Market Analysis
The Titanium Dioxide Market is anticipated to touch USD 44.954 billion at a 14.28% CAGR between 2023- 2030, according to the new report by Market Research Future (MRFR). Titanium dioxide or TiO is an oxide of titanium that occurs naturally. It is also known as pigment white or titanium white and is mostly extracted from anatase, rutile, and ilmenite. Titanium oxide has wide applications in food additives, cosmetics, paper, pigment, photo-electrode, plastics, coatings, paints, and others.
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Various factors are propelling the global titanium dioxide market growth. According to the new MRFR report, such factors include increasing use in the plastic industry to make masterbatches, increasing use as a whitening agent in the redecoration market, demand for anticorrosion coatings, and rising investment for infrastructure development. Besides, rising use of antimicrobial coatings in food healthcare industries, and increasing use in the application of pigments in different industries, in the automobile and construction industry is also adding market growth.
An increase in product prices, environmental regulations, and availability of substitutes such as lithopone, carbonates, zinc oxide, and antimony oxide is likely to impede the global titanium dioxide market growth over the forecast period. Besides, the prevailing COVID-19 outbreak has weakened the demand for paints coatings in various industries such as construction and automotive that again has impacted the market growth to some extent.
Market Segmentation
The MRFR report gives an inclusive segmental analysis of the global titanium dioxide industry report based on end user and application.
By application, the global titanium dioxide market is segmented into food additives, cosmetics, paper, pigment, photo-electrode, plastics, coatings, paints, and others. Of these, paints and coatings will lead the market over the forecast period.
By end user, the global titanium dioxide market is segmented into the construction industry, food and beverages, pharmaceutical, personal care, and automotive. Of these, the automotive segment will dominate the market over the forecast period.
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Regional Analysis
Based on the region, the global titanium dioxide market report covers the growth opportunities and recent trends across North America, Europe, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region will dominate the market over the forecast period. Rising investments in infrastructure development, growing residential commercial construction sector, and surging demand in multiple applications such as paper, pigment, photo-electrode, plastics, and paints are adding to the global titanium dioxide market growth in the region. China and Japan have a maximum share in the region.
The global titanium dioxide market in Europe is predicted to hold the second-largest share over the forecast period. The presence of several automobile manufacturers in Germany and France, coupled with the growing preference for electric and lightweight cars are adding to the global dioxide market growth in the region.
The global titanium dioxide market in North America is predicted to have healthy growth over the forecast period. Burgeoning demand for paints and coatings, especially from the infrastructure sector, the growing photovoltaic installation, growing awareness about conservation of energy, and increasing investments by the Government in research and development are adding to the titanium dioxide market in the region. The US has the maximum share in the market for the burgeoning demand for lightweight vehicles.
The global titanium dioxide market in the RoW is predicted to have steady growth over the forecast period.
Key Players
Leading players profiled in the global titanium dioxide market report include Tayca Corporation (Japan), Evonik Industries (Germany), Huntsman International LLC. (US), Argex Titanium Inc. (North America), Shandong Doguide Group Co., Ltd (China), NL Industries, Inc (US), The Chemours Company Chemours (US), CRISTAL (Saudi Arabia), Tronox Limited (US), and DuPont (US).
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