The global Titanium dioxide market was worth more than USD xx billion in revenue in 2018 and is expected to cross USD xx billion in 2023, growing at a healthy CAGR of over xx% during the forecast period.
Titanium dioxide is an inorganic compound produced by processing a variety of titanium-containing minerals such as ilmenite and rutile. Rutile has a titanium dioxide content of 94-96%, making it highly desirable as a feedstock. Ilmenite is much more plentiful, but has a titanium dioxide content of 50–60%, so it is usually upgraded to higher titanium dioxide content. It is a major raw material in the manufacture of many pigment based paints and surface coatings. It is also used in plastics, and paper and paperboard industries. Some of the other important uses include as catalysts, UV blockers, color pigment precursors, and electroceramics.
Rising demand of paints, surface coatings and others from various industries such as construction, packaging, automotive and other industries is likely to drive the titanium dioxide market. As titanium dioxide is a major raw material for these industries, demand for paints, surface coatings and others is expected to fuel the growth of this market. Demand for paints, surface coatings and others are actually increasing because of growing population and extra income in developing countries. Additionally, demand for cosmetics, chemical synthesis and others are likely to increase at a greater rate because of an upsurge in demand from these markets. This demand is growing at a higher rate, which in turn will boost consumption of titanium dioxide.
Drivers and Restraints of Titanium Dioxide Market
Growing investments in downstream industries in regions like the Asia and Americas are likely to offer tremendous possibilities for titanium dioxide market in the future. As a result of accessibility to raw material, multinational businesses are investing in resource-rich regions to be able to limit the overall production cost.
Titanium dioxide has a probability of volatility in supply and price due to its availability as a mineral. Titanium dioxide has an adverse effect on human body if ingested. Its carcinogenic nature often makes regulatory institutions to implement strict regulations on usage of titanium dioxide. Existing and future regulations concerning the use of titanium dioxide in end products are likely to challenge the market growth.
Asia was the largest consumer of titanium dioxide and this pattern is anticipated to continue to be identical over the following few years. Consumption in Asia is showing upward trend because of increase in economic activity in China. China and Japan were the largest consumers of titanium dioxide in this region. Growing demand for paints, surface coatings, plastics, cosmetics and other industries will drive titanium dioxide market in Asia. Consumption of titanium dioxide in rest of the world was minimal however it is likely to grow at a reasonable rate next to Asia. Europe is likely to grow at a significant rate due to demand from paints, surface coatings, plastics, cosmetics industries. Demand from Americas was low relatively and is likely to stay same in the next few years.
Top players in this market include DuPont, Kronos Worldwide, Tronox Limited, Cristal Global, Huntsman, Argex Titanium Inc, Travancore, AkzoNobel, BASF and Evonik .
The report covers exhaustive analysis on:
- Global Market Size
- Global Market Segments
- Market Regional Analysis
- Global Market Competitive Landscape
- Production Technology
- Global Market Value Chain
- In depth summary of parent market
- Altering market characteristics in the industry
- Detailed market segmentation
- Historical and forecast market size in terms of volume and value
- Current industry developments
- Competitive landscape
- Potential and niche segments, regions showing promising growth