The global titanium dioxide market is expected to reach USD 28.5 billion by 2025, 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 scope of the product as whitening pigments in paints & coatings is expected to have positive impacts on the future growth of the industry.
The growing awareness among consumers of emerging economies such as the BRICS nations regarding personal hygiene and care have led to considerable growth of the cosmetics industry. The growing consumption of the product as UV filter and whitening agent in cosmetic goods is expected to drive the overall industry growth during the forecast period.
The plastics vertical is anticipated to witness the highest growth over the forecast period, in terms of revenue, slated to grow at a CAGR of 9.7%. 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.
Further key findings from the report suggest:
• The titanium dioxide industry was estimated at USD 13.21 billion in 2016 and is expected to grow at a considerable growth rate during the forecast period, mainly driven by the increasing application scope of the product in plastics, paints & coatings, and cosmetics industry verticals
• The plastics segment accounted for a major share of the industry revenues in 2016, and is expected to witness the considerable growth of 9.7% over the forecast period, owing to increasing consumption of the product for improving weatherability and durability of plastic commodities
• The demand for titanium dioxide in paints & coatings applications is expected to grow at a CAGR of 9% over the forecast period, driven by the use of the product as whitening agent and the rapid growth of paints & coatings consumption in construction, automotive, and aerospace verticals
• Asia Pacific accounted for the largest share of the overall industry revenues in 2016, and is anticipated to grow at a fast pace from 2016 to 2025 at a CAGR of 9.6%. This can be attributed 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, In January 2014, Cristal formed a joint venture with Toho Titanium Company Ltd., with the objective of producing titanium sponge at competitive costs and thereby introducing integration across the value chain.