Rising residential and commercial construction is scaling up the production of titanium dioxide. The titanium dioxide market is projected to grow steadily at approximately 5% CAGR over the projection period (2019-2027). Further, increasing uptake of titanium dioxide in the packaging industry for manufacturing flexible plastic will propel market growth through 2027.
“Light-phobic properties and high refractive index of titanium dioxide are highly favored attributes amongs consumers. Moreover, novel manufacturing techniques of titanium dioxide such as hydrometallurgical production is spurring the market growth. On that premise, the market will hit approximately $25 Bn by 2027,” finds Fact.MR.
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Paints & coatings remains the leading end-use application of titanium dioxide through the forecast period. Use of titanium dioxide in plastic segment will expand 1.7 times through 2027. East Asia titanium dioxide market accounts for more than 30% share in the overall market stack. The titanium dioxide market in Europe will offer promising prospects during the projection period.
Key Driving Factors
Greater per capita consumption is fueling the titanium dioxide market growth in developing nations such as China. Enhanced weather, light and heat resistance is complementing the growth of titanium dioxide market. Role of titanium dioxide in improving electrical performance and mechanical capacity of plastics is supporting market growth. Low production cost of titanium dioxide is driving its consumption in emerging Asian economies.
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Titanium Dioxide Market – In view of consolidated competitive landscape, the emerging players face the challenging endeavor of gaining significant market share. Evidence of titanium dioxide being carcinogenic to humans is restraining market growth.
Impact of COVID-19 on Titanium Dioxide Market
Widespread uncertainty in capital markets caused by COVID-19 pandemic across the globe is lowering the demand for titanium dioxide. Worldwide supply chain disruption is further hampering the growth of titanium dioxide market in recent times. Workforces are locked in their homes due to risk of infection with governments rushing to restrict movements even further.
COVID-19 will have wide-ranging and fast-moving impacts on the titanium dioxide market. Most of the companies have enacted their business continuity plan in the wake of current outbreak. Each industry is responding differently to travel restrictions and widespread quarantines imposed by governments worldwide.
The global titanium dioxide market is a fairly consolidated landscape with top players holding the leading share. Some of the noteworthy players featured in this Fact.MR report include, but are not limited to, The Chemours Company, Kronos Worldwide Inc., Tronox Limited, Argex Titanium Inc., Evonik Industries Inc., and Cristal Huntsman Corporation. Regional expansion is the top priority of leaders in the titanium dioxide market. For this purpose, they employ multiple business approaches such as joint ventures, mergers and collaborations with mining companies.