Titanium Dioxide Market Growth Can Be Credited to The Increasing Demand from The End-User Industries by 2028

Titanium Dioxide Industry Overview

The global titanium dioxide market size was valued at USD 17.19 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.0% from 2021 to 2028.  The market growth can be credited to the increasing demand for titanium dioxide (TiO₂) from the end-user industries. The usage of the product as pigments in paints and coatings formulation is expected to fuel the industry growth over the next few years. Developing countries have witnessed a growing demand for lightweight vehicles in the past few years. Furthermore, the automotive industry in developed regions including North America and Western Europe is exhibiting a promising trend owing to recovery from the financial downturn. Progressive growth in the automotive industry, especially in lightweight automobiles, has driven significant consumption of paints and coatings, which, in turn, is anticipated to propel the demand for TiO₂.

The market in the U.S. was mainly driven by the paints and coatings sector in the recent past. The recovery of the construction industry in the U.S. has boosted the growth of the paints and coatings market, exhibiting rising demand for eco-friendly and anti-corrosive architectural coatings. As a result, the usage of the product as pigments in the formulation of advanced paints and coatings has increased over the past few years.

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The product is also used as a dispersing agent, flocculent, and whitening agent in the paints and coatings industry. In automotive coatings, the product is used as a dispersive agent with maximum gloss retention and high chalk resistance. The rapid growth of the automotive industry in China, India, and Japan is expected to augment the product demand over the forecast period.

Coatings formulated using TiO₂ have excellent compatibility with polycarbonate, a thermoplastic used as an alternate to glass- and metal-based materials. The rising demand for lightweight vehicles owing to the need for better fuel efficiency has resulted in an increased demand for polycarbonate in the automotive industry, thereby boosting product usage over the past few years.

Nanoparticles of TiO₂ are extensively utilized in Photovoltaic (PV) systems including dye-sensitized solar cells, quantum dot-sensitized solar cells, polymer-inorganic hybrid solar cells, inorganic solid-state solar cells, and perovskite solar cells. The product has a wide scope of application in coatings of PV cells as a photoactive material owing to its efficiency in improving the performance of dye-based cells. Focus on increasing the use of clean energy sources has also fueled the product demand in PV cells application.

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Polycarbonate Market - The global polycarbonate market size was valued at USD 21.8 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030.

Paints & Coatings Market - The global paints and coatings market size was valued at USD 146.17 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 4.3% from 2020 to 2027.

Titanium Dioxide Market Segmentation

Grand View Research has segmented the global titanium dioxide market on the basis of grade, production process, application, and region:

Titanium Dioxide Grade Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Anatase
• Rutile

Titanium Dioxide Production Process Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Sulfate
• Chloride

Titanium Dioxide Application Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• Paints & Coatings
• Plastics
• Pulp & Paper
• Cosmetics
• Others

Titanium Dioxide Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2017 - 2028)

• North America
• Europe
• Asia Pacific
• Central & South America
• Middle East & Africa

Key Companies profiled:

Some prominent players in the global Titanium Dioxide market include

• The Chemours Company
• The Tronox Holdings plc
• LB Group
• Venator Materials PLC
• KRONOS Worldwide Inc.
• Evonik AG
• ISHIHARA SANGYO KAISHA, LTD.
• CNNC HUAN YUAN Titanium Dioxide Co., Ltd.
• The Kerala Minerals & Metals Limited
• CATHAY INDUSTRIES
• TOR Minerals International, Inc.

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