November 2, 2020

Why is Increasing Adoption of Lightweight Vehicles Driving Titanium Dioxide Market?

The global titanium dioxide market is predicted to reach a value of $24,026.1 million by 2030, increasing from $15,020.1 million in 2019, demonstrating a CAGR of 4.5% during the forecast period (2020–2030), according to a report by P&S Intelligence. The increasing utilization of pigments in the coatings sectors, due to their ability to impart opacity, brightness, and whiteness and to scatter visible light, is resulting in the growth of the market. The rising consumption of paints and coating is also driving the market.

When process is taken into consideration, the market is categorized into chloride and sulphate, between which, the sulphate category dominated the market in 2019. By utilizing this process, the compound can be extracted from all ores, including titania slag, rutile, and ilmenite. In addition to this, the sulphate process make use of advanced and simpler technology. The equipment that is utilized during the extraction process is resistant to corrosion and easy to use.

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The titanium dioxide market is divided into inks, paper, plastics, and paints & coatings, in terms of application. The pants & coatings division held the major share of the market in the past, and the division is further projected to exhibit the highest CAGR during the forecast period. This is because of the surging demand for paints & coatings for architectural applications. Titanium dioxide is utilized in these products because of its UV ray absorbing capability, high refractive index, and non-toxic nature.

The Asia-Pacific region has been dominating the titanium dioxide market in the past, owing to the expanding construction industry and rising establishment of various production facilities. As the migration rate from rural to urban areas is growing, along with the rising population, the need for commercial and residential facilities is increasing as well. This is creating high demand for paints & coatings, which, in turn, is resulting in the growing demand for titanium dioxide in the region.

The rapid expansion of the paints & coatings industry is a key driving factor of the titanium dioxide market. According to the data by the World Paint & Coatings Industry Association, the worldwide sales of paints and coatings reached $172.8 billion in 2019, which can be ascribed to the rising urban population, expanding automotive industry, and increasing expenditure in the construction industry. Since titanium dioxide is an essential ingredient that is used in paints and coatings, its demand is increasing as well.

In addition to this, the increasing adoption of lightweight vehicles is also projected to drive the titanium dioxide market. Attributed to surging concerns regarding carbon footprints, automotive emissions, and fuel efficiency, the automotive industry is widely focusing on creating lightweight vehicles. Titanium dioxide is used in coatings that are applied on polycarbonate structures, which are then used for the production of lightweight vehicles. The growing demand for these vehicles, thus, is projected to drive the demand for titanium dioxide during the forecast period.

In conclusion, the market is being driven by the growing paints & coatings industry and increasing demand for lightweight vehicles.