Titanium Dioxide Market Size, Industry Share & COVID-19 Impact Analysis, By Process (Sulfate, and Chloride), By Application (Paints & coatings, Plastics, Paper, and Others), and Regional Forecast, 2020-2027

The global titanium dioxide market size was USD 16,640.4 million in 2019 and is projected to reach USD 24,092.5 million by 2027, exhibiting a CAGR of 6.0% during the forecast period 2020-2027.

Titanium dioxide (TiO₂) is a white powdered chemical compound that provides bright white pigmentation. This mineral is used in various industrial and consumer products such as paints & coatings, plastics, paper, cosmetics, food colorants, textiles, and others. It is also used for pigmentation in paints and coatings in the construction and automotive industry, where they are applied as roofing material and floor coverings, designing and coating automotive products, and printing inks. The rising construction activities in developing regions due to population growth can be associated with the high demand for TiO₂ for paints & coatings applications. Moreover, the rising usage of plastics and rubber in various consumer products is further supporting the growth. The recent spread of the coronavirus is also a leading factor for the high demand for medical equipment, such as respiratory devices, insulin pens, IV bags, gloves, and miniature implants, where the mineral is used for pigmentation of the above given plastic-based products, thus surging this market.

TITANIUM DIOXIDE MARKET TRENDS

High Demand for Titanium Dioxide in Various Applications to Lead Market

The growing utilization of TiO2 as pigments for application in paints & coatings, printing inks, textiles, rubbers, and others is positively affecting the market. In the printing inks segment, technological advancement has led to the usage of TiO2 for lamination, metal decorative inks, and screen printing, creating new growth opportunities. Moreover, the increasing demand for lightweight vehicles due to the rising fuel efficiency is estimated to boost the demand. This mineral is used for coating various plastic-based auto parts, such as a bumper, interior, and exterior.

This mineral provides properties, such as scratch resistance, chemical resistance, and durability, thus increasing the demand for its applications in other end-use industries, such as textiles, plastics, cosmetics, and rubber. It is used for fabric coloration and plastic & rubber coating. Besides, the COVID-19 pandemic has also increased the demand for TiO2 due to the rising need for medical equipment.

Disruption in Supply Chain amid the COVID-19 Outbreak to Hinder Growth

The coronavirus pandemic has significantly affected the construction industry, resulting in the temporary halt of construction activities, manufacturing activities, and trade activities. This mineral is used as a pigment for paints and so the slowdown of manufacturing activities for paints & coatings along with stopped construction activities is resulting in declining consumption and demand of titanium dioxide. The pandemic has further caused a decline in the economy due to reduced demand for various consumer-based products, where the material is used as raw material to provide pigment. This demand reduction is leading to a decline in supply chain activities. The global lockdown had a significant impact on the trading and distribution activities of several global manufacturers, which further caused increased pricing of raw materials and finished goods. However, the market is expected to quickly stabilize, which can be attributed to the high demand for plastic applications in the medical industry for products such as PPE.

GROWTH FACTORS

Increasing Demand for Lightweight Vehicles from the Automotive and Construction Industry to Aid Growth

The increasing demand for lightweight vehicles along with support from rising technological advancements and innovations in the automotive industry is the key market driver responsible for the growth of this market. Regulations over emission policies can be attributed to the increasing demand for fuel-efficient automobiles. This is expected to further enhance the demand. Rising construction activities due to the improving lifestyle of consumers and increasing renovation activities along with new infrastructure projects from governments act as a driving factor for the titanium dioxide market growth. Furthermore, growth in other sectors, such as appliance manufacturing, consumer goods, and electronics are also supporting the demand.

RESTRAINING FACTORS

The threat of the Demand-supply Gap May Hinder Market Growth

There has been a rapid surge in the demand for titanium dioxide from various end-use sectors, which cannot be fulfilled due to the temporary shutdown of production units due to the COVID-19 pandemic, creating a demand and supply gap. This growing demand-supply gap acts as a restraining factor toward the market. Moreover, the threat of substitutes, such as antimony oxide, carbonates, and zinc oxide, is challenging the demand for TiO2 in the market. In addition, governmental regulations over reducing industrial waste for environmental protection are further restraining the market growth. 

TITANIUM DIOXIDE MARKET SEGMENTATION ANALYSIS

By Process Analysis

Sulfate Segment to Hold Major Share in the Market during the Forecast Period

Based on the process, the market is segmented into sulfate and chloride. The sulfate segment dominated the market due to the process being simpler and cost-efficient in producing titanium oxide. The growing demand from the automotive and construction industry has led to high consumption of TiO2 for applications in paints & coatings. Technological advancement is further supporting market growth due to the development of cost-effective manufacturing machines and the usage of low-grade raw materials with less effect on the environment.

The chloride segment is expected to experience significant growth during the forecast period due to the increasing demand for consumer goods. The demand for chloride processes has declined over the years due to high-grade raw material needs and costly manufacturing processes. The growing applications of TiO2 in various aforementioned industries have led to constant consumption of chloride to fulfill the demand. The growing technological advancement and innovation to provide an effective solution for the process with less production cost are driving the overall market size. 

By Application Analysis

Paints & Coatings Segment to Hold Major Share in the Market during the Forecast Period

Based on application, the market is segmented into paints & coatings, plastics, paper, and others. The paints & coatings segment dominated the market due to the high demand for automobiles and growing construction activities. This mineral is used as pigments in paints & coating and provides corrosion resistance, high durability, and scratch resistance. These properties lead to high usage of the compound for applications in the automotive and construction industries, which is estimated to propel the market growth.

The paper segment is expected to showcase gradual growth during the forecast period due to the rapidly increasing use of TiO2 for a wide range of applications in printing inks, decor paper for magazines, decorative foils, and others. The increasing use of fillers by paper manufacturers is leading to the market growth of TiO2. Moreover, the rising demand for TiO2 for coating plastic-based products for consumer goods is one of the factors to drive the industry growth. 

REGIONAL TITANIUM DIOXIDE MARKET ANALYSIS

North America is estimated to have a significant Titanium Dioxide market share in the global market, which can be associated with the rapid technological advancement and high disposable income of consumers in the region. The surging demand for lightweight and cost-efficient automobiles from consumers and the increase in new construction and renovation activities are the leading factors driving the market growth. This, along with rising trade activities, such as exports from the region is driving the TiO2 market. Moreover, the rising demand from the healthcare industry during the global pandemic has also been a driving factor. 

Asia Pacific dominated the global TiO2 market and the value stood at USD 7,575.7 million in 2019 with a market share of 45.53%, which can be attributed to the increasing demand for TiO2 from various end-use industries that including automobile, residential construction, plastic, and papers. The economic development within countries Including India, China, and Japan is causing a significant demand from the construction industry due to lifestyle improvement along with government infrastructure projects. China dominated the Asia Pacific region due to the rapid increase in the middle-class population along with growing disposable incomes.

The European region is expected to showcase substantial market growth during the forecast period. This growth can be attributed to the surging demand for cost-efficient and environment-friendly lightweight automobiles from various economic levels of consumers. Growing awareness regarding the protection of the environment acts as a driving force for the adoption of fuel-efficient features, and lightweight, and durable products. This is expected to create market opportunities. Germany is one of the major countries involved in automotive manufacturing, which is supported by the high economic growth along with technological advancements in providing cost and fuel-efficient solutions for lightweight automobiles.

Latin America and the Middle East & Africa are expected to experience gradual growth during the forecast period. In Latin America, Brazil and Mexico are expected to show rapid growth in the economy due to increasing urbanization, which in turn is leading to high construction activities within the countries. In addition, the usage of advanced technologies for applications in the construction and consumer goods industries has led to high consumption of the mineral. Furthermore, the Middle East & Africa is a major hubs for mining, thus raw materials are available easily and at cheaper prices for the manufacturers in the region, which reduces the total production cost. In addition, the growing economy within the region is also leading to an improved lifestyle of consumers, which in turn, is causing high demand for finished consumer goods such as cosmetics, fabrics, and electronic appliances.

KEY INDUSTRY PLAYERS

Joint Ventures and Capacity Expansion are the Key Strategic Initiatives Implemented by Companies

Key players operating in the industry are Tronox Holdings plc, The Chemours Company, Argex Titanium Inc., Evonik Industries, INEOS, and others. Companies profiled are involved in capacity improvement, product innovation, acquisition, mergers, and collaboration, thus gaining a competitive edge in the overall global market. For example, DuPont used capacity improvement as a strategy to gain a competitive advantage. The company constructed a new plant and upgraded the working plants of titanium dioxide production at the site in Mexico. The new plant construction and upgrade improved the production capacity of the company to 350 KT.

LIST OF KEY COMPANIES PROFILED IN THE TITANIUM DIOXIDE MARKET

• Tronox Holdings plc (Connecticut, U.S.)


• The Chemours Company (Delaware, U.S.)


• Argex Titanium Inc. (Québec, Canada)


• Evonik Industries (Essen, Germany)


• The Kish Company, Inc. (Ohio, U.S.)


• Ishihara Sangyo Kaisha Ltd. (Osaka, Japan)


• Venator Materials PLC. (Texas, U.S.)


• Tayca Corporation (Osaka, Japan)


• Huntsman Corporation (Texas, U.S.)


• NL Industries, Inc. (Texas, U.S.)


• INEOS (Maryland, U.S.)


• Other Key Players

KEY INDUSTRY DEVELOPMENTS:

• November 2019: The Chemours Company introduced a new specialty, a low-abrasion grade of Ti-Pure titanium dioxide pigment that is specifically designed to improve the performance of the printing inks. This product was introduced at CHINACOAT 2019, a global coatings industry event in China.

REPORT COVERAGE

The titanium dioxide market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, sources, applications, and products. Also, the report offers insights into titanium dioxide market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market over recent years.

Report Scope & Segmentation