New York, NY -- (SBWIRE) -- 09/08/2020 -- According to a P&S Intelligence report, the global titanium dioxide market is predicted to generate a revenue of $24,026.1 million by 2030, increasing from $15,020.1 million in 2019, and is predicted to advance at a 4.5% CAGR during the forecast period (2020–2030). The market is registering growth due to the increasing consumption of pigments in the coatings industry, which, in turn, is due to their ability to impart brightness and scatter visible light and provide whiteness and opacity. In terms of process, the market is bifurcated into chloride and sulphate.
Between these two, the sulphate property accounted for the larger share of the titanium dioxide market in 2019. The sulphate process has the ability to extract the compound from various ores, including titania slag, rutile, and ilmenite, whereas, the chloride process can only extract this compound from rutile ores. The sulphate process further makes use of more mature and simpler technology, along with easy to use equipment that is resistant to corrosion. Owing to these factors, the bifurcation is also predicted to dominate the market during the forecast period as well.
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On the basis of application, the titanium dioxide market is categorized into inks, paper, paints & coatings, and plastics, among which, the paints & coatings application held the largest share of the market in 2019. Moreover, the category is also predicted to progress at the fastest pace during the forecast period, which is because of the rising requirement for coatings and pains in architectural applications, according to the Titanium Dioxide Manufacturers Association in 2019. Titanium dioxide is used in paints and coatings because of its ultraviolet ray observing capability and high refractive index.
Geographically, Asia-Pacific dominated the titanium dioxide market in 2019 and is projected to emerge as the fastest-growing region during the forecast period as well. The demand for paints & coatings in the region is increasing due to expanding construction industry, migration of people from rural to urban areas, and surging population. This is leading to the growing demand for titanium dioxide in the region. In addition to this, the demand for this compound is growing for utilization in other application areas, including cosmetics, inks, plastics, and paper.
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A major trend being witnessed in the titanium dioxide market is the shift towards self-cleaning technologies from conventional cleaning technologies, majorly for windows and smartphones. Titanium dioxide nanomaterials in self-cleaning technologies provide these materials with dirt resistance by triggering a reaction that breaks down the dirt. Moreover, an electrochemical reaction is triggered by the self-cleaning ability of this compound, thereby activating the compound and producing free radicals. These free radicals have the ability to decompose inactive fungi, bacteria, and viruses and pollutants before dissipating.
The growing adoption of lightweight vehicles is also driving the demand for titanium dioxide. The demand for such vehicles is growing due to the surging concerns related to carbon footprints, automotive emissions, and fuel efficiency. Coatings that have titanium dioxide are increasingly being utilized for application on polycarbonate structures, which are utilized for manufacturing of lightweight automobiles. Such coatings have the ability to offer scratch resistance, stability, and durability to the polycarbonate structure.
Hence, the demand for titanium dioxide is growing due to the increasing need for lightweight vehicles and shift towards self-cleaning technologies.
Market Segmentation:
Based on Process
Sulphate
Chloride
Based on Application
Paints & Coatings
Plastics
Paper
Inks
Geographical Analysis
North America
U.S.
Canada
Europe
Germany
U.K.
Finland
Belgium
Italy
Netherlands
Asia-Pacific (APAC)
China
Japan
India
South Korea
Latin America (LATAM)
Brazil
Mexico
Middle East and Africa (MEA)
Saudi Arabia
South Africa
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