rise in expendable income levels of customers can drive the market demand exponentially.
Europe is the second-largest followed by North America. High demand for cosmetics and personal care products will drive the demand for TiO2. Availability of the chemical in ultrafine grades and its inclusion in sunscreen products can drive the regional growth. North America is driven by the production of coatings owing to the rise of infrastructural projects. The upswing noticed in the manufacturing sector can also influence the North America titanium dioxide market.
Latin America and Middle East also witnessed in growth of titanium dioxide market due to various application such as additives, pigment, paper, cosmetics, and others.
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