Titanium Dioxide (TiO2) market is expected to witness a significant growth owing to the increasing demand from various industries such as paints and coatings, construction, plastics, and paper. The global market size for titanium dioxide was valued at USD 15.57 billion in 2019 and is expected to reach USD 22.48 billion by 2026, growing at a CAGR of 5.22% during the forecast period, 2020-2026.
The high demand for titanium dioxide is due to its unique properties such as high refractive index, opacity, and UV protecting capability. These properties make it an important ingredient in a variety of products such as paints, coatings, plastics, and paper. Moreover, its usage in pharmaceutical industries for manufacturing sunscreen lotions and creams is also driving the market growth.
The increasing demand for eco-friendly products is expected to be a major factor influencing the market growth during the forecast period. Manufacturers are focusing on the production of sustainable and eco-friendly titanium dioxide by using renewable resources such as biomass or solar energy. The global titanium dioxide market is expected to witness significant growth due to the increasing need for eco-friendly products.
Based on the regional market analysis, the Asia Pacific region dominated the titanium dioxide market in 2019 and is expected to continue its dominance throughout the forecast period. The high demand for the product from industries such as paints and coatings, plastics, and paper is driving the market growth in the region. Moreover, the easy availability of raw materials such as ilmenite, rutile, and anatase in countries such as China, India, and Japan is also driving the market growth.
Among various application segments, the paint and coatings application segment dominated the market in 2019 and is expected to continue its dominance throughout the forecast period. The high demand for the product in the construction industry, automobile industry, and home decor industry is driving the market growth in this application segment.
Moreover, increasing investments in research and development activities by major companies such as The Chemours Company, Venator Materials LLC, and Kronos Worldwide, Inc. are expected to drive the market growth during the forecast period.
However, the stringent regulations regarding the usage of titanium dioxide due to health concerns may hamper the market growth during the forecast period. The International Agency for Research on Cancer (IARC) has classified titanium dioxide as a probable carcinogen, which may reduce the usage of the product.
Key players operating in the global titanium dioxide market include The Chemours Company, Venator Materials LLC, Tronox Limited, Cristal, Kronos Worldwide, Inc., Lomon Billions, Ishihara Sangyo Kaisha, Ltd., Tayca Corporation, and Cinkarna Celje d.d.
In conclusion, the global titanium dioxide market is expected to witness significant growth during the forecast period owing to the increasing demand from various industries and the need for eco-friendly products. The Asia Pacific region is expected to dominate the market owing to the high demand for the product from industries such as paints and coatings, plastics, and paper. However, regulations regarding the usage of titanium dioxide due to health concerns may hamper the market growth during the forecast period.