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Titanium Dioxide Market to Represent Significant Revenue Growth 2023
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Titanium dioxide is a white colored, solid material used across various end-user industries across the globe. It is extensively used as a white pigment in paints and coatings application. Major raw materials used for the production of titanium dioxide include ilmenite and rutile. Moreover, titanium dioxide is produced through either the chloride process or sulphate process.
Rising demand for lightweight automobiles is estimated to be one of the major factors driving the titanium dioxide market across the globe. Increasing preference for fuel-efficient and low emission vehicles has boosted the demand for lightweight vehicles across the globe. Polycarbonate is used extensively in the production of lightweight vehicles. Polycarbonate is characterized by low scratch resistance, which makes it unfeasible in automotive applications. However, titanium coatings offer high scratch resistance vis-à-vis polycarbonate. Thus, titanium dioxide is increasingly used in coatings applications in the global automotive market. Construction is the other major end-user industry for titanium dioxide across the globe. Expansion in the construction industry in Asia Pacific is projected to augment the demand for titanium dioxide in paints & coatings applications in the next few years.
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Paints & coatings was the major application segment, accounting for over 55% share of the global titanium dioxide market in 2014. Titanium dioxide is extensively used in paints & coatings applications in various end-user industries. Paints & coatings is anticipated to be the major application segment of the titanium dioxide market during the forecast period. Plastics was the other major application segment of titanium dioxide. Titanium dioxide is employed in plastics to improve characteristics such as opacity, color, and strength. Plastics is likely to be the fastest growing application segment of the titanium dioxide market during the forecast period.
In terms of region, Asia Pacific dominated the global titanium dioxide market with more than 40% share in terms of volume, in 2014. This trend is estimated to continue during the forecast period. Asia Pacific is expected to be the fastest growing region in the next few years due to high growth in several end-use industries in emerging economies of India and China. Major players operating in the titanium dioxide market include The Chemours Company, CRISTAL, Kronos Worldwide Inc., and Tronox Limited.
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