A report on the Titanium Dioxide Market has been recently published by Stratview Research. This Market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Titanium Dioxide Market.
The titanium dioxide market was estimated at USD 22.26 billion in 2022 and is likely to grow at a CAGR of 5.77% during 2023-2028 to reach USD 31.24 billion in 2028.
What is titanium dioxide?
Titanium Dioxide (TiO2) is a white-pigmented compound widely used in various applications including plastics, paper, cosmetics, paints, and other industries. This compound has unique light-scattering properties, chemical stability, and a high refractive index, making it a valuable ingredient in numerous products. Titanium dioxide plays a vital role in several industries, primarily as a pigment, UV absorber, and photocatalyst.
The titanium dioxide market was negatively impacted due to the Covid-19 pandemic in the year 2020. There was a complete halt in manufacturing and construction activities resulting from labor shortage and disruption in the supply chain. This majorly affected the demand from various sectors, like paints and coatings, plastics, cosmetics, etc.
Titanium Dioxide’s unique properties make it indispensable in a variety of applications. Owing to its properties and wide range of applications, there are several factors expected to drive growth in the global titanium dioxide market. Below given are a few -
- Growing construction sector – The global construction industry including both residential and non-residential infrastructure is growing rapidly and is expected to more than double in size between 2020 and 2030. Since titanium dioxide is used in a variety of applications in the construction sector, growth in the global titanium dioxide market is expected with the growing construction sector.
- Growing demand from the paints and coatings industry – Titanium dioxide is one of the major components in paints and coatings used in multiple sectors including automotive, consumer goods, etc. The growing demand for paints and coatings from all these sectors is substantially driving the titanium dioxide market.
- The rapid adoption of ultrafine particles of titanium dioxide in cosmetics – Ultrafine titanium dioxide, also called nanoscale titanium dioxide has excellent transparency, and more effective ultraviolet (UV) scattering and absorbing properties. Ultrafine titanium dioxide when used in various applications in the cosmetics industry, such as creams, loose and pressed powders, eyeshadows, sunscreens, etc. provides flawless effect and better protection against harmful sun rays. Owing to such benefits, more and more cosmetic makers are demanding titanium dioxide.
- Stringent regulations across the globe – Governments across the globe are imposing stringent environmental regulations on the use of certain chemicals in paints and coatings that are harmful. This drives the market for titanium dioxide since this is one of the safest and most environmentally friendly components.
Key Segments Titanium Dioxide Market Report Covers:
The market is segmented as pigmentary and ultrafine. The pigmentary segment held the larger share of the market in 2022 and is expected to remain dominant during the forecast period. Growing penetration of titanium dioxide as pigments in a wide array of industries such as paints & coatings, printing inks, textiles, and others are the major factors driving the dominance of the segment.
The market is segmented as food, paints & coatings, paper & pulp, textiles, plastics & rubber, cosmetics, printing inks, and others. The paints & coatings segment accounted for a market share of more than 50% in 2022 and is expected to lead the market during the forecast period as well.
In terms of regions, Asia-Pacific accounted for the largest market share of more than 40% in 2022, as well as the fastest-growing market for titanium dioxide during the forecast period, with China, Japan, India, and South Korea being the major countries with lucrative growth opportunities. The growth of the market is majorly driven by significant economic development in the regions, the growing disposable income of consumers, and the growing penetration of titanium dioxide in a wide array of industries. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the market are-
- The Chemours Company
- Venator Material Plc
- Lomon Billions
- Tronox Holding Plc.
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