Titanium Dioxide Market worth $27.9 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 2, 2021 /PRNewswire/ -- According to the new market research report "Titanium Dioxide Market by Grade (Rutile, Anatase), Process (Sulfate, Chloride), Application (Paints & Coating, Plastics, Paper, Inks), & Region(North America, Europe, Asia Pacific, MEA, South America) - Trends and Forecasts up to 2026", published by MarketsandMarkets™, the global Titanium Dioxide Market size is estimated to be USD 20.9 billion in 2021 and is projected to reach USD 27.9 billion by 2026, at a CAGR of 5.9% between 2021 and 2026.
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Paints & Coating is the largest application segment of Titanium Dioxide. Titanium dioxide is a naturally occurring oxide of titanium. It has the highest refractive index of any material and is one of the whitest materials on earth. Properties of titanium dioxide include high melting & boiling point, ability to scatter light, non-toxic, chemically inert, photocatalytic activity, opaqueness, and UV-resistant owing to which it is prevalently used in the paints & coatings industry. Construction and Automotive are major end-user industry for paints & coatings. The demand for titanium dioxide is driven by growth in these industries. The growth in the construction industry is driven by rapid urbanization and industrialization, an increase in purchasing power parity (PPP), a high standard of living, and growth in disposable income. The APAC region is the largest market for the construction industry, with China, India, and other Southeast Asian countries being the epicenter of construction activities. Apart from the construction industry, titanium dioxide has growing demand from sectors such as industrial and automotive coatings.
By application, Paints & Coatings account for the largest share of the Titanium Dioxide market
The growth in paints & coating is attributed to the growing construction industry, including both residential and non-residential infrastructure, across the world. Titanium dioxide mainly finds applications in architectural paints & coatings. Architectural paints must have UV and water resistance, whereas some specialized coatings need to be chemical and corrosion-resistant. Titanium dioxide provides an excellent durable coating that can resist UV rays from the sun and maintain a newly painted look for a significant time. Titanium dioxide is used in paints and coatings meant for exterior surfaces for better color fading, chalking, and cracking resistance. Further, it has a photocatalyst ability that enables self-cleaning and provides protection against bacteria, algae, fungi, and pollution. The use of titanium dioxide in paints and coatings ensures ease of application, a long-lasting fresh look, fewer coatings, easy cleaning surface.
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Sulfate Process account for the largest share of the Titanium Dioxide market by process
The sulfate process is a batch process that utilizes sulfuric acid to extract titanium dioxide from Ilmenite or titanium slag. The sulfate process for the manufacturing of titanium dioxide is majorly utilized in the APAC region, particularly in China. It is less environmentally friendly; therefore, it is performed under several government regulations. The sulfate process is more economical as it uses low-grade and cheaper ores, such as Ilmenite, and simpler technology to manufacture titanium dioxide. The production cost of sulfate is high, and a large amount of waste material is generated during the process technology, which further includes pollution control cost. The sulfate process manufactures both anatase-grade and rutile-grade titanium dioxide.
APAC accounted for the largest share in the global Titanium Dioxide market
APAC accounted for the largest share of the Titanium Dioxide market in 2020, followed by Europe and North America. Increasing investments in infrastructure development projects, growing urbanization, improving the standard of living, and thriving automotive sector, as well as high economic growth, are the key factors for the regions overall growth. APAC is the largest market for the paints and coating industry, driven by the ever-increasing population and rapid urbanization in China and India. China is the world's largest producer and consumer of paints and coatings, with several leading players investing in the country to build new manufacturing facilities. The growth of the market for industrial coatings in China is driven by foreign investments, as well as due to the availability of cost-effective labor and low-cost raw materials. Moreover, the country is also a significant exporter of paints and coatings across the world. Titanium dioxide is an essential constituent in paints & coatings applications. The growth in paints & coatings applications expects to further drive the market for titanium dioxide in the region.
The leading players in the Titanium Dioxide market are The Chemours Company (US), Tronox Holding PLC (US), Lomon Billions Group (China), Venator Materials PLC (UK), Kronos Worldwide Inc (US), INEOS (UK), CINKARNA Celje d.d. (Slovenia), Evonik Industries AG (Germany), TAYCA CORPORATION (Japan), ILUKA RESOURCES (Australia), and ISHIHARA SANGYO KAISHA, LTD.(Japan).
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