Titanium Dioxide Market | Key players operating in the market include The Chemours Company, Evonik Industries AG, Tronox Holding PLC, INEOS, Venator Materials PLC

The Global Titanium Dioxide Market size is estimated to be USD 20.9 billion in 2021 and is projected to reach USD 27.9 billion by 2026, at a CAGR of 5.9% between 2021 and 2026. The Titanium Dioxide market is expected to witness a steady growth forecast period due to growth in the paints & coatings application.

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Titanium dioxide is a naturally occurring oxide of titanium. It has the highest refractive index of any material and is one of the whitest materials on earth. When ground into a fine powder, it transforms into a pigment that provides maximum whiteness and opacity. Properties of titanium dioxide includes high melting & boiling point, ability to scatter light, non-toxic, chemically inert, photocatalytic activity, opaqueness, and UV-resistant owing to which it is prevalently used in the paints & coatings industry. Along with this, Titanium dioxide pigments are used in plastics, paper, ink, building materials, cosmetics, pharmaceuticals, foods, and many other commercial products.

Based on grade, the Titanium Dioxide market is segmented into Rutile and Anatase. Rutile titanium dioxide is preferred in paints and coatings because it can offer better color strength and opacity than anatase-grade titanium dioxide. It is more suitable for exterior applications and used in interface applications because of its high refractive index; therefore, these pigments have improved ability to scatter light in paint films. Anatase is a type of polymorph and is the rarest form of titanium dioxide. Anatase becomes rutile when exposed at about 915°C and becomes yellow when the temperature is higher than 400°C. It is not recommended to use for outdoor applications because of the lower absorption rate than rutile.

Based on process, the market is segmented into chloride and sulfate process. . Rutile-grade titanium dioxide is produced from chloride and sulfate processes, whereas anatase titanium dioxide is only produced from sulfate processes. Currently, the sulfate process dominates the production of titanium dioxide due to the lower production cost compared to the chloride process. China is the major player in the production and consumption of titanium dioxide. The global manufacturers are focused on shifting toward the chloride process due to environmental considerations and end-use requirements for high-quality titanium dioxide.

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Based on Application, the market is segmented into paints & coatings, plastics, papers, inks and others. The paints & coatings application is the primary user of titanium dioxide. Titanium dioxide is utilized in paints and coatings to provide better coverage, brightness, whiteness, opacity, and durability. The rapidly growing housing and construction sector, increasing gross domestic product (GDP), ongoing rapid urbanization, and increasing disposable income propel the paints and coatings market. In plastics applications, titanium dioxide offers excellent tinting strength, easy dispersion, and high exterior durability. Apart from improving aesthetics and providing coloring effects, titanium dioxide pigments enhance the stability of plastics, which increases the resistance of plastics to adverse weather conditions. Titanium dioxide is also utilized in paper, ink and other applications. Other application includes cosmetics, food colorant and photocatalytic applications.

The Titanium Dioxide market is studied for five regions, namely, North America, APAC, Europe, Middle East & Africa, and South America. APAC accounted for the largest share of the Titanium Dioxide market in 2020, followed by Europe and North America. Significant economic growth, growing population, increasing residential building activities, and rapid urbanization are the important drivers of the global titanium dioxide market for paints and coatings applications. In addition, rapid construction activities in emerging economies of APAC, the Middle East and Africa, and South America boost demand for titanium dioxide for paints and coatings applications. The strengthening economy of countries such as China and India attracts new investments from global manufacturers. APAC is the largest market for the paints and coating industry, driven by the ever-increasing population and rapid urbanization in China and India which drives the market for titanium dioxide in the APAC region.

The COVID-19 pandemic in 2020 impacted the global economy, with the government enforcing regulations and restrictions to minimize the spread of the virus. According to International Monetary Fund (IMF), the world GDP growth rate in 2020 was -3.3% and projected to grow 6% in 2021 and 4.4% in 2022. Due to lockdown, the business activities halted for construction, automotive, paints & coating, and other industries. The market for paints & coatings declined in the architecture, automotive and general industry in 2020 due to COVID- 19 pandemic. Automotive is among the worst-hit industry due to the closure of showrooms and global economic crises. COVID-19 is impacting the global building & construction industry with projects facing labor shortages, supply chain issues, and financing pressures. Commercial builders, due to the scarce availability of raw materials, must bear higher material costs and slower project completion. All these factors have negative impacts on the paints & coatings business. However, the market is expected to grow steadily during the forecast period, with business operations returning to normal.

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The leading players in the Titanium Dioxide market are The Chemours Company (US), Tronox Holding PLC (US), Lomon Billions Group (China), Venator Materials PLC (UK), Kronos Worldwide Inc (US), INEOS (UK), CINKARNA Celje d.d. (Slovenia), Evonik Industries AG (Germany), TAYCA CORPORATION (Japan), ILUKA RESOURCES (Australia), and ISHIHARA SANGYO KAISHA, LTD.(Japan).

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