The recovery of the construction industry in developed countries after the economic downturn in the last decade is providing a significant push to the titanium dioxide manufacturers. Besides this, the booming growth of the construction sector in developing regions is stoking the growth of the global titanium dioxide market. The swelling demand for lightweight vehicles, owing to the rising concerns regarding harmful gas emissions and shift towards environment-friendly alternatives, is also working in favor of the market.
According to a report by Transparency Market Research (TMR), the global titanium dioxide market is expected to reach a valuation of US$ 16.79 bn by the end of 2023, progressing at a 3.7% CAGR from 2015 to 2023.
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TMR analysts estimate that the upward growth of the market is impeded by stringent environmental regulations. Harmful solid and acid wastes generated during the production of titanium dioxide are compelling governments worldwide to form strict regulations. The impact of this factor is especially high in developed countries. However, in China, producers are adopting several alternative production techniques to curb the adverse effects caused by titanium dioxide. The advent of such techniques is likely to create numerous growth opportunities for the market.
On the basis of application, the report segments the market into paints and coatings, paper, plastic, and others, which includes inks and artificial fibers. The paints and coatings segment will continue to account for the lion’s share in the global arena until 2023. About 50% of the titanium dioxide produced across the globe is used in the manufacturing of paints and coatings. The increasing construction activities worldwide are supplementing the growth of the segment.
The plastics segment is anticipated to expand at a phenomenal CAGR during the forecast period. Titanium dioxide is used to enhance several characteristics of plastics such as color, opacity, and strength. The burgeoning global demand for high strength plastics is likely to provide a significant push to the growth of the segment. The paper segment is anticipated to post a moderate CAGR during the forecast period. Titanium dioxide is used for the production of high strength papers. The growth of the segment is propelled by the booming packaging industry.
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Asia Pacific to Remain Dominant through 2023, with China at Forefront
From the geographical standpoint, the report studies the market in Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Asia Pacific will continue to be the leading revenue contributor until 2023. China is expected to remain at the forefront of growth throughout the forecast horizon. The high demand for titanium dioxide in China and the majority of international players are allocating significant budgets to establish production facilities in the country, which in turn is providing a fillip to the market in APAC.
The region is closely trailed by Europe and North America. The growth of these regions can be attributed to the snowballing demand for automobiles and the recovery of the construction industry in several parts of these regions. Some of the prominent companies operating in the global titanium dioxide market are Kronos Worldwide Inc., CRISTAL, The Chemours Company, and Tronox Limited.