Titanium dioxide Market Research Report: By Process, Application - Global Industry Analysis and Demand Forecast to 2030
NEW YORK, Nov. 4, 2020 /PRNewswire/ -- Titanium dioxide Market Research Report: By Process (Sulphate, Chloride), Application (Paints & Coatings, Plastics, Paper, Inks) - Global Industry Analysis and Demand Forecast to 2030
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The global titanium dioxide market generated a revenue of $15,020.1 million in 2019, as per the findings of P&S Intelligence, a market research firm based in India. Furthermore, the market is predicted to progress at a CAGR of 4.5% between 2020 and 2030 and attain a valuation of $24,026.1 million in 2030. The key factor fueling the advancement of the market is the mushrooming demand for titanium dioxide, on account of the growing usage of pigments in the coatings industry.
These pigments have the ability to scatter visible light and impart whiteness, opacity, and brightness and are therefore, used extensively in the coatings industry. Moreover, with the rapid growth of the paints and coatings industry across the world on account of the surging construction and infrastructural development activities, thriving automotive industry, soaring urban population, progressing economies of several countries, and the increasing household expenditure, the requirement for titanium dioxide will go up in the coming years.
According to the reports of the World Paint & Coatings Industry Association, $172.8 billion revenue was generated from the total sales of paints and coatings all over the world in 2019. Industry experts predict that the industry would witness a sharp surge in valuation in the coming years. Depending on application, the titanium dioxide market is divided into paints and coatings, plastic, paper, inks, ceramics, catalysts, textiles, rubber, roofing granules, and floor coverings.
Out of these, the paints and coatings category is currently exhibiting the highest growth in the market, on account of the ballooning requirement for paints and coatings in various architectural applications, as per the observations of the Titanium Dioxide Manufacturers Association in 2019. Moreover, the high refractive index, non-toxic and inert nature in outside environment, and high ultraviolet (UV) ray absorbing capacity of the product makes it highly sought after in paints and coatings applications.
The market is also divided, based on process, into chloride and sulphate. Between the two, the sulphate division recorded higher growth in the market in the years gone by. This is because of the large-scale usage of the sulphate process for producing titanium dioxide, due to the fact that the process can extract the substance from all ores such as rutile, titania slag, and ilmenite as compared to the chloride process, which can only extract the compound from rutile ores.
Globally, the titanium dioxide market recorded the highest growth in the Asia-Pacific (APAC) region in the past. This was because of the high requirement for the compound in various applications pertaining to the automotive, construction, manufacturing, and aerospace industries in the region. Moreover, the rapid growth of these industries and the high demand for paints and coatings in the regional countries in recent years massively boosted the sales of the compound.
Thus, it can be said with surety that the market would demonstrate rapid advancement all over the world in the forthcoming years, primarily because of the growing requirement for titanium dioxide in paints and coatings applications and the ballooning demand for paints and coatings in several industries.
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