Titanium Dioxide Market is expected to reach approximately USD 16.67 billion by the end of 2023
Titanium Dioxide Market Size and Growth analysis:
The global Titanium Dioxide (TiO2) market was evaluated around USD 10.21 billion in the 2014 and is expected to reach approximately USD 16.67 billion by the end of 2023 while registering itself at a compound annual growth rate (CAGR) of 5.60% over the forecast period.
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Titanium Dioxide Market Growth Drivers and Restraints:
Growing demand for paints & coatings due to expanding construction and automotive sectors across the globe will augment the market growth over the forecast period. Increasing automotive industry due to technological advancements in the sector coupled with the growing demand for lightweight vehicles has also contributed to the industry expansion. Moreover, increasing demand for energy conservation is high due to urbanization and industrialization.
Demand for electricity is increasing rapidly with the rising world population, and the rising need for sustainable energy sources is expected to have a positive impact on the market in the next couple of years. These particles have wide application scope due to their photo catalytic properties, great stability, and anti-corrosive nature and are manufactured from anatine. They are used in consumer products, such as sunscreens, and as components for articulating implants for the hip and knee.
These nanoparticles are also used as a catalyst in semiconductor photo catalysis, water treatment plants, and as a photoactive material in Nano crystalline solar cells. Some other applications in windows, self-cleaning tiles, textiles, and anti-fogging car mirrors are expected to support the market growth over the forecast period.
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Titanium Dioxide Market Regional Analysis:
In term of geography, Asia Pacific is expected to remain the highest market in the next few years. Rising commercial and residential construction sector coupled with increasing investments in infrastructure development in developing countries like India, Indonesia, China, and Malaysia, the region is anticipated to augment the demand for TiO2. Europe is expanding to witness a lucrative growth. owing to the presence of numerous automobile manufacturers in countries, such as Germany and France.
Increasing preference for lightweight and Electric Vehicles (EVs) in the region is likely to assist the market growth further. As per statistics of OICA, the regional market observed a growth of 3.1% in automotive production for the period of 2016 to 2017. North America region accounted for 15.8% of market share in 2018, in terms of volume. Growing demand for paints & coatings from the infrastructure sector in the region is expected to spur the market over the forecast period.
Key Players Covered in this Titanium Dioxide Market Report are:
• Kerala Minerals and Metals Ltd.
• Tronox Limited
• Kronos Worldwide Inc.
• Tayca Corporation
• Cabot Corp
• Evonik Industries AG
• Huntsman Corporation
• Cristal
• Cinkarna Celje
• The Chemours Company
• Ishihara Sangyo Kaishal Ltd.
• Lomon Billions.
Detailed Segmentation for the Titanium Dioxide Market:
By Application
• Paints & coatings
• Plastics
• Pulp & paper
• Cosmetics
• Other
By Mineral Type
• Anatase
• Rutile
By Region
• North America
• Europe
• Asia-Pacific
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