NEW YORK, Jan. 26, 2017 /PRNewswire/ --
The global titanium dioxide (TiO2) market is expected to reach USD 66.9 billion by 2025, according to a new report by Grand View Research, Inc. The titanium dioxide market is anticipated to witness growth owing to increasing use as specialty coating material in automobiles and PV systems. Growing consumption of whitening pigments in paints & coatings industry is expected to fuel growth over the forecast period. Increasing spending on cosmetics in emerging economies of BRICS on account of growing awareness regarding personal hygiene is expected to drive product demand over the forecast period. Also, increasing demand for lightweight automotive, particularly in developed countries, is anticipated to have a positive impact on the sector over the next nine years.
Ilmenite, titanium-iron oxide mineral was primarily used in the product manufacturing. The emergence of new raw materials including rutile, synthetic rutile, and upgraded slag along with ample availability is expected to result in continuous feedstock supply thus driving TiO2 market growth over the forecast period.
Further key findings from the report suggest:
The global titanium dioxide market was estimated at over 7,400 kilo tons in 2015 and is anticipated to grow at a CAGR of more than 9% from 2016 to 2025
The largest application segment was paints & coatings accounting for more than 50% of revenue in 2015. The product finds its use in interior architectural paint & coatings application on account of maximum hiding power. Exterior applications require gloss and tint retention, self-cleaning ability and sustainability of atmospheric conditions.
There is an increase in the need for the product in industrial coatings on account of opacity, exterior durability, acid-catalyzed coatings and film curing properties. Surging demand from paints & coatings sector is expected to augment industry growth over the forecast period
The demand for the product in plastics application was valued around 1,700 kilo tons in 2015. The increasing use of plastics in the manufacturing of doors and windows is expected to have a positive impact on the industry over the next nine years
Europe was the second largest market with revenue estimated at over USD 5 billion in 2015. Growing personal care industry in UK, Germany, Italy and France is expected to drive titanium dioxide demand over the forecast period. The introduction of novel gender-specific products is anticipated to fuel personal care and cosmetics market which in turn will augment product demand over the next nine years
Asia-Pacific is expected to witness the fastest growth at a CAGR of over 15% from 2016 to 2025 on account of surging demand from paint & coatings and pulp & paper industries. Growing popularity of multinational brands including Avon, Aveda, and Revlon in China and India is expected to augment demand over the forecast period. Also, the increasing popularity of personal care products for male population is anticipated to propel industry growth over the forecast period
There are few major players in the market accounting for around 50% of the share making the industry consolidated. These companies highly invest in R&D for the introduction of new cost-effective manufacturing routes. In January 2014, Cristal formed a joint venture with Toho Titanium Company Ltd. to produce titanium sponge at a competitive cost resulting in integration across the value chain
Read the full report: http://www.reportlinker.com/p04523005-summary/view-report.html
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