Global Titanium Dioxide Market will increase by 3.5% CAGR 2020
Deerfield Beach, FL -- (SBWIRE) -- 08/08/2017 -- Zion Market Research has published a new report titled "Titanium Dioxide Market for Paints & Coatings, Plastic, Paper and Other Applications: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2014 – 2020." According to the report, global demand for titanium dioxide was valued at USD 13.50 billion in 2014, and is expected to reach USD 17.00 billion in 2020, growing at a CAGR of above 3.5% between 2015 and 2020. In terms of volume, the global titanium dioxide market stood at 6.00 million tons in 2014.
Titanium dioxide is a white crystalline powder that is made up of ilmenite and rutile as main raw materials. Moreover, titanium dioxide is created from either chloride process or sulfuric acid referred to as the sulfate process. Other compounds that may be organic and inorganic in nature can even be added with titanium dioxide to impart completely different tints. It is abundantly used as a white pigment in paints and coatings applications.
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Global titanium dioxide market is mainly driven by increasing demand for lightweight vehicles in the automobile industry especially in the developed countries like US, Germany, and France. Secondly, growing demand for lightweight vehicles has resulted into increase in need of paints and coatings process. This, in turn, has been resulted into the emergence of paints and coating industry. Stringent environmental regulations are a major restraint to the growth of the global titanium dioxide market.
The global titanium dioxide market on the basis of the application is segmented as paints & coating, plastics industry, paper industry and others (including artificial fibers, inks). The paints & coatings industry was the largest application segment among the other segment. Paints and coating application accounted over 50% of the overall share of the market in 2014. Increasing construction industry is attributed to the paints and coating application is projected to propel the titanium demand during the forecast period. In addition, plastic industry is one of the fastest growing applications. The growth is attributed to characteristics offered by titanium dioxide such as excellent strength, great finishing and color effects, as well as the outstanding opacity of the end-product.
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Asia Pacific dominated the global titanium dioxide market and accounted for over 40% of the total share of the market, in 2014. This trend is estimated to continue throughout the forecast period. However, Asia Pacific is anticipated as a fastest growing region over forecasted period as a result of high growth in several end-use industries especially in emerging economies like India and China. North America was the second largest region followed by Europe.
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Some of the key players in the global titanium dioxide market include Chemours Company, CRISTAL, Kronos Worldwide INC., DuPont, Huntsman, Evonik, Argex Titanium Inc, Pangang Group Vanadium Titanium & Resources Co., Ltd., Yunnan Dahutong Industry & Trading Co., Ltd and Tronox limited.
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