The global Titanium Dioxide Market size is expected to reach USD 32.41 billion by 2028, registering a CAGR of 8.9% over the forecast period, according to a new report by Grand View Research, Inc. The increasing application scope of the product as specialty coating materials in the automotive industry and photovoltaic systems is slated to drive the growth of the market during the forecast period.
The paints & coatings industry has been witnessing significant growth in recent years, mainly on account of the increasing consumption in key end-use verticals, including construction, automotive, aerospace, and energy & power. The growing product application scope as whitening pigments in paints & coatings is expected to have a positive impact on the titanium dioxide (TiO2) market growth.
The growing awareness among consumers of emerging economies, such as the BRICS nations, regarding personal hygiene and care has led to considerable growth of the cosmetics industry. The growing consumption of the product as a UV filter and whitening agent in cosmetic goods is expected to drive the overall market during the forecast period.
The plastics vertical is expected to witness the highest growth rate over the forecast period, in terms of revenue. The performance attributes of the product, including weather ability, whiteness, opacity, and lacing resistance, play a major role in the quality and effectiveness of plastic commodities.
Related Press Release@ Titanium Dioxide Market Report
Titanium Dioxide Market Report Highlights
- The market is mainly driven by the increasing application scope of the product in the plastics, paints & coatings, and cosmetics industry verticals
- The plastics segment accounted for a significant revenue share in 2020 and is expected to witness the highest growth rate of more than 9% over the forecast period
- The product demand in paints & coatings applications is expected to grow at a CAGR of 8.3% during the forecast period
- Asia Pacific was the largest regional market in 2020 due to the rapid growth of the application industries including paints & coatings, plastics, and cosmetics in key economies of the region
- The major industry players are investing heavily in R&D for the introduction of new cost-effective manufacturing techniques
- For instance, a joint venture was formed by Cristal and Toho Titanium Company Ltd. in January 2014, to produce titanium sponge at competitive costs and thereby introducing integration across the value chain