The titanium dioxide market is projected to attain about USD 31.9 billion by 2022. It was valued around USD 15.3 billion in 2014. Titanium dioxide is employed in the manufacture of various pigments, spurring the market in the process. Its applications in paints & coatings for automotives in Asia Pacific will favor market demand. Use of cosmetics in the Middle East and Latin America would increase its consumption from 2015 to 2022 (forecast period).
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Strict regulations regarding vehicular emissions should result in lightweight plastics like polycarbonates being used in automobile coatings. But the low scratch resistance of polycarbonates can curb the market over the forecast period. Improved manufacturing processes resulting in quality products could favor the titanium dioxide market.
Paints & coatings, pulp & paper, plastics, cosmetics, and others like rubber and printing inks are the market applications. Paints & coatings were the largest segment in 2014, accounting for over 50% revenues the same year. Titanium dioxide is used in interior architectural paints on account of its maximum hiding power. Paints & coatings generated approximately USD 8 billion in 2014.
Strong manufacturing base combined with demand from China, Italy, Brazil, U.S., Germany, Mexico, and Saudi Arabia can spur the cosmetics application in the next seven years. Plastics face high demand from India and China due to its light weight. It would grow with 4.5% CAGR in the future owing to its low insulating effects and high tinting strength.
Asia Pacific led the titanium dioxide market in 2014. It should register around 10% CAGR in terms of revenues during the forecast period. Investments by foreign players and consumer awareness regarding cosmetics may spur the region. Europe held the second largest position in 2014, with regards to revenues. It generated about USD 4.3 billion that year.
Personal care applications in Italy, France, and Germany will drive regional demand. Titanium dioxide is also used for manufacturing plastic toys and other plastic products. Reputed players in the global titanium dioxide market include Cristal, DuPont, ARGEX Titanium Inc., Huntsman, and Evonik.
One of the strategies employed by them comprises the manufacture of raw materials to reduce the costs of titanium dioxide production. In January 2014, Cristal collaborated with Toho Titanium Company to generate titanium sponge at competitive costs.
Information Source: Grand View Research