According to a research report by Global Market Insights Inc., the titanium dioxide market is likely to surpass a valuation of $27.2 billion by the end of 2026, exhibiting a healthy CAGR of 7.7% through the forecast timeframe.
The steady expansion of paints and coatings industry, owing to the expanding infrastructural activities, is expected to drive the titanium dioxide market size over the forthcoming years. In addition, the growing use of paints & coatings in the automobile sector is also projected to propel the demand for titanium dioxide. Titanium dioxide finds immense use in the paints & coatings sector because it exhibits high color retention and excellent surface treatment properties. These properties also provide the product a strong footing in the plastics, food, aerospace, as well as construction applications.
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However, the classification of titanium dioxide as a possible carcinogenic as per the CCOHS (Canadian Centre for Occupational Health and Safety) might imped its adoption across a plethora of industries. According to CCOHS, in the basis of animal data, TiO2 could possibly cause cancer and it has been associated with lung cancer. Moreover, the ill-effects of TiO2 exposure on the human body are projected to further slated to hamper its growth over the coming years.
Following are three major trends that would help the titanium dioxide market reach the aforementioned valuation:
Rising demand for ultrafine titanium dioxide
Ultrafine titanium dioxide market is projected to observe a respectable amount of growth, recording a healthy CAGR of more than 10% through the forecast timespan. Ultrafine TiO2 is finer compared to pigmentary TiO2 since its particle size is less than 100nm. In addition, ultrafine TiO2 also has a lesser amount of TiO2 compared to pigmentary TiO2, which makes it more preferred among consumers. The product is extensively used in water and air purification equipment as well as in self-cleaning technologies.
Growing adoption of sulfate process in the paints & coatings sector
With regards to process, the sulfate process segment is projected to grow at an average rate, exhibiting a slower growth than the chloride process, primarily because it produces a large amount of waste and its difficulty in material handling. The sulfate process utilizes sulfuric acid to process titanium containing minerals to develop titanium dioxide. The product developed from this method is generally utilized in the paints and coatings sector.
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Increasing construction initiatives across North America
The North America titanium dioxide market is projected to expand at a CAGR of about 7% through the forecast timespan. This growth is ascribed to the significantly increasing expenditure across the construction sector in the region. These investments have further brought new opportunities for market players, creating synergies that foster revenue growth. In addition, ongoing trends regarding self-cleaning technology as well as increasing R&D investments in the regional industry are projected to majorly push the market size over the coming years.
Key companies in the titanium dioxide market are increasingly launching new products to attract more consumer attention and boost revenues. Taking November 2019 for instance, The Chemours Company launched a new Ti-Pure titanium dioxide pigment that was specifically developed to enhance the performance and formulation of printing inks.
The competitive landscape of the global titanium dioxide market is inclusive of players such as Venator Material, TAYCA CORPORATION, Tronox Holding, Lomon Billions, Argex Titanium, and Chemours among others.
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.