The global market for titanium dioxide is forecasted to surge up at a significant pace with a CAGR of 5.35% throughout the forecast period (2022-2032). As of 2022, the market is slated to be valued at US$ 19 Billion, up from US$ 18 Billion in 2021, representing an annual increase worth 5.5%. By 2032, the industry is poised to reach US$ 32 Billion.
Manufacturing and construction activities were delayed during the pandemic due to supply chain interruptions and manpower shortages, affecting demand from numerous application industries as paints and coatings, plastics, cosmetics, and others. For example, L’Oréal, the world’s largest cosmetics firm, lost EUR 1,735 million (US$ 2,024.52 million) in the first half of 2020 compared to the same period in 2019.
Download a Sample Copy of This Report:https://www.factmr.com/connectus/sample?flag=S&rep_id=4641?PJ
Global titanium dioxide market is consolidated in nature. Leading players such as Chemours, Cristal, Huntsman, Kronos, Lomon-Billions and Tronox account for more than 60% market share. Companies are working with customers on sustainable pricing based on total business value. Also, leading players are engaged in improving manufacturing circuit through capacity expansion to encounter consumer demand. It is estimated that the market will experience capacity addition of 200,000 to 300,000 Tons every year
Paints & Coatings to Proliferate, Infrastructure Construction Spending to Act as Growth Lever
The paints & coatings segment led the titanium dioxide industry in 2018, covering a total share of more than 60%.
The paints & coatings industry consumed an estimated 3.5 million tonnes of titanium dioxide in 2019. Due to its durability and clear characteristics, titanium dioxide is significantly being used in automotive paints.
The high refractive index makes it ideal for vehicle pigments. Rising infrastructure spending in developing countries is proving to be a decisive factor driving the demand for coatings, which is expected to draw extensive capital within the titanium dioxide market.
Increasing product utilization in the redecoration and refurbishment sectors as a whitening component is also expected to contribute towards the growth of the titanium dioxide industry over the coming decade.
Key Segments Covered in the Titanium Dioxide Industry Survey
- Paints & Coatings
- Pulp & Paper
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
Global titanium dioxide market is consolidated in nature. Leading players such as Chemours, Cristal, Huntsman, Kronos, Lomon-Billions and Tronox account for more than 60% market share. Companies are working with customers on sustainable pricing based on total business value. Also, leading players are engaged in improving manufacturing circuit through capacity expansion to encounter consumer demand. It is estimated that the market will experience capacity addition of 200,000 to 300,000 Tons every year.
Key players in the Titanium Dioxide Market
- Tronox Limited
- Kronos Worldwide Inc.
- Cristal, Huntsman Corporation
- Evonik Industries Inc.
- Argex Titanium Inc.
- The Chemours Company
Key Takeaways from the Market Study
- Per capita consumption of titanium dioxide in China is about 1.1 kilograms per year, compared with 2.7 kilograms for Western Europe and the United States
- In terms of revenue, paints & coatings is the leading application in the global titanium dioxide market with more than 1.4x growth, and is poised to grow at a CAGR of 4% in the forecast period
- Plastic segment will grow 1.7X during the forecast years. This can be attributed to benefits such as enhanced heat resistance, light resistance and weather resistance of plastic products, protecting plastic products from invasion of UV Rays, improving the mechanical capacity and electrical performance of plastic products
- East Asia is a leading contributor in the supply and demand of titanium dioxide supported by low cost of production and increased use of titanium dioxide in various end uses and in major emerging economies such as Japan, China and South Korea.
- Rutile has a titanium dioxide content of 94–96%, making it highly desirable as a feedstock. Rutile will witness healthy single digit growth of more than 4% during the forecast.