A recent study by Transparency Market Research (TMR) observes that the global titanium dioxide market is concentrated with top five companies collectively accounting for 59% of the shares in 2014. These four companies are The Chemours Company, Huntsman International LLC, CRISTAL, Tronox Ltd., and KRONOS Worldwide, Inc. The Chemours Company is the most prominent manufacturer of titanium dioxide with a capacity of approximately 1.2 mn tons. The company focuses on establishing major research, development, and production facilities across the world to consistently expand its product portfolio. In the recent past, Huntsman International LLC has emerged as the second most important vendor in the global titanium oxide market, actively acquiring regional players in order to expand its business both geographically and in capacity.
According to the TMR report, the global titanium dioxide market had an opportunity worth US$12.18 bn in 2014, and estimates it to reach a valuation of US$16.79 bn by the end of 2023, rising at a CAGR of 3.7% during the forecast period of 2015 to 2023.
Paints and Coatings Remains Primary Segment
By application, the report segments the global market for titanium dioxide into paints and coatings, plastic, paper, and others including inks and artificial fibers. In terms of volume, the segment of paints and coatings currently dominate the demand and is expected to maintain its dominance during the forecast period due to increasing requirement for paints and coatings across various end-user industries such as automotive, construction, electronics, personal care, and optical devices. The plastic titanium dioxide segment is likely to expand at a rapid pace too, particularly in Asia Pacific, although stringent regulations in North America and Europe is anticipated to obstruct this segment from attaining its full potential in these two regions.
Geographically, Asia Pacific is the most important region, which is expected to account for 46.1% of the global demand for titanium dioxide in 2023. Most of this requirement comes from the country-wide market of China, the primary manufacturer and consumer of titanium dioxide globally. North America another lucrative region for titanium dioxide market, and is expected to account for 24.5% of the market in 2023. By volume, the U.S. contributes most of the demand with paints and coatings segment as the primary application, closely followed by Canada.
Construction Industry Driving Demand
Prosperity of the construction industry across the globe is the primary driver of the titanium dioxide market. Government-funded infrastructure plans, economic growth, rising population, and rapid urbanization are some of the factors favoring the construction industry, which is positively reflecting on the global market for titanium dioxide. Low scratch resistance of polycarbonates coupled with increasing demand for lightweight vehicles are two other prominent driving factors of this market. With escalating energy requirements and depleting natural resources, the need to increase vehicle fuel-efficiency is touching new peaks, which makes titanium dioxide highly useful for the automotive industry.
Conversely, strict environmental regulations is hindering the market’s growth rate. Sulfate and chloride processes are chiefly employed in the production of titanium dioxide and wastes such as solid acid and acid wastes that are produced during the manufacturing process pose severe environmental and health hazards.
According to the author of the report, “Increase in the demand for high-efficiency photovoltaic installations is likely to offer high growth opportunities for titanium dioxide coatings. These coatings are applied on solar panels to improve its efficiency.”
The information presented in this review is based on a Transparency Market Research report, titled, “Titanium Dioxide Market (Application - Paints & Coatings, Plastic, and Paper) - Global and China Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
Key Segments of the Global Titanium Dioxide Market
- Titanium Dioxide Market - Application Analysis
- Paints & coatings
- Others (Including artificial fibers, inks, etc.)
- Titanium Dioxide Market - Regional Analysis
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- GCC Countries
- South Africa
- Rest of MEA
- North America
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
Each TMR syndicated research report covers a different sector - such as pharmaceuticals, chemicals, energy, food & beverages, semiconductors, med-devices, consumer goods and technology. These reports provide in-depth analysis and deep segmentation to possible micro levels. With wider scope and stratified research methodology, TMR’s syndicated reports strive to provide clients to serve their overall research requirement.
US Office Contact
90 State Street, Suite 700
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
7 of 10 large enterprizes view our ToC to take the right decision.View Report ToC