Titanium Dioxide Market to Reach Valuation of US$ 22.7 Bn by 2031
Titanium Dioxide Market: Introduction
Transparency Market Research delivers key insights on the global titanium dioxide market. In terms of revenue, the global titanium dioxide market is estimated to expand at a CAGR of 3.7% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global titanium dioxide market.
The global titanium dioxide market is broadly affected by several factors, including increase in usage of titanium dioxide in various applications such as paints & coatings, plastic, paper, and others. Rise in global demand for paints and coatings has led to significant growth in the usage of titanium dioxide. In addition, increase in production and demand for paints and coatings application is expected to be the primary driver of the global titanium dioxide market.
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Titanium Dioxide Market: Dynamics
Titanium dioxide is a white, solid, inorganic material with high thermal stability and poor solubility. Major raw materials used in the production of titanium dioxide include ilmenite and rutile. Key processes used in the manufacturing of titanium dioxide include sulfate and chloride processes.
Titanium dioxide is the most widely used white pigment material in the paints & 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 & coatings industry.
Titanium dioxide finds applications in architectural paints and coatings. Architectural paints must have UV and water resistance, whereas some specialized coatings need to be chemical and corrosion-resistant. Titanium dioxide provides an excellent durable coating that can resist UV rays from the sun and maintain a newly painted look for a significant time. Titanium dioxide is used in paints and coatings meant for exterior surfaces for better color fading, chalking, and cracking resistance. Furthermore, it has the photocatalyst ability that enables self-cleaning and provides protection against bacteria, algae, fungi, and pollution.
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The global paints & coatings segment is expected to expand considerably during the forecast period. Manufacturers are focusing on paints and coatings, as the share held by this segment in the titanium dioxide market is likely to increase during the forecast period.
Titanium Dioxide Market: Prominent Regions
Asia Pacific holds major share of the global titanium dioxide market. The market in the region is anticipated to expand at a CAGR of more than 4.3% during the forecast period. Increase in demand for titanium dioxide in various applications such paints & coatings, plastic, paper, and others in Asia Pacific is driving the titanium dioxide market in the region. China is a key country in the titanium dioxide market in Asia Pacific. It held significant share of the titanium dioxide market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a prominent region of the global titanium dioxide market. Germany led the titanium dioxide market in Europe in 2020. Increase in demand for titanium dioxide in paints & coatings, plastic, paper, and others is driving the market in Germany.
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Titanium Dioxide Market: Major Players
The global titanium dioxide market is consolidated with the presence of key players. Prominent players operating in the global titanium dioxide market include The Chemours Company, CRISTAL, Tronox Limited, Kilburn Chemicals Limited, Evonik Industries AG, KRONOS Worldwide, Inc., Grupa Azoty Police, Huntsman International LLC, Tayca Corporation, and CINKARNA Celje d.d.
