The titanium dioxide market is expected to witness a CAGR of above 6.5% during the forecast period. The major factors driving the growth of the market studied are the increasing demand from the mining industry and increasing use in polymer synthesis. On the flip side, the toxicity of titanium dioxide hampers the growth of the market.
- The mining and metallurgy industry dominated the market and it is likely to grow during the forecast period with the continuous growth in mining activities.
- The increasing demand for titanium dioxide downstream products and natural dyes in the textile industry are likely to provide opportunities for the studied market during the forecast period.
- Asia-Pacific dominated the market across the world, due to the growing mining activities in the region, and robust demand fueling the growth of polymer synthesis and the chemicals industry.
Key Market Trends
Paints & Coatings Segment to Dominate the Market Demand
- Titanium dioxide is the most widely used white pigment material in the paints and coatings industry. It efficiently scatters visible light and thereby imparts whiteness, brightness, and opacity when incorporated into a coating, which makes it widely used in the paints and coatings industry.
- Globally, of all the titanium dioxide, currently being produced, over 55% finds its application in the paints and coatings industry alone.
- The paints and coatings industry is experiencing a boom with the rapid growth of the building and construction, and automotive end-user industries.
- Residential and commercial construction has been increasing significantly across the world, which is further driving the demand for titanium dioxide for construction applications.
- Asia-Pacific and North American regions have been witnessing strong growth in the residential construction, which is further likely to increase the demand for titanium dioxide for residential applications during the forecast period.
- Besides, regions like Asia-Pacific and the Middle East & Africa are experiencing huge domestic as well as foreign investments for setting up industrial units, hospitals, malls, multiplexes, hospitality industry, and IT sectors. This is further expected to add noticeably to the demand for titanium dioxide market.
- Similarly, investments and production in the automotive industry have been increasing in the Asia-Pacific region at a significant rate. Moreover, North America and Europe have been investing significantly in innovation and development, which is likely to increase the production of new vehicles in the coming years.
- Hence, all such trends in industries, such as construction and automotive, have been increasing the demand for paints and coatings, which is expected to add to the demand for titanium dioxide market.
Asia-Pacific Region to Dominate the Market
- The Asia-Pacific region dominated the global market share. With the rising production in industries, such as cosmetics, paints, and coatings, and plastics, the consumption of titanium dioxide is projected to increase noticeably during the forecast period.
- With growing investments in residential and commercial construction, in countries, such as India, China, the Philippines, Vietnam, and Indonesia, the market for titanium dioxide is expected to grow in the coming years.
- China has planned numerous airport construction projects, which are currently either in the planning or development phase. Besides, the Indian government has planned to construct 100 airports by 2032.
- The Indian government has also planned an investment target of USD 120.5 billion, for developing 27 industrial clusters. This is expected to boost commercial construction in the country.
- Besides, residential construction is also increasing in countries like India, Indonesia, Vietnam, and Singapore.
- Hence, all these trends in the industries, such as paints and coatings, is projected to drive the demand for titanium dioxide in the paints and coatings market during the forecast period.
- The Asia-Pacific region is also witnessing strong growth in the demand for cosmetic products, which is majorly driven by the influence of western culture leading to increased usage of cosmetic products by teenagers, increased awareness of being presentable with growing women employment, and hygiene awareness, owing to which the production of such products have also been increasing in the region.
- Hence, such trends are likely to drive the demand for titanium dioxide in the region during the forecast period.
The titanium dioxide market is a consolidated market, where few major players hold significant share of the market demand. Some of the major players in the market include The Chemours Company, Tronox Limited, Lomon Billions, Venator Materials PLC (Huntsman Corporation), and KRONOS Worldwide, Inc., among others.
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