Accoding to marketsandmarkets, the global titanium dioxide market is projected to grow from $10.64 billion in 2016 to $14.12 billion by 2021, at a CAGR of 5.8% between 2016 and 2021. The increase in per capita consumption of pigments in emerging economies and increasing demand for titanium dioxide from construction and automobile industries are expected to fuel the growth of the global titanium dioxide market during the forecast period.
Based on grade, the titanium dioxide market has been classified into rutile and anatase. Rutile is the most stable form. Rutile titanium dioxide has a higher refractive index, higher specific gravity, and greater chemical stability, and it better suits the requirements of key applications of titanium dioxide. The anatase grade type segment of the global titanium dioxide market is projected to grow at the highest CAGR from 2016 to 2021. Anatase grade titanium dioxide is preferred in the manufacturing of paper, as it is less abrasive to the papermaking machinery. The market in the anatase segment is expected to witness high growth rate during the forecast period because of the increasing demand for the anatase grade of titanium dioxide in the paints and coatings application from the construction industry.
Based on application, the global titanium dioxide market has been classified into paints and coatings, pulp and paper, plastics, cosmetics, ink, and others. The paints and coatings application of the global titanium dioxide market is projected to grow at the highest CAGR during the forecast period. Rapid growth in the automobiles and construction industries is expected to fuel the demand for paints and coatings application. Moreover, titanium dioxide, when used in paints and coatings, ensures the longevity of paints and continued protection of the substrate. Titanium dioxide is used in various paints & coatings applications to provide aesthetic appeal, opacity, and durability.
Based on region, the global titanium dioxide market has been segmented into Asia-Pacific, Europe, North America, Middle East and Africa, and South America. The Asia-Pacific region is the largest market for titanium dioxide across the globe. Growing population, coupled with increasing disposable income in the Asia-Pacific region, is expected to drive the demand for titanium dioxide in the region. The South America titanium dioxide market is projected to grow at the second-highest CAGR from 2016 to 2021, owing to the rapid growth of the construction sector in the region.
Stringent environmental regulations and volatile raw material prices are the major factors restraining the growth of the titanium dioxide market. Some of the key players operating in the global titanium dioxide market are Tayca Corporation (Japan), Huntsman Corporation (U.S.), Cabot Corp (U.S.), The Chemours Company (U.S.), Tronox Limited (U.S.), Kronos Worldwide Inc. (U.S.), Cristal (Kuwait), Evonik Industries AG (Germany), Cinkarna Celje (Slovenia), Lomon Billions (China), and Ishihara Sangyo Kaishal Ltd. (Japan), among others.
Raw material suppliers are the first stage of the value chain for titanium dioxide market. Different types of raw materials or feedstocks, such as rutile, ilmenite, and anatase are used to produce titanium dioxide. TiO2 is obtained from the raw materials through a series of intermediate processes, namely, the chloride process and the sulfate process. Titanium produced by both the processes is in the form of an intermediate and, thus, can be further processed for other applications. The key manufacturers of titanium dioxide include Kronos Worldwide (U.S.), Tronox Limited (U.S.), Huntsman Corporation (U.S.), and The Chemours Company (U.S.).
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This technical, market oriented, and commercial research study of the global titanium dioxide market involves extensive use of secondary sources, directories, and databases (such as Hoovers, Bloomberg Businessweek, and Factiva) to identify and collect information. The primary sources mainly include several industry experts from core and related industries and preferred suppliers, manufacturers, distributors, service providers, and organizations related to different segments of the supply chain of the industry. After arriving at the overall market size, the total market has been split into several segments.