A recent study by Transparency Market Research (TMR)
observes that the global titanium dioxide market is concentrated with
top five companies collectively accounting for 59% of the shares in
2014. These four companies are The Chemours Company, Huntsman
International LLC, CRISTAL, Tronox Ltd., and KRONOS Worldwide, Inc.
The Chemours Company is the most prominent manufacturer of titanium
dioxide with a capacity of approximately 1.2 mn tons. The company
focuses on establishing major research, development, and production
facilities across the world to consistently expand its product
portfolio. In the recent past, Huntsman International LLC has emerged
as the second most important vendor in the global titanium oxide
market, actively acquiring regional players in order to expand its
business both geographically and in capacity.
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According to the TMR report, the global titanium
dioxide market had an opportunity worth US$12.18 bn in 2014, and
estimates it to reach a valuation of US$16.79 bn by the end of 2023,
rising at a CAGR of 3.7% during the forecast period of 2015 to 2023.
Paints and Coatings Remains Primary Segment
By application, the report segments the global market
for titanium dioxide into paints and coatings, plastic, paper, and
others including inks and artificial fibers. In terms of volume, the
segment of paints and coatings currently dominate the demand and is
expected to maintain its dominance during the forecast period due to
increasing requirement for paints and coatings across various
end-user industries such as automotive, construction, electronics,
personal care, and optical devices. The plastic titanium dioxide
segment is likely to expand at a rapid pace too, particularly in Asia
Pacific, although stringent regulations in North America and Europe
is anticipated to obstruct this segment from attaining its full
potential in these two regions.
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Geographically, Asia Pacific is the most important
region, which is expected to account for 46.1% of the global demand
for titanium dioxide in 2023. Most of this requirement comes from the
country-wide market of China, the primary manufacturer and consumer
of titanium dioxide globally. North America another lucrative region
for titanium dioxide market, and is expected to account for 24.5% of
the market in 2023. By volume, the U.S. contributes most of the
demand with paints and coatings segment as the primary application,
closely followed by Canada.
Construction Industry Driving Demand
Prosperity of the construction industry across the
globe is the primary driver of the titanium dioxide market.
Government-funded infrastructure plans, economic growth, rising
population, and rapid urbanization are some of the factors favoring
the construction industry, which is positively reflecting on the
global market for titanium dioxide. Low scratch resistance of
polycarbonates coupled with increasing demand for lightweight
vehicles are two other prominent driving factors of this market. With
escalating energy requirements and depleting natural resources, the
need to increase vehicle fuel-efficiency is touching new peaks, which
makes titanium dioxide highly useful for the automotive industry.
Conversely, strict environmental regulations is
hindering the market’s growth rate. Sulfate and chloride processes
are chiefly employed in the production of titanium dioxide and wastes
such as solid acid and acid wastes that are produced during the
manufacturing process pose severe environmental and health hazards.
According to the author of the report, “Increase in
the demand for high-efficiency photovoltaic installations is likely
to offer high growth opportunities for titanium dioxide coatings.
These coatings are applied on solar panels to improve its
efficiency.”
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The information presented in this review is based on
a Transparency Market Research report, titled, “Titanium Dioxide
Market (Application - Paints & Coatings, Plastic, and Paper) -
Global and China Industry Analysis, Size, Share, Growth, Trends and
Forecast 2015 - 2023.”
Key Segments of the Global Titanium Dioxide Market
Titanium Dioxide Market - Application Analysis
- Paints & coatings
- Plastic
- Paper
- Others (Including artificial fibers, inks, etc.)
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