Titanium Dioxide Market: Current Analysis and Forecast (2022-2028)

Titanium Dioxide Market: Current Analysis and Forecast (2022-2028)

Titanium dioxide is an inorganic compound or white powdered chemical substance which is used to create white pigmentation as the compound has a bright appearance. In recent years, titanium dioxide is used in various industries such as semiconductor material, paints & coatings, adhesives, paper, plastics and rubber, printing inks, coated fabrics and textiles, as well as ceramics, floor coverings, roofing materials, cosmetics, toothpaste, soap, water treatment agents. In addition, titanium dioxide is used as a pigment in paints and coatings used in the construction and automotive industries, where they are used to design and coat automotive products, make printing inks, and as flooring and roofing materials. Hence, the high demand for titanium dioxide in various applications is a leading factor in this market's expansion across the globe.

The Titanium Dioxide Market is expected to grow at a steady rate of 6% owing to the increasing demand for lightweight vehicles coupled with the growing adoption of titanium dioxide in the construction sector. Major companies in the market are launching new variants of titanium dioxide for pharmaceutical applications. For instance, JRS PHARMA launched the new Titanium Dioxide -Free tablet coating for ready-to-use coating with the use of other products such as palm oil, synthetic colors, and genetically modified ingredients.

• Based on grade, the market is segmented into rutile and anatase. The rutile grade category is to witness higher CAGR during the forecast period owing to the advanced characteristics compared to anatase titanium dioxide. As Rutile grade possesses better hiding strength and weatherability and has various applications such as advanced outside coatings, latex coatings, superior paper coatings, etc. These grades may be synthetic with the use of both chloride and sulfate processes. In addition, rutile grade is used as a service in paint applications for generating white color in plastics and prevents color fading in the paper which is further escalating the growth in the market.
• On the basis of process, the market is categorized into sulfate and chloride. Among these, sulfate to hold a significant share of the market in 2020. This is mainly due to the technique being simpler, relatively easy of handling, and cost-green in generating titanium oxide. The growing demand from the automobile and construction industry has brought about excessive consumption of titanium oxide for packages in paints & coatings. Moreover, the development of efficient production equipment and the use of low-grade, environmentally friendly raw materials. Thus, sulfate demand is increasing in the market.
• Based on application, the titanium dioxide market has been classified into paints & coatings, plastics, paper & pulp, cosmetics, and others. The paints & coatings category is to witness the highest adoption of titanium dioxide during the forecast period. This is because paints & coatings provide excellent opacity, high whiteness, durability, and color retention that are used in industries such as architectural coatings, automotive OEM coatings, general industrial finishes, powder coatings, waterborne paints, protective coatings, wood finishes, and other coatings. Thus, the positive impact of using paints & coatings is fueling its demand in the market.
• For a better understanding of the market adoption of the titanium dioxide industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. APAC is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to rising investments in infrastructure development projects, expanding urbanization, rising standards of living, and the thriving automotive sector, which are the main drivers of the region's overall growth. In addition, the demand for titanium dioxide from end-user sectors such as the automotive, residential construction, plastic, cosmetics, paints & coatings, and paper industries is also accelerating the market's expansion in the area. The production of titanium dioxide is done by many players in the market by setting up manufacturing plants across the globe. For instance, Lomon Billions Group, the world's third-largest producer of titanium dioxide, has manufacturing facilities in China. The business can produce more than 1.01 million tonnes of titanium dioxide annually.
• Some of the major players operating in the market include Tronox Limited, Argex Titanium Inc., Tayca Corporation, Venator Materials PLC, The Chemours Company, KRONOS WORLDWIDE INC, Huntsman Corporation, Evonik Industries AG, LB Group Co Ltd, Shandong Doguide Group Co. Ltd.